San Diego Housing Bubble News and Analysis

Nobody is forcing you to compete. Just wait.

the fraud game can last longer than we can.

why must you deal with only her?
just go buy a different property.
sounds like she plays by the rule - albeit at the limit but as long as she stays within the "limit of the law" as you have stated, you have no legit complaint.

By luck and curiosity I checked this thread.

Ah, yes. You can't compete w/idiocy. She's a particular sword in my side. She has the opposite of Midas touch. Just taints everything she gets. Went on that crazy shopping spree.

She bought 1656 PB Drive for 550k in October '07, I think. Was delinquent on prop. taxes. Had the NOD and foreclosure scheduled while all along trying to sell it shortly after she bought it.

Then she was actually able to sell it at what would seem like the 11th hour for 565k. Managed to get bailed out. Either a rigged/straw sale or a greater fool. I can't figure out which, though I anticipate seeing this back on the NOD road again.

Half a mil for that place?! I implore you!! Am I being a bear or is the world just nuts?

Then there's 6616 Tyrian. She bought it 09/15/2004 for $1,293,000. Got the expected NOD and foreclosure was scheduled. Did the attempted short sale. Went MIA/stealth until the bank took it January of this year. Only kicking the can and a matter of time. Ended up selling for 940k.

Then there was 5741 Chelsea, which w/out a care or thought in the world, she bought 08/31/2006 $1,550,000. The only person who made out on this house was the one who hot-potatoed it over to her when they bought it in 2003 for $1,024,750. She got the NOD and had the scheduled foreclosure. The bank ate it big when they sold $982k all cash for ocean view fixer. And even that was just silly.

And here we are w/your favorite and mine. 1104 Missouri. She bought it in 2007 for 910k. Got the NOD. She had the foreclosure scheduled 7-15-08. With all the others out of the way, she's focused on this one.

I am not sure what happened, if it got sold on the steps or if she hooked up w/a developer/contractor to split the proceeds after sale. It showed the new owner as Peter Pan, Inc. Then it got another NOD 3/11/09. Then they rehab the place and list it 05/27/2009 for $1,195,000. Now chasing down the market from their wishing-on-a-star price. Reduced $949k. She needs to watch the Apprentice and say those magic words to whoever is giving her financial advice.

I don't have info on the place in Henderson. BMIT (if you're able to access) said, "That's over $5 million in real estate purchases over the last 4 years with $4.47 million owed." The info someone posted on BMIT regarding Vegas was:

"Henderson house has a HOA Lien filed 2/27/2008, and a NOD filed 5/6/2008. It is not reinstated. Original mortgage 5/23/2003, refi'ed 3 additional times! 12/22/2004, 10/16/2006, 8/9/2007. It was bought at a reasonable price in 2003, but it is certainly NOT worth $1.24 million now."

Somethin' tells me the bank got that goose egg and judging from what I hear about Vegas, it wouldn't shock me in the least if that got down to 600k.

I'm thinking someone needs to get her into G.A. She went on one heck of a gambling spree and quadrupled down.

I agree w/ SDR. Just wait.

This market cannot possibly keep it's current course.

What will happen when this 8k tax credit ends, unemployment staggers, and California's well runs dry?

I'm in a different scenario but same defeat feeling. Maybe not good ol' Jack but a dixie cup of wine (sand sneaked), beach day, and my sanity are alright with me :)

Just wait.

The part that sucks is the specuvestors that had no clue what they were doing were just propelling the bubble along by overpaying for places and pushing the prices up so a legitimate buyer couldn't buy b/c they couldn't really afford it and in reality, the specuvestor couldn't afford it, either. Just pretending to as evident by the history of this one. Kinda ruins it for others. And I'm certain there are many more out there like this one.

"I'm thinking someone needs to get her into G.A. She went on one heck of a gambling spree and quadrupled down."

Someone needs to make sure that all the financial institutions that participated in creating any of these loans are liquidated.

My frustration is that I feel priced out of a market because of fraudsters and people with no ethics. And on top of that the Government is coming in and saying that's okay we'll bail you out. Meanwhile both myself and fiancee are the highest tax bracket so you better believe over the next decade or more we'll be paying the brunt of the cost of this. Not to mention with school debt and the cost of liing in Southern California we certainly don't feel rich by any means.

I just feel like the system is gamed way beyond anything I can compete with.

