A piggington theme

[Ricechex]

I have to agree with the above the posters. I think many of the sub prime borrowers were greedy and stupid, being played by media hype, predatory lending and all the other greedy players in this game.

Everyone cannot have everything they want. The subprime borrowers did not exercise much common sense….sheesh, did they think a windfall or inheritance was coming in 3 years when their ARM reset? They had to have known that their salary was not going to increase 10 fold.

A friend bought in 2001. Because he and his partner have excessive spending habits, they have re-financed 2-3X to pull money out to pay CC bills. He is sweating it because their latest ARM resets in March 08. He is now pulling out of his retirement, to pay off the CC. I do not feel sorry for him, but I do not cheer his potential downfall. I have watched him buy a $5000 bed. Next, a $3000 vacation. Next, a $5000 TV. Next, an Acura with a $650 monthly payment. Next, a new laptop, $1000. Another new computer, $2000. Top of the line cable and all stations. The house has 2 landlines and they each have cell phones. All this on a $65K salary. Yet, he calls me tacky and cheap because I drive a 95 car that is paid off, looks nice (bondo’ed and repainted just in Jan) and live in a house I can afford.

Now, I have had my problems….my CC was getting up there at one time. So, I worked 2 jobs to pay it off, and I did. Now, I live within my means. I would like to own a old Craftsman house near Morley Field, but I cannot afford it. It’s simple: Do NOT buy what you cannot afford.

Its the mentality of the buyer that is the problem. Looking to be the rich and famous, when you aren’t the rich and famous. It is called taking responsibility. The problem with this society is everyone blames everyone else for their problems.

[Ricechex]

I have to agree with the above the posters. I think many of the sub prime borrowers were greedy and stupid, being played by media hype, predatory lending and all the other greedy players in this game.

Everyone cannot have everything they want. The subprime borrowers did not exercise much common sense….sheesh, did they think a windfall or inheritance was coming in 3 years when their ARM reset? They had to have known that their salary was not going to increase 10 fold.

A friend bought in 2001. Because he and his partner have excessive spending habits, they have re-financed 2-3X to pull money out to pay CC bills. He is sweating it because their latest ARM resets in March 08. He is now pulling out of his retirement, to pay off the CC. I do not feel sorry for him, but I do not cheer his potential downfall. I have watched him buy a $5000 bed. Next, a $3000 vacation. Next, a $5000 TV. Next, an Acura with a $650 monthly payment. Next, a new laptop, $1000. Another new computer, $2000. Top of the line cable and all stations. The house has 2 landlines and they each have cell phones. All this on a $65K salary. Yet, he calls me tacky and cheap because I drive a 95 car that is paid off, looks nice (bondo’ed and repainted just in Jan) and live in a house I can afford.

Now, I have had my problems….my CC was getting up there at one time. So, I worked 2 jobs to pay it off, and I did. Now, I live within my means. I would like to own a old Craftsman house near Morley Field, but I cannot afford it. It’s simple: Do NOT buy what you cannot afford.

Its the mentality of the buyer that is the problem. Looking to be the rich and famous, when you aren’t the rich and famous. It is called taking responsibility. The problem with this society is everyone blames everyone else for their problems.

[San Diego Native]

beachlover

Another option is simply to stay where you are, be glad you (most likely) only paid in the five or low six figures for your home–as we did–in a prime location–that it’s paid off–with very low property taxes–and continue to enjoy the San Diego lifestyle–what’s not to love??!!

Only time will tell what’s going to happen to the future of San Diego real estate–jobs–interest rates. Those who have their homes paid off, with cash saved, will fare best, should things get really nasty. You have it all–ENJOY!

[San Diego Native]

beachlover

Another option is simply to stay where you are, be glad you (most likely) only paid in the five or low six figures for your home–as we did–in a prime location–that it’s paid off–with very low property taxes–and continue to enjoy the San Diego lifestyle–what’s not to love??!!

