San Diego Housing Bubble News and Analysis

She also seems to have a hard time counting the number of bedrooms. Or am I the confused person? Is that the same house?

I read it as two separate houses.

Look at the minor difference in rental rates vs. the major differences in sizes.

the pictures sure look the same though.
maybe she's a realtor. Damn. Rent is less than 1/2 mortgage, not including taxes/insurances.

edit: scratch that. She has so many spelling mistakes that she can't be very educated. when you make one grammatical or spelling mistake per sentence, it's gonna be a tough life.

"Please help this lady"

Dina: Here is one advice - Try marrying Donald Trump!

That's just sad...

Dina for making a dumb decision

and you guys for gloating

Why shouldn't we gloat? Haven't we had to deal long enough with people just like her telling us for years we are throwing our rent money away? For God's sake she even says that again in the ad!

I know this situation shows how much trouble our economy is in, but I can't help not feeling sorry for people like this.

Seriously PB, screw you. Idiots like Dina have helped to damage the economy so severely that it may take a decade or more recover from this.

Take your sanctimony some where else pal.

What is sad about jump starting your future? Sounds like a great offer, maybe I should take over payments? I make 50k per year, think I can qualify?

I get calls from client referrals of people like her in the same exact financial position. Stuck, can't rent, can't sell, can't refi...if I feel bad for people like this, maybe it's because I can put a voice or sometimes a face with these people that as you say, caused this financial/economic mess were in.

Screw me? Screw me for being human with a small amount of compassion for someone in trouble?

I thought that rent was going up. At least that's what the permabulls are saying. So how come she can't rent?
Could it be that people are asking high rents to cover their mortgages but can't get it? Surprise, surprise.

hmm.. PBroker, up until your first post, I don't think anyone was gloating. Read carefully again.
also, since you have so much compassion, maybe you can call her and help her. Please update us on how she's doing after you bailed her out.

Nice landscaping...

Maybe she needs to start using Firefox as it includes a spell checker.

Please put some coins in Dina's cup as you walk by her on the sidewalk in downtown Murrieta.

Ooh bobby, that last zinger got me, what a doozy.

And the whole, read carefully the other replies up to my last post, yes sir, I'm getting on that right now. I'll have a 5 page report on how it went and the bailout as well. Give me a few days, maybe a month, you know I'm a mortgage broker, we're a slow bunch, not too smart or articulate, a little socially inept.

Pasadena, you'll need to have to have some thick skin for some of the posters here, it's not personal, just let it roll off.

The reason for the lack of compassion is some pent up anger. These good people (investors) were the cause of the pain many buyers here suffered though in the last five years and we received no such compassion when we were priced out or refused to join the insanity, we were ridiculed and demeaned. Look at Dina, she can't even type but she could buy a couple of homes and helped drive the price beyond where some families could afford it that would have actually made the payments and lived there. Sure I have a little compassion but it is tempered by the fact that she and those like her not only played with matches but they took the whole book of matches preventing some families from being able to light their stove to make dinner.

I cannot defend some comments but there are real people who deserve compassion and charity who suffered calamity and misfortune through no fault of their own. My charity dollars this year went to breast cancer research, the red cross and a homeless shelter. I'm sorry if some of us are a little short on charity and compassion when it comes to the "I bought five houses so I could sell them a year later at a huge profit, effectively stealing from another future family and the 100k in profit I'll make will impact their ability to send their kids to college and my plan didn't work out" crowd.

Pasadena broker, you have an interesting stance. Compassion for people who screw up not only their finances but the entire economy, and righteous condescension against those who don't like getting screwed.

I guess I kinda liked Darth Vader in the Star Wars movies. Still, I wanna see Dina and all her kind get whacked. Feeling pity for them is like saying it's not their fault. This whole darn housing charade was dominated by reckless buyers like her. Everyone here probably knows someone or has neighbors in her situation, seeing their faces or hearing their voices doesn't change a thing. They need to be scolded so it won't happen again.

Call it gloating, call it schadenfreude. I see it as retribution.

" she and those like her not only played with matches but they took the whole book of matches preventing some families from being able to light their stove to make dinner"

teleculaguy, you write really well. I enjoy your writing. Great analogy.

"My charity dollars this year went to breast cancer research, the red cross and a homeless shelter. I'm sorry if some of us are a little short on charity and compassion when it comes to the "I bought five houses so I could sell them a year later at a huge profit, effectively stealing from another future family and the 100k in profit I'll make will impact their ability to send their kids to college and my plan didn't work out" crowd."

And you have your priorities right as well.

Poetic justice would be another way to put it.

http://en.wikipedia.org/wiki/Poetic_justice

which one's the "gorgeous" house... aside from the lovely dirt garden in back, they're kinda crappy... executive shatboxes, perhaps manager of mcdonald's now comes with a title?

and good luck finding a new job, broker. repo man seems like a job with a future.

temeculaguy, llnes,

I've been lurking on this blog for a few years, I think since 2005. I read the comments, and drama that unfolded with another poster (dow at 700). These little jab comments are nothing, if you think about what I do for a living and how it's gotten tougher since last Friday with all underwriting guideline changes.

There's always a few knuckleheads that want to add their 2 cent zinger on a forum, because it's just that a forum. Nameless, faceless, blameless, more power to it. Repo man? Sure, send me an employer that hiring, I'll do it for kicks and maybe I'll learn how to hot wire a car or beat off a pissed off non paying owner.

I know of the pent up anger, however, blanketing general statements are dumb. Not everyone is in the same boat, and this comes to you from someone in the business, not standing in the sidelines and speculating.

I was under the impression that the Creative Investment Club convened on another website.

