San Diego Housing Bubble News and Analysis

the CEO/CFO of that mortgage company or bank should, that loaned the money should be forced to buy that property at the listed price.

Nowadays, not a Range Rover or H2 passes me on the freeway without me thinking about where the money came from - and if I won't soon be paying for that SOB's bling with my tax dollars.

"Nowadays, not a Range Rover or H2 passes me on the freeway without me thinking about where the money came from"

Same here

Yeah, dude...it always seems like the Range Rover guys are the biggest mortgage broker assholes, too....probably ought to be quite a few of them for sale, cheap, here soon enough...;)

On a related note, can a mortgage broker's wife's fake tits be repossessed?

Gary,

Well written! Can you disclose the general neighborhood and purchase/list price range?

"the CEO/CFO of that mortgage company or bank should, that loaned the money should be forced to buy that property at the listed price."

Minus the laughable credit ding, isn't that what a foreclosure is?

wow Gary.. thats a good story, maybe some day I will tell the story of my neighbors, it is a bit similar.. maybe another time

The self deception is admirable! Even in the face of foreclosure and bankrupcy people like this still run around with false pride and grand illusions that they are living the life of a celebrity. Sometimes I wish that I could be a little less self aware and just run around dropping benjamins, sipping on Cristal and buying new cars and backyard pools that I cannot afford. Interesting that from a distance, many would assume that this couple had reached the pinnacle of success, when in fact they are flat broke. At the same time, you could look at the guy down the street from us with a wife, two kids, old Chevy, average house, and assume that he is just an average Joe who hasn't gone too far in life. In fact, he is a doctor and loaded, you just can't see it. Bling, bling! Look at my bling! Look at my bank account and you won't see a thing! And I can't take it with me when I die, so it don't mean a thing!

Long ago on Piggington, some genius wrote (and I paraphrase):

Looking for a foreclosure? Follow a Hummer home.

I think of that, literally, every time I see one.

Sign '0' the times?

Just saw a hummer commercial. They are offering zero percent financing for five years. hahaha!
Maybe one could live in it after the sheriff takes one's house away? Then one may drive to Mexico to find a job, doing the jobs Mexicans won't do.

-one muggle

I know 4 people that own Hummers. 3 own their homes outright and the other has a very small mortgage w/ a 30 yr fixed rate. So much for stereotypes.

perhaps sdr....but have you measured their "manhood" to be sure the stereotypes completely fail these 4?

I am going to have to join sdrealtor in peeing on this parade, my only friend that owns a hummer actually owns it along with his house and a couple of rentals and his fixed income portfolio outside of his day job pays him well into the six figures yearly. Based on his income and assets, his 40k hummer (he bought it used) actually represents a smaller portion of his worth/income than if I drove a Pinto. You could follow him home trying to find a foreclosure and if you got past security you'd find he drives the cheapest car in his neighborhood. He and his wife don't use credit cards, don't even own atm cards and yet they drive the modern day stereotype of leverage, go figure.

I have seen this for the last few years. This kind of behavior is the lowest of the low. They walk away with new toys, and the US tax payer is picking up the tab for their waste and greed.

If I knew 4 people with Hummers, I'd be working on a new set of friends.

When a Hummer driver cuts you off or rides your backside just give them the sign, hold up your thumb and forefinger with about an inch inbetween.

JES
Many insightful comments re: appearance vs reality. It is truly amazing that these type of people get-off on others perceiving them as rich.

"Bling, bling! Look at my bling! Look at my bank account and you won't see a thing! And I can't take it with me when I die, so it don't mean a thing!"
This is classic~

bsrsharma,

The house is in Westlake Village. Closed in 2005 for a $1M and is currently listed just under $1.5M. I am in the business so I can state with extreme confidence that it will not sell for anywhere close to that price.

Here is a photo I took of a hummer in Rancho Cucamonga 2 weeks ago

http://farm2.static.flickr.com/1060/1071...

