This is ridiculus..yes stupid and greed riden. Let's rant...yes let's grab the pitchforks anf flame throwers..err ok molotov cocktails and show the banks why they are wrong about this market....OK..Ok..I see home sales in general trying to inch upwards the NAR(National Associations Of Realtors) says like 3 %..that's proproganda to hype peoples expectations...This is what's really going on..Banks don't want to lend in the Los Angeles area more than 250K... that's where my approved clients are qualifying at.
In Los Angeles..250K buys you in 8 out of 10 of the properties I see, homes listed in areas which were highly inflated before the crash...so the banks are still getting 100% mark up from pre 2000 year level values...(year 2000..125K, year 2005..500K.. now 250K) Ok and if you look at these properties you'll need a contractor to fix something..Get a home inspector and you see..this is one big scam....the best thing to do is to move out of LA...or buy some dirt and really get your money's worth. I could go on but the gist of the story is...you cannot beat the bank no matter what. they will always come out on top.
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