Saturday: it's hot!

Today's hot, sunny, and it's almost 4:00!  I have my 93-year-old mother with me till the middle of November, and time gets away.  

My hardwood floor guy came to give me an estimate on doing my bedroom (got disgusted and ripped up the carpet) and was asking me about 'the market'.  I've known him since he bought a house with his dad, who died.  This was about 20 years ago. He spent all of his savings deeping the payments current without the dad's help, and only then decided to sell the house.  We go back.   

I told him that it will be about two longer than common wisdom and the pundits are letting on, and that it's getting worse in our area, not better.  After things start to get better, everyone who has been waiting to sell will list their properties, flooding the market. This will take some time to work through.....there's so much not being said.

Got a solicitaion from Washington Mutual the same day I read of the lawsuit accusing it of pressuring appraisers to 'hit the number'.  In fairness, market value of a property has historically been defined as "the price a willing buyer pays a willing seller after reasonable market exposure, neither party being under duress".  And the lenders are asking their appraisers for market value.  It may not stay at that point, but at the moment the two parties agree on price, market value has been defined. 

Giving an $803,000.00 loan to a woman whose annual income was $28,000.00 was criminal, however.  This sort of thing was done all day long, with the false documents produced by lenders (tax returns, loan applications!!) to give evidence. I've seen these documents. This woman bought one of my listings, and came into my office to see what could be done when she could not make the payments.  The thought going in was that family members would help her, but it was too much for even the whole extended family.

HEY!!    If anyone is in the Hilltop area on November 15, Bee is hosting a mixer for the Green Chamber of Commerce. Bee is a member.Great food, drink, & live music!! $10.00 for non-chamber members, $5.00 for members.  Join us! It's between 5:30 and 7:30, at 3065 Richmond Parkway, Ste. 114. Lots of parking. Between I-80 and San Pablo Ave on the Parkway! Y'all come!