San Diego Housing Bubble News and Analysis

I will be happy if govt spends my money on something useful like employment growth, development, etc. But I don't like the idea of giving my money to pay for some moron's mistake. The bailout should be fair and genuine. The fact that this RE boom was driven by greed makes me sick. And the thing is the bailout may make these morons make the same mistakes again.

I need my car loan to be paid off. My investments suffered losses in 2007. The dollar value has tanked and I need to pay more $$$ to my foreign mortgage. I need a bailout too because my savings are getting depleted ( thanks to Bernanke on this one ).

Don't feed the trolls.

Because the bailout rewards irresponsible and unreasonable behavior. Because it rewards people for living beyond their means. And because it punishes those who were financially responsible and live within their means in that those folks get nothing. From the governments perspective, they need nothing because the government does not reward smart choices.

Heck, I know somebody today who is about to buy a home with 100% financing. They even want the developer to pay their closing costs because the have absolutely no cash. Why shouldn't they, the government will bail them out if they get into trouble. Heck, it is basically free rent. Way to incentivize folks uncle Sam.

Don't forget the bailout is more of a banking system mitigation, and it was those banks that loaned all that money to people who had no business borrowing it.

Our government rewards stupid choices. It is the American way. Lots of government programs are stupid choice social welfare programs.

Alex Angel,

I think 100% financing is a great financial vehicle for some people. In fact, have you considered it yourself? Now's a good time to buy in Carmel Valley. Afterall, you do realize that the auction for those apartment->townhome converts in the Heights all sold out in front of a crowd of 400+people, where people paid $400k+ for 2bedroom places. Clearly, Carmel Valley is immune to any price implosion, and you'd better buy now otherwise you'll be locked out forever....Especially as the dollar keeps depreciating against other currencies, this will make real estate look cheap to all the rich foreign investors carrying Euros, Wons, Ren-min-bi, NT$, heck even the Canadian and Aussie dollar, and the fake U.S. dollars that North Korea keeps manufacturing. Also, keep in mind, inflation is spirially out of of hand, so you'll be able to save less and less moving forward as your basic needs will increasingly go up in price. Take a look at gas, it's approaching $4/gal. You better act now and secure your 100% financed loan for a place in Carmel Valley while you can or risk being locked out forever. These prices are incredible right now. And though interest rate is slightly higher than before, interest rate has historically never been so low. Besides don't worry about what you hear on the news about foreclosures and asset depreciation. It just doesn't happen in Carmel Valley. Take out that teaser loan...You'll get the raise you're expecting in 10-20years, and plus if you sign up for some of those option arms, you can make the minimum payments that negatively amortizes you until you can afford to make the expected monthly payments. You need a place, you deserve a place. And dog gonnit, you earned it.

selfportrait

----- Sour grapes for everyone!

Raptor that was all well thought out, however the original poster basically posts something like this thread and disappears. No exchange of ideas, give and take, present your viewpoint, listen to his. He's already been called a troll on this thread, and that's for past indiscretions.

However, maybe it will be different this time? The audacity of hope.

Thank you pnilesh and raptorduck. If people want to take risks and gamble w/finances w/ the expectation of great financial reward, that's fine. Except if there are financial losses the government/taxpayers should not help them. Just b/c I'm conservative and frugal, I decided not to do a 5 YIO ARM, as much as I wanted a house. My tax dollars bailing out someone w/a house they can't afford is the equivalent of punishing me for not being stupid.

FLU - Apparently Carmel Valley is not the only place that is immune. PB is too, so I'm told. The sellers there are resisting.

Reads thread title.. hmmmm reads thread creator, ahhh.. makes sense

However, maybe it will be different this time?

No, it won't. He doesn't have his own viewpoint, he just automatically takes the opposite stance of the majority in order to stir the pot and watch it boil. It doesn't matter that a bailout makes zero economic or logical sense, and punishes those who make responsible choices.

Having a single dime of my income go to bail out a speculator makes me livid.