Well said Gary... Yesterday I was at a big shmooze fest that title officers put on for realtors and other clients they work with. There was a guy there that I had been meaning to get introduced to, to pick his brain on the market. It was a friend of my title officer. This guy back in the downturn in the 90's bought and sold distressed properties. He turned over 500 homes. Anyways as you would imagine he made some good money and is somewhat retired. I met the guy... totally unpretentious, very nice guy, pretty soft spoken, kinda shlumpy looking... if you met him you wouldn't know if he was the guy driving the beer truck (when in reality he is the guy that owns the beer company)...

meaning to SD Realtor

Personally, I wouldn't own one because of the stereotype,but...why do people hate BMW's so much? They're great cars. It's usually the idiots behind they wheels that can't drive them. 

My only comment is I don't understand folks that buy an M3 with an automatic or an M3 convertible. It's kinda defeating the purpose.

Did some research on how what it takes to own an H2.

MSRP $55k minus $4k sale price minus $3k manufacturer rebate:

$48k, plus 0% financing from GM for 60 months. 

 No wonder there's more and more of these these days.

I'm still trying to figure out how a sports sedan like an S4 or M3 gets slapped with a gas guzzler tax, but this one doesn't. Oh wait, trucks don't have the same regulations as cars. No wonder more car manufacturers are putting out crossover vehicles.

i don't hate people with hummer's

i hate people with hummers and car notes and lots of debt and HELOC's

i make decent coin, i drive a 9 year old camry.

I have cash in the bank and if bush doesn't destroy the dollar
i'mokay

SD R
Meeting someone with that experience is invaluable. No doubt that history is repeating itself and the opportunities that were available in the nineties are brewing up again..and then some. Those are the type of conversations you go into with your ears wide open.

The only thing is every tom dick and jane drives a BMW in San Diego and Southern California. Same is true for Mercedes, Lexus, and Porsche. I see a lot more of these expensive cars here than most places.

Hawk - that picture brought back memories of working in real estate in the early nineties. With the market fully tanking, agents were scrambling to get rid of their Lexus's, beamer's and benz's. Two agents I knew had their cars "stolen" just to get out from underneath the payments. Others simply showed up at the dealer and threw the keys on the table. There was a huge glut of cars on the market at that time. I am sure this will happen again.

BMWs are not great cars considering the money you pay for them. I can buy 2 mazdas that are just as much fun to drive for the same money and I'll pay less to maintain them as well. Plus they will last just as long if not longer. And they are less likely to be stolen or broken into. As an added bonus, when you drive it into the service bay the dollar signs don't light up in Pedro's eyes when he sees you roll up so he won't give you the rich guy surcharge.

One time I was at a bar here in town and I met a couple of guys visiting from Austria. They were very curious about what our apartments were like here, what kind of cars we drove, etc... When I told them I had a mazda, they were very impressed. I told them that here mazdas were considered crappy cars and that most people wanted BMWs; the guys looked at me incredulously and one of them said (and this is a direct quote) "I s**t on a Bee Em Vee! I vant a MAZDA!"

Still, if someone were to give me a 6-series I would certainly take it -- that's a sharp looking car.

One of the few people I know who is really loaded drives a crappy car and lives in a modest house. He put it best when he said that he finds enjoyment in just knowing he CAN buy the bling if he wanted to. Otherwise, it's just bling.

Here's a true story: I pulled out of the gas station yesterday and was at the light behind a new H2 pulling two new jet skis. I decided to take the "follow a hummer home" test and follow it, but not any further than my cross street. Now I'm sure this guy has his house paid off and is just looking to move up to a new gated community, but sure as sh*t the house he pulled into had a for sale sign in the yard.

CDMA ENG...

There are plenty of people out there that can afford these things. Some people made thier money and some had it left to them. I don't resent either of them. Use to as a young guy but then I realized that being upset with some one else requires time and engergy. I am selfish about my time and energy and learned not to care about it.

The thing I don't understand is how people can build a house of cards (with thier family living underneath it) and not have ulcers thinking about what can/will happen.

I guess cross your fingers and wishing for the best isn't something that just childern do.

Take care Piggies (said with affection),

CDMA

What car do most business professionals drive in Europe?

Thats my question and curious to find out what well off Germans and Austrians drive.

I read in Top Gear that the number one rated sports car by readers was the Honda S2000. That car is cheaper than a Porsche Boxster, more reliable and more fun. I drove both the Boxster and S2000 and would take the Honda S2000 hands down for the fun factor, reliability, cheaper insurance and 10k in savings over a Boxster.