March 4, 2006

Builders Roll Out Incentives To Sell ‘Spurned Dwellings’

The Wall Street Journal reports on home deals ‘falling through.’ “With the housing market cooling, a number of people are backing out of their agreements to buy new homes, spawning some opportunities for bargain hunters. Typically, new-home buyers must sign a contract and cough up a hefty deposit. But that isn’t stopping them from saying ‘no thanks.’”

“It is particularly noticeable in many California markets and in Washington, D.C.; Phoenix; and Chicago. In Sacramento, Calif., for instance, the number of cancellations quadrupled in last year’s fourth quarter from the year-earlier period. The typical reasons: Buyers can’t sell their current home, or they are having trouble getting a mortgage or fear that they may be buying at the top of the market.”

“Some builders are responding by rolling out incentive programs designed to move these spurned dwellings. In Phoenix, Beazer Homes is advertising reductions of as much as $44,000. In Virginia, Brookfield Homes Corp. is running a special: a reduction of nearly $100,000 on a five-bedroom, 4-bath home in Lansdowne, originally priced at $997,925.”

“In some cases, builders are selling completed homes at prices lower than those charged for units still under construction; in others, they are offering other incentives, such as free upgrades or builder-paid closing costs.”

“Unless you have a compelling need to move, ‘it’s better to be prudent and wait,’ says Ivy Zelman, a housing analyst with Credit Suisse. ‘It seems as if the builders are going to get more aggressive and offer more discounts that will make it more compelling for buyers.’ In some cases, she notes, buyers who thought they had nabbed a good deal have been surprised to find their builder offering a similar home at a lower price a few months later.”

“The higher cancellation rates right now are particularly notable because they come at a time when new-home sales are slowing in many of these areas. That is the case in Sacramento, where cancellations have jumped in part because buyers have pulled back from purchasing higher-end homes amid worries that they may be buying at the ‘top of the market,’ says Jonathan Dienhart. In all, Hanley Wood saw higher cancellations in 10 of the 16 markets it examined.”

“The increase in deals falling through isn’t limited to new construction. In a conference call with analysts last month, Cendant Corp. said its company-owned real-estate brokerage offices in Florida, southern California and New England saw a 30% increase in their cancellation rate in December. Cendant says it reflects the departure of speculators from those markets.”

“Larry Greenberg is among those getting cold feet. Last summer, Mr. Greenberg put down an $80,000 deposit on an $810,000 condo-hotel unit in Miami’s South Beach. When the developer recently approached him for an additional $80,000 down payment, Mr. Greenberg decided to back out. ‘It was too much risk for the potential reward,’ says Mr. Greenberg, who received his deposit back last week.”

“Some buyers could find themselves on the hook for more than their initial down payment. If a house is resold for less than the original purchase price, ‘we are able to go back to the initial purchaser and recoup some of the losses we had there,’ says Mr. Hughes of Brookfield Homes.”

“‘The message has resonated with buyers,’ says Boyd Roberts, vice president of sales and marketing for the Sacramento region. The promotions were triggered in part by a spike in cancellations at the end of the fourth quarter as some investors got cold feet and other buyers ran into trouble selling their current homes, Mr. Roberts says.”

“In San Diego, cancellations reached their highest level in years in 2005, says Philip Romero, who operates real-estate brokerages in southern California.”

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Comment by Polestar
2006-03-04 14:08:08

It is just so amazing that within 6 months bubble talk has shifted so much! I’m definitely anticipating at least the 30-50% decline frequently mentioned. But now I’m more concerned with how fast this will fall.

Given the recent report for the Boston area’s big 20% sales decline (my area), I’m beginning to think that if we get just 2 or 3 more reports like that from some major metros around the country, it will be like a car going 100 mph hitting a brick wall. The coyote has run off the cliff and is just now beginning to realize it. THAT is where we are now, and this feeling is electric and scary all at the same time.

As many have noted, the internet was just knee high to a grasshopper when things peeked in the late 80’s (think of ALL the technology advancements since then!). Given the huge vested interest of the speculators and the toxic loans used far more this time around, I only cringe when I read that someone thinks it will be a blood bath because I think it’s true.

Comment by death_spiral
2006-03-04 14:11:48

bring out your dead!