Only time will tell what’s going to happen to the future of San Diego real estate–jobs–interest rates. Those who have their homes paid off, with cash saved, will fare best, should things get really nasty. You have it all–ENJOY!

[Allan from Fallbrook]

beachlover: Apropos of nothing, but JWM and temeculaguy happen to be two of my favorite posters, and largely because of their different approaches. While JWM is definitely more hard edged than TG, I have never felt that he went out of his way to trash someone. To the contrary, he makes a good point and drives it home hard. As a former finance guy, I completely understand the mentality. It is called “not suffering fools gladly”.

I would also point out that most posters on Pigginton’s try to observe the rules of fair play, and treat others with respect. I had a debate on Islam with Rustico that could have become downright nasty and never did. Why? Because both of us understood the nature of debate and that argument, done right, can be enlightening, invigorating and informative.

As a football coach, I will tell you what I tell my players: This ain’t badminton, ladies. Give as good as you get, and then some. If you know the rules, then play the game and don’t whine about the outcome if you lose to a better opponent. Get up, dust yourself off and go right back after it.

[Allan from Fallbrook]

beachlover: Apropos of nothing, but JWM and temeculaguy happen to be two of my favorite posters, and largely because of their different approaches. While JWM is definitely more hard edged than TG, I have never felt that he went out of his way to trash someone. To the contrary, he makes a good point and drives it home hard. As a former finance guy, I completely understand the mentality. It is called “not suffering fools gladly”.

I would also point out that most posters on Pigginton’s try to observe the rules of fair play, and treat others with respect. I had a debate on Islam with Rustico that could have become downright nasty and never did. Why? Because both of us understood the nature of debate and that argument, done right, can be enlightening, invigorating and informative.

As a football coach, I will tell you what I tell my players: This ain’t badminton, ladies. Give as good as you get, and then some. If you know the rules, then play the game and don’t whine about the outcome if you lose to a better opponent. Get up, dust yourself off and go right back after it.

[VoZangre]

Mamma Mia!!!

Most excellent/int’restin’ thread. And funny. And too long.

Schadenfreude was called before I got my chance…

but actually, it’s inaccurate- in my not so humble opinion.

It’s called come uppance… the run-up was speculative, fueled by fraud and greed. If there is any ire or target it is this… the greedy and the fraudulent.

The stupid/ignorant, who were pie-eyed at the thought of ” I can own my own home!” ( said in Dorothy from the Wizard of Oz’s voice), have paid a high price for getting in over their collective heads. ( And I imagine with a lack of ability to “suffer fools” there is an amount of head shaking going on off-line wondering how folks could be SO out of touch/stupid/ignorant… while the greedy folks involved happily collected massively inflated fees)

This room is full of sharp cookies and you can learn plenty.

ps- TG, do you have groupies yet?

ps2- “Everyone cannot have everything they want”

you haven’t read or seen ” The Secret”?
sad that people fall for that shite

[VoZangre]

Mamma Mia!!!

Most excellent/int’restin’ thread. And funny. And too long.

Schadenfreude was called before I got my chance…

but actually, it’s inaccurate- in my not so humble opinion.

It’s called come uppance… the run-up was speculative, fueled by fraud and greed. If there is any ire or target it is this… the greedy and the fraudulent.

The stupid/ignorant, who were pie-eyed at the thought of ” I can own my own home!” ( said in Dorothy from the Wizard of Oz’s voice), have paid a high price for getting in over their collective heads. ( And I imagine with a lack of ability to “suffer fools” there is an amount of head shaking going on off-line wondering how folks could be SO out of touch/stupid/ignorant… while the greedy folks involved happily collected massively inflated fees)

This room is full of sharp cookies and you can learn plenty.

ps- TG, do you have groupies yet?

ps2- “Everyone cannot have everything they want”

you haven’t read or seen ” The Secret”?
sad that people fall for that shite

[bob007]

In general I have no sympathy for the people who lose their homes in California.

