PLEASE FLIP ME OFF

Because the blame game can be so easily re-written to suit a politicians needs, "flippers" are now the scourge of the earth. While I'd like to thank them for taking my place in that line as a real estate/mortgage broker, the fact that these folks are now being blamed for the ills of the market crash, and the terrible idea that they may bring prices back up now (the nerve of them sustaining a market), are mis-informed at best. And if your first name has the abbreviation Sen. or Rep. or Attny.Gen. ahead of it, wake up *Editor's note* If your name is Sen. Bob Dutton, thank you for being a visionary and not a reactionary. Keep up the good work.

"Flippers" are the folks, generally mom-n-pop contracting businesses, that use their own money to purchase the nastiest of the nasty repo'ed homes and fix them up. Let me take a moment to dispel a rumor here:

Rumor: When you bid on a repo, you probably won't get it because the evil flippers are going to outbit you and pay cash. WRONG. Generally flippers aren't interested in the home you want to move into. They are interested in the home you can't move into. If you've been out house hunting and walked into a home that looks like the "after" photo of a nuclear test site and smells like a sewage treatment plant, you couldn't get a loan on that home if you wanted. Your lender is extremely leery of what they deem as Health and Safety Standards. BUT, a flipper is paying cash...his own cash...in full... to buy this lil' gem, put thousands more into it to make it habitable, and then put it back on the market.

If you live in a neighborhood near a house that looks like it belongs in an Appalachian hollow more than Suburbia,USA, you should HOPE a flipper buys that house. In fact, you should take him a plate of cookies and coffee to keep him full and caffeinated. There are tens, if not hundreds of thousands of these uninhabitable homes on the market right now. And over the next few years, there's many more to come. Some how the idea that a person is willing to risk their own money (amounts that have a comma and at LEAST two digits to the left of it), fix up a home while lessening blight has become a bad thing. And it's bad because heaven forbid, that person wants to make a profit on it. The gall of a person wanting to be a capitalist! Wherever did that idea come from?

So next time you walk into a house that smells freshly painted, has new carpet, a shiny air conditioning unit in the back, a freshly sodded yard, and/or an electric panel that won't shoot an arc through the entire house when you flip a switch, thank a flipper.

SOUTHERN CALIFORNIA HOME PRICES HIGHER AGAIN IN OCTOBER -- latimes.com

As our market continues to calm, Southern California is seeing the beginning of home appreciation again. Are things all better now? Of course not. And there are those who will say it's only a temporary spike. Or others that will some how blame The First Time Buyer Tax Credit Extension for skewing the numbers. Personally, I am glad to find and share good news. We have forgotten that a large part of any market's decline or rise is based on emotion and confidence. Headlines have a way of building on themselves either way. So please take a moment and click the link below:

Southern California home prices edge upward again in October -- latimes.com

SENATE APPROVES HOME BUYER TAX CREDIT 98-0!!!

This just in:
Senate OKs extension of home-buyer tax credit and jobless aid -- latimes.com

From previous blog responses, I know not everyone is in favor of the Home Buyer Tax Credit Extension. I am. Given all the money being thrown at corporations, this stimulus money is already doing what it is designed for, stimulating the home sector of our economy. The bill is now being sent to The House for approval.

EVER HEARD OF REALTYTRAC ? YOUR CREDIT CARD HAS

Realtytrac is a huge, public, search & tracking website. If you've done any real estate searches over the last year (and let's be honest, who hasn't), you have probably used them. But like so many other "Search Now and Not Know You Pay Later" sites, RealtyTrac has a funny way of beefing up their bottom line at your expense. Below is a link from today's Los Angeles Times. After you're done reading it, check your credit card bill:
Real estate company's pitch leads to unexpected bill -- latimes.com

This article is another very real reason why information availability can be a good AND a bad thing. It also illustrates the value of having a good, local Realtor at your side. The list of homes and information you get from your Realtor.. let's just say Forefront Real Estate for instance... are truly free, and contain the most current and reliable information in the market. Pubic websites are great for initial research, but don't rely on them. As you have seen, there can be strings attached. And those strings are tied to your wallet.

HVCC, " Andy's Law" ON THE WAY OUT

HVCC, or " Andy's Law", appears to be on it's last breath. The end can't get here fast enough. This is one of the most ill conceived, heavily trumpeted laws to come out in the entire housing crisis. In the name of publicity, its author, New York Attorney General Andrew Cuomo, has done a great disservice to both the business community and anyone struggling to get a home loan. Please see the latest link from the Los Angeles Times below:
Home valuation code could soon undergo major revamp -- latimes.com

IF CHICKEN & WAFFLES SOUNDS TERRIBLE, YOU MIGHT BE FROM IOWA

I am...from Iowa, I mean. I love chicken, and there's nothing wrong with a good waffle. But if you grew up in The Mid-West, chances are you have never put the two together. It's kind of like Hall and Oats, bottles and water or sun and morning.... individually all of them are OK. But put them together and NOW you have something.

Chicken & waffles is a traditional Southern/soul food dish. If you happen to live anywhere in the greater Los Angeles basin( L.A., Long Beach or Pasadena), there's no better place than Roscoe's. It ain't fancy, but it sure is good. I've taken several friends there over the years.Almost to a person, they go with great hesitancy.. until dinner is served. The fried chicken comes either plain or smothered (that means with gravy for my Mid-Western brethren) and always piping hot. Without question, the waffles are the best I've ever eaten. I don't know how eggs, flour and water come out that good, but they do.

The side dishes are equally as good. The collard greens fresh and cooked with pork fat. A little Red Rooter Hot Sauce and vinegar makes them just right. For those that have not had authentic, down home mac & cheese, this is the time. Don't think Velveeta and pasta. It's something totally different. If you want to be a real glutton, get an order of hot water corn bread too.

If you plan on going at lunch or for a weekend dinner, also plan on waiting. Trust me, it's worth the wait.

FEARED FLOOD OF FORECLOSURES IN CALIFORNIA MAY BE AVERTED-- latimes.com

This article just broke in the L.A. Times:

Feared flood of foreclosures in California may be averted -- latimes.com

While we are far from seeing a healthy market, the beginning has now started.