Comment by greenlander
2006-03-04 14:58:57

heh…this made me laugh.

Comment by CharlesM
2006-03-04 21:55:45

Buyers: Bring out yer dead!
Sellers: But… I’m getting better…
Buyers: *thwack*
Sellers: Ohhhh….. *expires*

Comment by Ben Jones
2006-03-04 14:12:50

IMO a swift correction is preferable. Some point to the UK as a soft landing. But have you heard about the overall problems their economy is experiencing? People saddled with debt can only start moving again after a purge.

Comment by bottomfisherman
2006-03-04 14:16:00

Bring it on!

Comment by Polestar
2006-03-04 14:35:13

I know, but it doesn’t make it any easier to watch this unfold. For sure though, people will finally NOT take ‘fundamentals’ for granted again….. well, until the next bubble, whatever that is.

Hey, Ben could we have a topic sometime that would be famous quotes we could apply to this bubble? Here’s one:

Faced with the choice between changing one’s mind and proving that there is no need to do so, almost everyone gets busy on the proof.
–John Kenneth Galbraith

Comment by waiting_for_road_kill_in_PHX
2006-03-04 15:08:23

the news seems to roll in by the hour confirming what we already know and confirming the anecdotal and word of mouth stories that we all seem to hear.

That brings up a couple of good questions.

One, how long will this take to hit bottom? This is unwinding much faster than even I thought and based on prior cycles. Are we in a:

A. quick and ugly death spiral?
B. Or will this take 2-4 years to bottom out?
C. Or will it be more like Japan (15 years)?

Secondly, what’s everyone’s opinions about what effect this will have on our nation’s economy?

A. No real noticable effect at all.
B. Slow down in growth, but economy stil growing.
C. Mild Recession
D. Severe Recession
E. Worse…

I know we can’t predict the future, but it still would be fun to get everyone’s opinion.

Go ahead an answer choosing which multiple choice and any opinions/comments for your choices.


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Comment by sm_landlord
2006-03-04 15:34:47

I think we’re looking at long decline. First, I expect to see a fairly rapid correction over the next four years or so. After that, the first wave of the boomers should start selling, which should keep prices down or perhaps even drag them lower over a long period of time. This projection is in real, not nominal terms, because I also expect substantial inflation over the same period.

I also expect a recession, but not just because of falling real prices for housing. I believe that as the boomers grow older, they will start acting their age and reduce consumption accordingly. At some point, boomers need to think about retiring. In fact, the first wave of retirement has already begun, and that has to result in less consumption. As inflation eats away at the retirement funds, taxes will rise to pay for the bump in Social Security outlays, and something has to give.

We’ll find ourselves wishing it had been quick and ugly before it’s over.

Comment by Privatebanker
2006-03-04 15:36:10

I would say were headed for a lengthy correction that will desimate the economy and could possibly be very similar to Japan’s crash. Our current job market that has been “rapidly growing” is mainly in real estate related services. I noticed a similar but milder trend back in ‘99 - ‘01 in the investment services industry. There has been a huge attrition of financial advisor and investment banker jobs since then. Just imagine that magnified by a million for our current situation. At some point soon, the David Lereah’s of the world will be forced to fall on their swords and admit that we are in a terrible situation. One that I don’t even think our government can help (including the “Plunge Protection Team”).

Comment by Kim
2006-03-04 18:12:39

I don’t know about about how long it will take to reach a final bottom but I expect to see a very significant drop within 2 years, and I expect an economic depression. How long it takes to really start recovering depends on how much the government tries to interfere with the natural cycle, and it will probably try to interfere as much as possible. If the government tries to bail out everyone who has made bad decisions then it will put a real damper on the recovery because they will have to tax the life out of any entities that are doing well and making money and creating jobs.

Comment by bubbleviewer
2006-03-04 20:50:13

I would say were headed for a lengthy correction that will desimate the economy and could possibly be very similar to Japan’s crash.

Having lived in Japan from 1990 to 2000, the time of the “crash”, I hope we are so lucky.
From all appearances, life went on normally, but didn’t change (i.e. “improve”) a lot. Japanese are by nature prudent, sensible, and great savers. Unfortunately, we get to deal with the irrefutable proof of both climate change and peak oil at the same time as our housing bubble.