I did not know The Heights went to auction. Any idea on the actual sold prices. I rented there when I first moved to SD. I was able to get out of my lease without penalty when they converted. I was happy cause I wanted to move downtown. My neighbor who qualified for the apartment with her parents income got $6,000 to move out cause she was in school with no income.

I'll make it simple for alex. The bailout is the equivalent of a teacher giving a cookie to all the 1st graders who did worst on her math test and no cookies to the ones that did well.

Alex, I know you don't actually read any of the replies to your inflammatory threads, but how many times have you posted this topic?

robson - perfect!

Gotta put the gambling twist in there. Those who took a chance and didn't study, hoping they know enough to bluff it and do good on a test and then fail.

But a beautiful analogy. Thanks.

This is for JWM to respond!
gives something back to us?

Its only 4% of the borrowers that are going into default, what the hell you referring to us?! The bailout would be for the banking industry anyway not to real taxpayer. JWM would be able to explain it better.

I did not know The Heights went to auction. Any idea on the actual sold prices. I rented there when I first moved to SD. I was able to get out of my lease without penalty when they converted. I was happy cause I wanted to move downtown. My neighbor who qualified for the apartment with her parents income got $6,000 to move out cause she was in school with no income.

I'm going to hijack this thread, because the original content is like trying to argue with folks that think the sky is green.

Yes, Heights went into auction. This was covered here:

http://piggington.com/carmel_valley_auction

The cliff notes version: Heights couldn't sell off all their units, offered a bunch of incentives for about 2 months, still couldn't sell off units, and then turned to an auction house, that avertised units "as low as $199k". Of course, this generated 400+ interest on 30ish or so units, such that bidding got out of hand, and dumb*sses ...errr...investors/home buyers ended up paying a hell of a lot more than they would have paid if they just bought during the 2months of generous incentives from the heights, not to mention they waived just about every single contingency when they bought in an auction, or that there was a lot of speculation that some of the bidders we just bidding to bump up the price (read between the lines).

Speaking of the heights, I remember this post from AA laughing when the first auction was announced, and the glee that the heights owner was going to get screwed at $199k selling units.

http://piggington.com/the_heights_auctio...

Well, we know who had the last laugh..definitely was the auction house and heights...though it's still too early, since the auction just recently happened. I'd be curious to see how many actually close. Me thinks a lot of people are going to loose their non-refundable deposit when they wakeup from that bad auction hangover.

Auctions are great at one thing: getting people to emotionally pay for more than something is worth. Isn't that how ebay works? :)

selfportrait

----- Sour grapes for everyone!

lol, this is really funny. I remember this guy last year said he was finally getting into the market because of this that and the other. wrote tons of why this is the best time to buy a house for himself because he was planning to keep it more then 5 years, and on and on. We told him not too, but he bought anyways. Now he wants to be bailed out. Haha
This just made my day! Another knife catcher gets wacked!
It the little things in life that bring the most pleasure.
Idiot! By the way, if there is a bailout, you'll probably miss that too! Your timing being perfect and all! haha, bailout being presented as tax payers getting even, haha, good one sparky!

As I've posted before: My opinion is that Alex is the "Bozo The Clown" of this forum. He's posted things like this numerous times and rarely posts again within the thread to reply, rebut or add anything to his original post.
He does seem to derive some sort of pleasure out of getting people to respond to his nonsense. Alex really doesn't understand that it's o.k. to be arrogant and it's perfectly acceptable to be ignorant................but you should never be both at the same time.

You said "US"...thats kind of funny becuase I did not buy a house so I won't get any bailout money...how is that bailout for "US"...you really mean "YOU".

Taxpayer money should be used for the benefit of all the taxpayers, not just a small slice of society.

Alas if a bailout must happen just give me and the other chumps who were priced out forever the money and i'll hand that money over to the folks in trouble for the purchase of thier home.
problem solved. FB's are off the hook. and responsible people get the house.
Seems like a good bail out for "US" don't you think?
GUN