Robin Basichis wrote on October 22, 2009 02:18 PM: I am seeing Fannie Mae gobbling up most of the homes that are being sold at sheriff sale here in Las Vegas. They normally purchase the property and then hand it over to a real estate brokerage to manage it. In some cases they do not evict the home owner - instead they send out a form letter asking if there is a renter in the home and if they renter wants to keep on renting they have the option to do so. I have seen this form letter about ten times this past week. Do you have an idea why Fannie Mae is buying all of these properties? Don't they have enough foreclosed properties to deal with at present? Where are the other investors? What was the plan after they received all kinds of money from the government, are they supposed to go back and buy up all their toxic assets for ten-cents on the dollar and screw the homeowner? I would appreciate any insight you may have. Thank you - Robin Basichis.

perry wrote on May 19, 2009 09:47 PM: i think hubble smith must be getting money from realtor and banks can't trust him or any of them

perry wrote on May 19, 2009 09:46 PM: here we go again with investor banks don't care they got there big down payment this is a vicious cycle never ending b.s. oh yea 30 percent of home sale to asian and canada citizen guess were the money go when they rent out there home back to there country

Grand Experiment is a clear racist wrote on May 18, 2009 05:21 PM: grand experiment is a ignorant racist so the comments given by them should be ignored. I just hate that people like that are the ones who are employers, who hire and have authority over who gets an apartment or not..

jmac-CA wrote on May 17, 2009 07:21 PM: In many metro areas, including mine (San Diego) there are still plenty of bargain REOs and a glut of shadow inventory is expected to hit the MLS in the next 60days. Here is directory of FREE REO & Bank owned home websites, for all the major lenders.

Free REO Listings and Bank Owned Properties of all major Lenders and Government Agencies

http://www.thehardmoneypros.com/REO_bank_owned_property_directory.shtm

Watching my local MLS, I dont see a significant burnoff of the REO inventory.

angry & entitled "minority" victim wrote on May 16, 2009 11:29 PM: tweedledee- news flash: everyone is an investor in their own way. The warm and fuzzy "homeowner" will also DUMP. If you had money, you would have opposite view.

tweedledee wrote on May 16, 2009 10:23 PM: As far as speculators paying with cash, where did they get that cash? I'm sure some "investors" had the cash in the bank, but how many mortgaged their house, borrowed from the brother in law, or margined their stocks to buy Las Vegas bargains. So if Mr. speculator gets a margin call or can't make the payments on his own house he's going to dump his Vegas properties at a loss to save his skin. The speculators are looking for a quick flip and if it doesn't happen watch out below. As long as prices keep falling it proves all the good news is bogus.

tweedledee wrote on May 16, 2009 09:51 PM: For those of you who think speculators buying up houses is a great thing, a question. What do you think they are going to do with those houses? Dump them back on the market. Once the market starts to rise the investors are going to dump and run and the market will crash again. Not every investor is paying cash, so if the market continues down how many of them will end up back in foreclosure? If the cash investors get over extended and the market keeps going south, they will fire sale those properties to limit their losses. Investors and speculators got you into this problem at the top and are not the solution to turning the market around as it heads toward the bottom.

real deal wrote on May 16, 2009 06:13 PM: "The multiple bids for homes under $200,000 are here for a while," Steve Hawks of Platinum Real Estate Professionals said. "The homes under $200,000 are in short supply, and then you have investors competing with first-time homebuyers to make it even more competitive." SOON IT WILL UNDER 100K 150-200K WILL BE EASY 155 more dwellings then people

Whateverusaydear wrote on May 16, 2009 05:00 PM: Redlining is not the practice of giving loans to people who are irresponsible in repaying a loan (that would be liar loans).

Redlining is discriminating against certain groups of people, normally where they live, regardless of their individual bill paying history.

For example, a person who is equally creditworthy in a redlined area won't get the same terms as someone not in a white area, though they may have the same income, the same pattern of paying their bills responsibly, the same stable employment history, and so on. A person in a redlined area will suffer less favorable loans than one outside the area... normally the redlined individual will be a perceived minority.

You can google it or read up on redlining in Wikipedia to understand what redlining is. You'll also get an understanding of WHY people redlined.

If I were renting to someone, I'd be more concerned with someone who is creditworthy with an established track record, since there are plenty of less-than-perfect people who can't or won't pay their bills.

I also have homes vacant since 2008 in my neighborhood still showing under the owners' name. Still not up for sale. Eating up the inventory when people can't get their "liar loans" now, high unemployment, people losing jobs, declining revenues from fewer tourists coming to Vegas, falling real estate prices - good luck with that.

Read All Comments