Comment by Kim
2006-03-05 06:39:27

The Japanese had two advantages that we don’t/won’t have. They are good savers, and the rest of the world was still going strong to give them support.

But just because I am predicting a depression does not mean that I think things won’t go on mostly normally. During the Great Depression, people didn’t go around thinking “we are living through the Great Depression.” They kept living and going on with life. It wasn’t until afterwards that they started calling it the Great Depression. Even if we do experience a depression, the standard of living here will still be higher than most people in the world have. Many years ago the Russian communists brought the movie “The Grapes of Wrath” to Russia with the purpose of showing the people there how capitolism had failed. (In case some of you don’t know, the movie is about a displaced family during the Depression.) The people there just laughed at the idea that the family in the movie was poor because they had a car!

Comment by montie
2006-03-05 08:17:06

In terms of real estate, I am seeing a quick nominal drop of about 10 - 20% (more in places like FL and CA). Then, prices will be dead for a decade (i.e., rising at a rate less than inflation).

On the other hand, I don’t think that their will be a depression (although there might be a recession). The housing bubble burst will be the best thing for the economy in the medium and long run. Too many economic resources (labor, capital, natural resources) have been going toward residential real estate in the last couple of years. While a kitchen with new cabinets, granite countertops, and tile are nice to look at, they don’t increase economic productivity. Once people come to their senses about residential real estate, those economic resources diverted to productive uses such as improved telecommunication network and new factories, offices, and laboratories. Then, the economy can get back to real growth.

Comment by lmg
2006-03-04 20:33:32

Well, you can’t go wrong quoting John Kenneth Galbraith!

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Comment by death_spiral
2006-03-04 14:10:33

can’t wait for this tragedy/comedy to unfold. Shakespeare would love this stuff

Comment by Rainman18
2006-03-04 18:55:53

forgive me for what’s about to follow. :)

When nothing sells after the Spring Bounce we can call it

A Midsummers Night(mare). Or if tragedy is your thing how about O’sello.
Of course ‘The Comedy of Errors’ doesn’t really need a pun

Comment by death_spiral
2006-03-04 19:50:52

nice follow-up! lol

Comment by lmg
2006-03-04 20:39:23

OK, for those poor unfortunates who bought into the cruise ship condominium concept: Katherine Ann Porter’s “Ship of Fools”

Comment by Arwen U.
2006-03-04 23:25:04

Neither a borrower nor a lender be;
For loan oft loseth both itself and friend.
And borrowing dulls the edge of husbandry.

Comment by spacepest
2006-03-04 14:20:20

These homebuilders are going to completely ruin speculators homesales. The homebuilders can slash prices on thier homes and still turn a profit, unlike the speculators and resellers.

My first home I ever bought was from from a desperate new homebuilder that was having a firesale to get rid of all thier stock. They had lowered prices in my area to the point that for even the trashed used HUD homes in bad neighborhoods (homes that were of similar size) were more expensive than the builder’s new homes. At that point, it became a no brainer for me…buy a new home in move in condition, or buy an older home in severe need of repair just to make it liveable.

This should be interesting to watch.

Comment by Arwen U.
2006-03-05 06:15:31

Oddly enough, last year when we sold in VA, 1-2 year old resales of the same model were selling $100K below builder’s prices.

Comment by Johnny Fever
2006-03-04 14:38:44

Damn, OC median back up to 602K per and DataQuick. Crap, not too happy to hear about that. But, our good buddy Gary Watts, said that he will probably have to revise his previously mentioned forcast…if that means anything….

Comment by bottomfeeder1
2006-03-04 19:37:41

the median is a lousy predictor u really need to know dollar per sq ft.

Comment by death_spiral
2006-03-04 14:39:51

I’m sure George Carlin will be laffing his nuts off when these flipping fools bite the dust.

Comment by death_spiral
2006-03-04 14:42:44

Are we out of fools, or are they just taking a well deserved break? After all, they’ve been working overtime for the last 5 years.

Comment by homelessbubbleboy
2006-03-04 14:50:26

Alright….GO CHICAGO!!