There are two homes involved, and we're apparently not talking about someone whose original motivations were limited to providing shelter for her family. There was apparently a profit motive involved, which moves this conversation in an entirely different direction away from portraying her as the victim.

There isn't just one human face involved in this problem nor one set of poor decisions - there are several. There's the loan originator who apparently "qualified" their borrower for far more payment than she could handle; there was the lender who allowed the LO and this borrower to get away with overstating income and other qualifications on a mortgage application; and finally there was the investor who bought the POS loans without performing their due diligence to ascertain their true risks.

That's if the original purchases were straightforward and there was no other problems, like an overstated appraisal from a "cooperative" appraiser.

There are plenty of human faces who participated in this process and who fed at this trough. Had Dina's gamble worked our like her mentor Carlton said it would I doubt there'd be talk of feeling sorry for her right now, despite any of the lying it would have taken to fraudulently enable those profits.

Here's some compassion - we're glad that the forces of the market will soon relieve Dina of the mental burden she's carrying right now. By getting it over quickly she'll be able to put her pain behind here rather than having to face the long slow bleed only to eventually succumb anyway 5 years from now. With her contaminated credit and her losses behind her she'll be able to commit her full attention on her day job and thus contribute meaningfully to our society.

As for being "helpful", I think it's because of RE brokers and LOs who wanted to "help" Dina that she's in this mess.

Wait!! I gotta go!! There's another episode of "Flip this house" on TV right now!!!

Thanks Perry, not to turn this into a lovefest but you are easily one of the top ten minds in these boards, I've taken quite a bit from your posts, some philosiphy and some practical (shopping furniture on Craigs right now). I read a great deal from a variety of sources and there are some posters here who provide better insight than most paid authors and analysts, the only true sage advice is given for free. OK, since this was a warm fuzzy post, gotta close with a Lao Tzu quote, one that I think hits the current market conditions perfectly despite being written about 400 b.c. "Standing on tiptoe, you are unsteady"

Hi Pasadena Broker,

Just curious, how did it get tougher? I would assume that now all loans are full-doc and involve a lot more investigation of credit history, income-to-debt ratios, and assets. If I were the lender I would definitely require these checks in a time when housing prices are going down. It just makes good business sense.

Saddled with these regal residences, surely this seller doesn't still believe the tired old "jump start your future" and "let the government give you a raise" BS that got them into this trouble in the first place. They are turning right around and using those lines to lure some other gullible fool. In times like this, should we have compassion for that?

Pasadena, Please don't interpret my words as me trying to pick a fight and it's hard to tell if someone is a studied lurker or a drop in, was just trying to bring you up to speed but obviously you already are. As Bugs pointed out, there appears to be evidence that the original properties are more than one, recently built and indicative of a specuvestor. There are many hard working families who own only one home and are getting screwed right now, that sucks, wish it didn't happen. I know as a broker you feel bad for some of them looking for relief but I have seen the other side of this and it has jaded me a little. I have a few dozen employees yet I don't set their wages. I like them, wish the best for them and consider them friends. Most of them make just under six figures and almost all have young children. None of them can buy a modest home with decent schools and for the last 100 years people in their position could. They did what they were told, they went to school, got good jobs, work hard every day and what they ask in return has always been attainable until now. I know those times will return and unfortunately there will be casualties on the way there but in the end it will be better for society as a whole. Dina will survive, she won't lose any limbs and hopefully she will become a wise investor in the future, or at least one with spell check and can spell the name of the city where she owns homes (dammit, all this way writing like a grown up and then, poof).

speaking of knuckleheads, some nameless, faceless, blameless, self righteous, sanctimonious prick thinks having a slight amount of misguided internet compassion makes him the second coming. you'd think people were stoning a retarded pregnant girl instead of making harmless banter about a fool and her money.

fact is, harmless banter is harmless banter, the damage that mortgage day traders and their financiers (like... brokers...) have done to the economy, the country, the world is just slightly worse.

and on second thought, repo man may not be for you. being so compassionate, you'd likely give the sods a pat on the head, soft cooing noises and let them keep their toys.

Ok, I admit it, I am bitter. But why shouldn't I be? As Temeculaguy put it, I should be able to afford the kind of house she is advertising, but now I can't, because I refused to buy with an option ARM, and now the prices are too high for conventional financing. I seriously have no idea how this is all going to shake out; anyone who says they do is fooling themselves. All I have left is the hope that I can pick over Dina's skeleton or other's like hers in a few years and actually afford the house I want. Unfortunately Dina has to die first.

"you'd think people were stoning a retarded pregnant girl instead of making harmless banter about a fool and her money."

Hey Drunkle did you see the movie? That was one damn sad film. I think the female protagonist was retarded, schizmatic and pregnant,maybe bulemic too. http://en.wikipedia.org/wiki/Breaking_th...

no, never heard of it... did a bunch of bitter renters stone her???

i did see life of brian... "let he who is without sin, cast the first [thwack!]..."

PB said:

"someone in the business, not standing in the sidelines and speculating."

You know what? Since I sold my last house in 2003 and moved to San Diego, I've been renting on the "sidelines and speculating".

Goddammit if I haven't been right about the fact that this whole thing would turn around, sooner or later. The game appears to finally be over and, yes, it is time to laugh at other people's misfortunes!!

Your "job" got more difficult last Friday? Who really cares?!?! One more "sideline" speculation for you: you ain't seen nothin' yet!!

When the Fed starts speaking publicly about ensuring "orderly function" of financial markets during the same quarter that SecTreasury describes the U.S. economy as the best he's ever seen....it's time to start shitting your pants. Sell your BMW before it's too late