Blame it on the following
1. NIMBY – they block mass transit and freeway projects that would help people from Central Valley commute to Bay Area, Inland Empire to LA/Orange County

2. Open Space crowd – they keep lot of prime land vacant keeping housing prices higher

3. Opponents of private vouchers – Since you need to live in a good school district to educate your kids you have an arms race to buy homes in good school districts.

[bob007]

In general I have no sympathy for the people who lose their homes in California.

Blame it on the following
1. NIMBY – they block mass transit and freeway projects that would help people from Central Valley commute to Bay Area, Inland Empire to LA/Orange County

2. Open Space crowd – they keep lot of prime land vacant keeping housing prices higher

3. Opponents of private vouchers – Since you need to live in a good school district to educate your kids you have an arms race to buy homes in good school districts.

[greensd]

I’m confused about who we’re supposed to feel sorry for. It seems to me there are three different kinds of homeowners who are “suffering” in this downturn.

People like beachlover and cashman, as far as I can tell, don’t actually have any problems. They’re sitting on a ton of equity and/or cash and have lots and lots of attractive options open to them. They’re frustrated that the market isn’t generating even more equity and/or cash for them right now, but that’s not exactly a societal crisis.

Then there are the “homeowners” who never actually owned anything that are falling into foreclosure. They’ve got no equity in the houses anyway, so they’re not really losing much. Sure, they’ll have to rent for awhile, maybe even for a long while, but those of us in the Priced Out Forever generation know what that’s like, and, frankly, it’s just not that big a deal. So, again, not much sympathy.

And then there are the mini-Trumps and Casey Serins out there, like the guy who tried to tell me I was abusing my children by not borrowing as much money as I could to buy property (I was denying them a future of financial security just so I could selfishly enjoy a little cash flow now). Those guys are going to suffer the most, but, them’s the breaks.

What am I missing?

[greensd]

I’m confused about who we’re supposed to feel sorry for. It seems to me there are three different kinds of homeowners who are “suffering” in this downturn.

People like beachlover and cashman, as far as I can tell, don’t actually have any problems. They’re sitting on a ton of equity and/or cash and have lots and lots of attractive options open to them. They’re frustrated that the market isn’t generating even more equity and/or cash for them right now, but that’s not exactly a societal crisis.

Then there are the “homeowners” who never actually owned anything that are falling into foreclosure. They’ve got no equity in the houses anyway, so they’re not really losing much. Sure, they’ll have to rent for awhile, maybe even for a long while, but those of us in the Priced Out Forever generation know what that’s like, and, frankly, it’s just not that big a deal. So, again, not much sympathy.

And then there are the mini-Trumps and Casey Serins out there, like the guy who tried to tell me I was abusing my children by not borrowing as much money as I could to buy property (I was denying them a future of financial security just so I could selfishly enjoy a little cash flow now). Those guys are going to suffer the most, but, them’s the breaks.

What am I missing?

[CDMA ENG]

CDMA ENG…

Well I am now a TG groupie (hope that doesn’t scare you TG). I am glad that TG so elloquently stated the feelings of many of the young professionals in this town.

There has never been anything to gain by the name calling and I wish some people would tone down the bashing. I think there are many intelligent people that have oustanding points but when you name call or curse it is a BIG turn-off in the threads.

Lastly, someone jumped on Beach for callings us Pigs… He meant that in a good way!

Regards my Piggies,

C.E.

[CDMA ENG]

CDMA ENG…

Well I am now a TG groupie (hope that doesn’t scare you TG). I am glad that TG so elloquently stated the feelings of many of the young professionals in this town.

There has never been anything to gain by the name calling and I wish some people would tone down the bashing. I think there are many intelligent people that have oustanding points but when you name call or curse it is a BIG turn-off in the threads.

Lastly, someone jumped on Beach for callings us Pigs… He meant that in a good way!

Regards my Piggies,

C.E.

[Blissful Ignoramus]

I was going to reply to beachlover, but greensd said it all perfectly.

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