Comment by Judicious1
2006-03-04 15:48:05

I keep reminding myself not to get excited….the downside hasn’t even started yet.

Comment by GetStucco
2006-03-04 15:51:54

“In San Diego, cancellations reached their highest level in years in 2005, says Philip Romero, who operates real-estate brokerages in southern California.”

There you go — yet another sign that we are coming in for a soft landing…

Comment by crispy&cole
2006-03-04 17:15:38

highest level in years = normalization of the market

He should have said records were made to be broken!?!??!

Comment by GetStucco
2006-03-04 15:56:44

If a deal falls through on one of these new homes, does the builder automatically take it upon themselves to keep trying to sell it, or does it go to the MLS? The reason I ask is that I am suspecting these deals that fall through represent yet another source of hidden inventory, in the form of brand new homes at a steep discount to the mountain of used homes that are for sale in the nearby 20-year-old tract development…

Comment by waiting_for_road_kill_in_PHX
2006-03-04 16:20:24

GetStucco -

At least in Phoenix Metro - that seems to be the case, this shadow supply of inventory of new builds/spec homes.

In January, we apparently broke the all time record for number of spec homes for sale - 2400+. I can’t wait for the February numbers to come out to see what increase/change there will be in spec home counts.

I believe so far for the most part any new builds that fall through stay with the builder and don’t go through MLS.

Any realtors care to comment on this?

Comment by mrincomestream
2006-03-04 16:39:51

Stay with the builder unless they are med to small fries or unless severly under the gun. Most try to avoid commission costs at great lengths.

Comment by arizonadude
2006-03-04 16:49:52

From what I have seen the builder will try and sell the homes themselves without placeing listing with another outside broker. Most have brokers and list them on the mls themselves. I have recently seen kb homes, elite communities and continental homes list their own homes on the mls.They might simply list a couple of properties in the subdivision to get traffic. I have recently seen where the builder had one home left in a community and listed with an outside realtor to sell it.

I have even seen where an outside realtor lists a new home builders property as their own listing. They must have something worked out with the builder.

Comment by Weeksy
2006-03-04 17:28:40

San Diego MLS has several new homes in Carmel Valley (92130) that either complete, or almost complete, being listed by builders. In particular Standard Pacific for thier Airoso development and DR Horton for thier Pell Place development. And, some of these listings have had price reductions too, take a look at Ziprealty.

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Comment by waiting_for_road_kill_in_PHX
2006-03-04 17:29:34

Interesting. Thanks for the info.

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Comment by rudekarl
2006-03-04 16:18:45

“Some buyers could find themselves on the hook for more than their initial down payment. If a house is resold for less than the original purchase price, ‘we are able to go back to the initial purchaser and recoup some of the losses we had there,’ says Mr. Hughes of Brookfield Homes.”

Sounds like Brookfield Homes are a nice, caring company with which to to business. If I were Mr. Hughes, I’d make sure my sales folks didn’t misrepresent anything in the presentation and sales process. Those counter-claims can really suck.

Comment by waiting_for_road_kill_in_PHX
2006-03-04 16:24:00

that would suck to be owning a home in one of those Brookfield Homes neighborhoods. What if you had to legitimately sell because of a move/job transfer/household budget change?

Comment by Judicious1
2006-03-04 16:31:54

You’ve already said - it would suck.

Comment by rudekarl
2006-03-04 18:19:43

I think they are talking about people backing out of the deal and the builder having to resell the home at a price that is less than what the original buyer agreed to pay. In that case, this guy is saying he would go after the folks who backed out for the difference between what they contracted to pay and what the builder ultimately received from a subsequent buyer.

Comment by rudekarl
2006-03-04 18:20:51

less the applicable down payment the original buyer put down on the home. I left that out.

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Comment by txchick57
2006-03-04 17:17:09

Rock star bimbo w/granite countertops seeks sucker, er, buyer . . .

Comment by John Law
2006-03-04 17:28:38

some of my favorite quotes saved.

But Tuccillo, a Sarasotan who is former chief economist of the National Association of Realtors, says the housing market remains on strong footing.

“There’s no way you can’t interpret this as a slowing down of the market,” he said. “But no market goes to pot unless the underlying economy goes to pot, and that’s not happening here. We’re going through a cycle. This is a marginal change downward and the market will stabilize.”