I agree w/that also. The banks were the biggest fools of all. But we know how that's going. Thank goodness we, the taxpayers, are here to the rescue. Here's the info I have on Vegas:

4 Caves Valley Ct., Henderson, NV 89052
--5 beds, 5.5 baths, 5,695 sq ft
--02/2007: purchased for $755,641
--loan balance $1.24 million

I don't know what happened w/it.

Oh, man, do I hear you. That's what frustrates me also. We play by the rules, these people basically legally cheat, push the price out of reach for those of us playing by the rules, and now here we are helping them and the banks out. Yeah. I know life isn't fair and if there were ever any doubt in anyone's mind, this particular example says it all.

We got priced out of the market and we'll be paying for it w/our tax dollars, just to add insult to injury.

Lol...This is so much the old "new" american dream. Buy now, pay later...or not pay at all....
Ethics, what's that?(end sarcasm)....
Anyway, unfortunately, people aren't going to learn their lesson until the musical chair stops....

But the way I look at it... Is that game will one day stop, and you need people like this to utterly fvck up the banks so they learn their lesson and for them to create opportunities for you....Unfortunately, now I know where my tax dollars are going sort of....Which leads me to the next thing. Finding perfectly legal ways to shelter money from taxes.... One of these days our government's balance of power will be restored (I hope)....3.5554 more years....:)

if you're are really pissed off and can deal with it, stoop to the same level...The old saying goes if you can't beat them, join them.

Some of these sales were just so outrageous, I almost think she must have been splitting the money w/whoever she bought the places from. That is what I suspect w/Chelsea if I didn't know any better. You know she pulled out a shitload of money from Vegas. Where did it all go?

..not if enough people vote across party lines this time...Plus i think it's closer to 1.5554 for Congressional elections, though I'm not counting on any changes there. Just hoping for more fillbuster capabilities.....Too much power is in the hands of our governments right now...No restraint, nothing....

She's probably cashed out the equity and stashed it somewhere. I know people that did similar things during the 80ies RE bubble across SoCal.

No doubt. Half a mil from Vegas is sitting somewhere. And if Chelsea was rigged, then some of that. She must have been living in one of these houses for free indefinitely, so saving money that way.

Hmmmm. Maybe I need to hire her underhanded financial advisor. Seems like if you're not legally trying to cheat, you can't get ahead.

Sounds like even if this did finally end up on the court steps (1104 Missouri St.) you would only end up bidding it back up with Jpinpb and several (maybe 15 or so others) with Cash in hand,

Maybe it’s time to move on, find another deal, if the deals are not out there you have two choices.

Wait and hope (hope by the way is not a strategy) but maybe end of year will be better time to look (that's what I keep hearing but then you will be bidding against the ones who keep saying that as well).

Or look in a different neighborhood you can afford that has more homes available to bid on.

Sometimes life is just like that.

Good advice, Nor-LA-SD-guy. But I won't be forgetting the orgy of fraud and near-fraud and the blatant use of the political process to force up home prices. Any convenient opportunity I get, I will make sure to be equally generous with the people who advocated and supported policies that emptied my pockets into theirs.

I see it but geez my 6yr old's great-grandchildren will be paying for these credits.

Print, baby print...

LOL. I am excluded from that comment and yet I'm still bothered. If I had children, I would be even more outraged. I don't know how anyone w/children wouldn't be out w/pitchforks over this.

Amen brother!

You are not alone. I have the same anger and frustrations.

I can't help but feel like a sucker for being responsible. And yes, I now have to pay for the "clean up".

JACKQLYN,

Two words of advice for you...

Living Trust

Shelter baby, shelter.... :)

I'm not sure I understand what this woman is trying to accomplish monetarily. What is her method of operation? Someone please explain this scheme in a succinct way.

Amigos, I AM the next generation that is paying accumulated debt. I'M that guy. It's already happening.

This is a manipulated market...period. Throw the rules out the window.

Not a home owner.

If you think there's Obama euphoria today, just wait till the economy turns around ... and it will most likely turn around before the Congressional elections. Can you say "filibuster proof majority"?

The honeymoon will eventually subside, especially with North Korean bellicosity bringing out the worst in his leadership style. An aging Sheriff once said: "You can be a leader or you can play it safe, but you can't do both." In time this too shall pass.

I doubt that, but if that were the case, then something else has happened. Both the equities market and the employment market has turned around too...In that case, I wouldn't mind, because though home prices might not have fallen, my income/assets most likely will increase with increased economic activity.