So, as David Letterman quoted McCain, after McCain bailed on a scheduled appearance back before the election... The market is 'cratering'.
When the market 'craters' it generally means, among other things, that houses will plummet in value. And when that happens, we end up with people being forced into foreclosure and oftentimes Chapter 7 protection, because the second mortgage is never covered by the proceeds of a short sale, or a public auction. I would hate to be a secretary or paralegal for a bankrupcty attorney right now; they're booked solid from what acquaintances have told me. Thank heavens that option is available!
The upside is of all this spells a crapload of housing available. Or there's supposed to be. Over the course of three weekends I've swung by and done exterior inspections of roughly sixty houses that are upside down in value and bank-owned. One can pull these up at realtor.com, at trulio and zillow, and as I've recently (finally) learned, at redfin.com as well.
And about three of these houses I've seen are actually really truly for sale. The rest? The offer's been accepted and escrow will be closing.
Please forgive my indulgence and let me kvetch about this momentarily. The silver lining is that at least in this region, homes are not going to remain empty for months at a time. This means greater security and greater assessed values in neighborhoods over time because empty homes will no longer be broken into and vandalized. But I have to bitch for a moment because the farking realtors are not keeping would-be buyers abreast of what is actually happening with all of these homes ostensibly for sale.
Even the website for the kindly realtor who has taken me under her wing does not list up-to-date info on whether an offer's been accepted by the bank. No, she has to look that stuff up for me. I finally started finding that stuff myself on redfin, which also notes how many days a property has been on the market. She's busier than a one-legged man at an ass-kicking contest because the market is exploding, er, cratering.
I took a look at a property that was newly listed yesterday, and today someone's made an offer on it. Huh?
Back to the drawing board.