And this land-locked community shouldn’t expect prices to come down soon, if ever, said Tom Brewster, president of AZNorth Development and Investments. The shortage of available land coupled with building materials inflating more than 5 percent a year means even new houses can’t be built to meet the demand for properties priced below $300,000.

“I am astonished,” said David Lereah, the NAR’s chief economist, who said that the data suggest a sea change in the role of real estate in the nation’s economy.
“What we’re seeing is that real estate is no longer just a place to live. It’s a viable alternative to stocks and bonds,” Lereah said. “Sept. 11 changed real estate forever, the way people look at it. They’re nervous about stocks and bonds and they’re placing money in real estate, which has proven to be a stable and wealth-building asset.”

“National Association of Realtors Chief Economist David Lereah said. “Home sales are coming down from the mountain peak, but they will level out a high plateau — a plateau that is higher than previous peaks in the housing cycle.”

“I’m absolutely delighted that things have slowed down,” said Alan Nevin, director of economic research for MarketPointe Realty Advisors in San Diego.

“The last three years, from a macro-economic standpoint, have been very profitable —- and very unhealthy, because it was an abnormal rate of growth. Normally when you have a situation like we’ve had the last three years, you typically have a major correction. Fortunately, we are not going to have a major correction.”

Comment by crash1
2006-03-04 18:49:38

The shortage of available land coupled with building materials inflating more than 5 percent a year means even new houses can’t be built to meet the demand for properties priced below $300,000.

As the construction industry cools, building materials will fall. Cheap immigrant labor and unemployed homebuilders will cause labor prices to fall.

Comment by dennis
2006-03-04 22:32:12

What shortage of land!!!!! Have you been up in a plane lately? Maybe you should pull your head out and look around. There is more land to be developed than there are people to live in the structures to be built. Price will come down…..It is just a matter of when, where how much and how fast.

Comment by scdave
2006-03-05 09:34:08

Labor yes…Material prices probably not..

Comment by Rainman18
2006-03-04 19:04:15

It’s like a greatest hits album…..thanks john :)

Comment by snowbell
2006-03-04 19:09:08

Finally, local proof of the slowdown, Centreville, Virginia, 10 miles south of Dulles airport, western Fairfax County…We’re seeing a lot of new contruction in the “fill in” areas. Normally, I am not opposed to these smaller communities going in with some high-density building. But. These are Beazer SFH, starting at $700k. We call them the “pass the Grey Poupon” homes, they are THAT close together, and the privacy fence along the main artery (Route 29, from DC to the Shenandoah) does nothing to help. And, Engle is selling $500k townhomes in the same area. This community is a monstrosity. It’s just that bad. Anyhow, Engle had a sign posted on the fence along route 29: “Home of the Week: stop by for special blah, blah, blah.” Can’t remember the exact wording. I haven’t seen any incentive language for selling new homes in years. So when I saw this the other day I knew the hard times had arrived. I’ve been watching these homes flip for the last year as they got completed.

Comment by flat
2006-03-04 19:21:28

UK only had a brief 5% correction in late 04since then very little- wish I knew I’d no what to short

Comment by Auction Heaven in '07
2006-03-04 19:27:15


OC’s Gary Watt’s Considers ‘Revising’ his ‘Forecast’

One of the most optimistic forecasters, real estate economist Gary Watts, said earlier this week that he may consider revising his own forecast of a 15 percent increase this year.

Watts said if the higher-than-normal inventory level continues into the summer, he may revisit his forecast.

“Right now, I’m comfortable with our resale market,” he said.


The Median Price went back up to $602,000.

Ho hum.

What it really means is that even though homes AREN’T selling in OC, the greater fools who bought a home or two bought at outrageous prices.

For instance-

If only 100 homes sell, out of say- oh 17,000-

-and those homes- though only 100- sell at close to asking price-

The Median Price goes UP.

See how that trick works?

Let’s say only 1 home sold out of 17,000.

If that home was priced at $700,000-

-guess what?

The Median Price goes UP again.

There’s a disconnect at work here.

