Steve Davis is the force behind a group of real estate brokers, mostly commercial, who are exploring the idea of joint commercial ventures. Among the notables in attendance at Mission Title on December 13th were Rudy Gutierrez, Al Kartaltepe and a bunch of others who I can’t recall how to spell their names. The subject of “subject to purchases” came up. The consensus was that it was much easier to buy properties that way if they are commercial. One popular method that has been done in many states is to notify the lender of the purchase of the property accompanied by the loan reinstatement check. One local investor told me last week that in his case the lender returned the check. In other news, it has been reported that the number of home sales has been exaggerated by about 15% over the last several years. This was attributed to multiple reporting of same sales. This misreporting of sales is consistent with other bogus economic reporting. Where the methodologies of unemployment rates, inflation rates, tax rates are sharply different from the past and always seem to paint a better picture than otherwise.
HOA foreclosure changes
The number of January Homeowner Association foreclosures have plummeted thanks to a law passed this last summer. These foreclosures now have to go through a judge, much like home equity foreclosures and like home equity foreclosures they can be conducted by a trustee rather than a sheriff. We anticipate these postings will appear in our reports. An article on the new laws can be found at this link. One person commented that the article was “cogent and well informed.” I would not know since every time I read it, I lapse into a short coma.
Ronnie’s Notes Workshop
A great and rare workshop is coming soon. Ronnie’s Notes Workshop. We only have this workshop every couple of years, due to the specialization of the topic. What makes this workshop so vital is the advantages in buying and selling real estate notes are probably greater than ever. Mark your calendar: January 14th.
The “Housing Predictors” record
The website housingpredictor.com made a couple of breathtaking statements. One was that they predicted a glut in foreclosures “more than three years ago.” That is not half as weak as it sounds since the article was published in June of 2009. They further state they were the “first real estate research firm to forecast the foreclosure epidemic.” If their forecast was made in 2006 then they were behind the times. We already had an epidemic and Texas was behind other states. Bexar County had increase postings from 545 a month in 2002, to 735 in 2006. In fact postings have gone up every year since 1997, except for 2005. While I have not taken a look at other “real estate research firms” there have been a few people who subscribe to Austrian economics who were spot on much earlier. One was Peter Schieff, but the real spot on guy was presidential candidate Ron Paul at the :44 second mark in this remarkable campaign type video: http://www.plumbingzone.com/f13/ron-paul-predictions-came-true-14800/ The “Plumbingzone” is just that, a website for plumbers!
Where was Gregg Stanley in all this? In early 2000 I said to myself that since Al Gore or George Bush was going to be President, that we would be in a world of hurt, so I bought a company that was counter market that would do well in a bad economy. The company is called “Real Estate Foreclosures.” And now you know the rest of the story.
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No December Workshops
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