Spanish Oaks posted for foreclosure | The Real Deal

I called these jerks to see about viewing property. They sales guy said they had nothing less than a million and that I wasn't qualified to be there since I had only 800k to spend. What an idiot.

-Mr. Bubble

Spanish Oaks posted for foreclosure | The Real Deal- Austin American Statesman

In another high-profile foreclosure, Comerica Bank late Tuesday posted Spanish Oaks, a 911-acre luxury residential and golf course project in Bee Cave, for the Aug. 3 foreclosure auction.

Spanish Oaks’ owners had been talks for some time with Comerica to modify the terms of a $32 million loan to avoid foreclosure. The original loan was $34.4 million, according to the foreclosure filing. The loan negotiations involved the golf course, unsold lots and undeveloped land.

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Morgage Applications Crash!

Uh oh!

-Mr. Bubble

Housing Industry Gets Wake Up Call After Purchase Apps Fall To 13 Year Low

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 14, 2010.

Michael Fratantoni, MBA's Vice President of Research and Economics summed up the survey:



"Purchase applications plummeted 27 percent last week and have declined almost 20 percent over the past month, despite relatively low interest rates. The data continue to suggest that the tax credit pulled sales into April at the expense of the remainder of the spring buying season. In fact, this drop occurred even as rates on 30-year fixed-rate mortgages continued to fall, and at 4.83 percent are at their lowest level since November 2009....However, refinance borrowers did react to these lower rates, with refi applications up almost 15 percent, hitting their highest level in nine weeks."

More here...

Thanks to realtor Paul Smith for this info. Paul is an excellent buyer's agent.

Skyrocketing Foreclosures in Austin!

The number of home foreclosures in the Austin area increased 45 percent in April compared to one year ago, according to RealtyTrac Inc., a group that monitors foreclosed properties in the United States.

Link to Article....

Duh! Finally the Government Sees the Bubble

Hmm. I didn't know that your property values keep rising due the the ten percent maximum annual increase rule even when your property didn't actually rise in that year. That helps explain why people thought property hadn't really fallen in Austin in 2008-9. Much of the data was driven by the TCAD values due to the fact that nobody release the MLS data.

- Mr. Bubble

Travis property values face first drop since 2003

5.3 percent projected decline would mean a $6.5 billion hit to tax rolls.

By Laylan Copelin and Shonda Novak
AMERICAN-STATESMAN STAFF

Published: 11:44 p.m. Friday, April 9, 2010
The recession that wiped out thousands of jobs in Central Texas also erased $6.5 billion from the market value of Travis County properties.
The 5.3 percent drop in values from 2009 was the first decline since 2003, according to preliminary figures from the Travis Central Appraisal District.

more...

Beware of Pocket Listings

Pocket listings are quite common in Austin.  I think many sellers are denied maximum market prices for these deals and we are all denied the price information the sale contains. Do yourself a favor, list in the MLS and require your agent to present you with all offers.

- Mr. Bubble

 

Happens Every Day

Reno attorney and real estate investor William Thornton has filed a complaint with the Nevada Real Estate Division against local real estate figures Karen Greathouse and Nancy Fennell of Dickson Realty.

March Austin List Prices from Zillow

Hmm? Interesting trend in Austin list prices... recovery?

- Mr. Bubble

Median List Price

More West Lake Hills Home Value

Median List Price

More Austin Home Values

Fixed-Mortgage Rates Jump - WSJ.com

Fixed-Mortgage Rates Jump - WSJ.com

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