If there’s 17,000 homes on sale, and only 2,700 people bought…

…shouldn’t the headline REALLY be…

‘Orange County Homes Aren’t Selling, But The Few That Did Made The Median Go UP’

Maybe I’m slow, but I just figured this out.

The Median Price Game benefits the Real Estate Industry, even when nobody is buying.

Comment by paula fries
2006-03-04 19:34:58

It’s finally happening in southern Santa Cruz county (CA). The corner “for sale” signs are slowly multiplying. I noticed several houses that were for sale for months are now rentals. Makes me wonder when the avalanche will begin here. Might be a long time. Many people don’t believe the bubble will burst here.

Comment by scdave
2006-03-05 09:37:53

It will to some degree but coast property will always be in demand to the affluant…With that said, I know many 2nd home owners of coast properties are re-evaluating the cost of having this 2nd home given the amount of time they spend there…

Comment by moqui
Comment by asuwest2
2006-03-04 22:40:13

Solution for Allison—1) go for a walk 2) find a cliff 3) keep walking. Doubt you’ll even notice.
Like DUH….

Comment by txchick57
2006-03-05 03:34:36

Why did you sign the papers, you dolt?

Comment by Media Outsider
2006-03-05 11:17:54

They didn’t refinanced; they refinced. Of course they’re going to be paying 12%. Do you have any idea what it costs to refince these days? My only question is, what happened to their original fince?

Comment by jeffolie
2006-03-04 21:05:06

Use this mutual fund———–

Short Real Estate ProFund is designed to increase when the U.S. real estate sector declines and to decrease when the sector rises. Specifically, the fund seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Dow Jones U.S. Real Estate Index.

Comment by bread liner
2006-03-04 21:52:37

I think it will take about 6 months for a RE capitulation, just like “New Economy” tech leader CSCO in 2000. The tech bubble burst in March sending CSCO to a $50 floor, and for 6 months all the talk on CNBC was NO tech crash because CSCO was the leader and $50 was the floor. When CSCO broke $50 in October there was the final panic capitulation.

Comment by bKLAWYER
2006-03-04 21:45:50

I’m emotionally drained from my client today. Bought her house 4 years ago. refied (HELOC) to buy a flipper and then refied the flipper house to buy another. Got caught when the music stopped and presents today having lost all 3 and is living with a relative scratching her head wondering what happened. Tens of thousands in credit card debt means we will file a BK for her but she really thought that the real estate market would be the endless well of wealth. We are the naysayers (soothsayers?) spraying water on the flipper fire. I think this will take a while to play out from an ignorance standpoint. I’m still talking to people who see “hot” areas for investment. . .

Comment by sfbayqt
2006-03-04 22:01:20

Tens of thousands in credit card debt means we will file a BK for her but she really thought that the real estate market would be the endless well of wealth.

UNbelievable. And I stressed over a $400 Visa bill until I paid if off last month. I can’t even imagine having that kind of debt… just never occurred to me to extend myself like that. I really feel for your client but please tell me that she really didn’t think she had found herself a vertible money tree.


Comment by GetStucco
2006-03-04 22:27:23

Not a money tree, just the wealth effect touted by no less than the Chairman of the Federal Reserve Bank himself…

Comment by sfbayqt
2006-03-04 22:55:09

I hear ya, but regardless …. there is such a thing as thinking for yourself, right? We all on this blog heard the same things, watched the whole play roll out but we instead said, “Something is fishy here.” She was able to do the same and didn’t. She leveraged herself into the ground and now she’s contemplating the whole thing…..a bit too late.

But you know all this, GS…I’m just talkin’. :-D


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Comment by txchick57
2006-03-05 03:36:37

Is she going to make the means test for Ch. 7? That is what I wonder about, whether it will be the stumbling block for so many of these idiots trying to walk away via bankruptcy.

Comment by iron56
2006-03-05 07:35:53

I saw an article on one of the mainstream financial sites a while back (CNN Money? or something) that claimed the new BK law is going to be far less effective than the creditors hope. All the means test will do is encourage people to find ways to ensure they can’t meet it (keep spending, lose their job, etc., etc.)

Unintended consequences strike again…

Comment by TXchick57
2006-03-05 09:40:15

That could be construed as a bad faith effort to avoid paying what you could pay, much like “downsizing” your employment to avoid child support payments, which doesn’t work either. It would depend on how much of a nazi the judge is.

The US Trustee’s Office was doing just a dandy job of weeding out the bad faith filings and objecting to substantial abuse cases (where it was clear from the debtors’ schedules that the living expenses they were claiming violated the spirit of a fresh start in exchange for certain sacrifices). The system really was working they way it was.

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Comment by sfbayqt
2006-03-04 22:27:40

Oops! vertible=veritable :-(


Comment by need 2 leave ca
2006-03-04 23:46:47

$320000 - PRICE REDUCED! Seller motivated!
Reply to:
Date: 2006-02-09, 12:41PM PST

Clovis beauty, 3/1.75, lg backyard with shade trees, patio and garden area. New paint, new hardwood floors, carpet and new roof! Established neighborhood near park. Pride of ownership, lovely landscaping, immaculate, light and charming. Perfect starter home! Call today! Charles, 559-999-7975

Burlingame at Clovis Ave google map yahoo map

* this is in or around Clovis, CA
* no — it’s NOT ok to contact this poster with services or other commercial interests


Comment by need 2 leave ca
2006-03-04 23:48:23

$284900 - Beautiful Home - 3 BR / 2BA - Seller motivated - Vacant House
Reply to: see below

Date: 2006-02-03, 2:23PM PST
1105 SENECA DR, Madera, CA 93637


Bedrooms: 3 Full Baths: 2 Square Feet: 1,112
Lot Size: 7,345 Sq. Ft. Year Built: 1995

Corner location, side gate for rv parking, concrete in the backyard, no lawn area, ceiling fans with lights in each room and in living room, upgraded mini-blinds, tiles in the hallway, bathrooms and in kitchen, slidng door w/ screen opens to backyard from the living room, auto garage door opener, auto sprinklers for the frontyard only, security light by the front door




Siding: STUCCO

Lot Description: CORNER Roof Type: TILE


Lot Size: 7,345 Sq. Ft.

Utilities Heating: CENTRAL HEATING Cooling: CENTRAL

Cross Street: MADRID LANE

Listing Broker: KSP REAL ESTATE
Call Listing Agent: K. SINDHER at 559-318-0061

SENECA DR at MADRID LANE google map yahoo map

* this is in or around Madera
* no — it’s NOT ok to contact this poster with services or other commercial interests

Comment by need 2 leave ca
2006-03-04 23:49:53


$210000 - 3/2 For Sale By Owner!
Reply to:
Date: 2006-01-29, 10:44AM PST

This is a 2bd 2ba. with den/3rd bed room, I say 3rd bed room because the Den has it’s
own walk-in closet and bath room. It has a 1 car garage with a long car port and enclosed patio New paint inside and out very quiet neighborhood, MUST SEE!

For more info please e-mail this post or call 559-312-3792

Thank You!

Comment by Chip
2006-03-05 02:39:26

Once builders have to begin selling homes, for which the buyers walked on the contract, those buyers will begin to learn what the phrase, “This is a binding contract” means. If I were in law school, I think I’d skip ambulance chasing and get into real estate and contract law.

Comment by Chip
2006-03-05 02:40:50

Meant to add that when builders begin selling homes “under cost, just to move them”…

Comment by va_investor
2006-03-05 06:21:22

A judge in Northern Virginia recently declared a builder contract unenforceable because it was so one-sided as to be unconscienable. Buyer who walked got his full deposit back.

Comment by flat
2006-03-05 06:26:02

seems many get deposits returned- thought builders got smart in the 90’s- guess not

Comment by flat
2006-03-05 10:43:17

real hot- centex just had an info-mercial w a d cup pushing new homes 30 miles S of DC

Comment by Happy Renter
2006-04-03 15:35:45

I’m here in Tampa and went to some open houses in our subdivision. The EXACT same house (floorplan) 4/3/3 was selling for 325k by a soldier, 335K by a flipper and 262K with almost ALL upgrades by the builder who had the previous buyer backout. RE Agent had nerve to say it would only last a day. I laughed out loud. I’ll buy next year but I feel bad for the sense of schadenfreude for the poor guys who bought high. :0

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