- This topic has 21 replies, 16 voices, and was last updated 17 years, 8 months ago by
bob007.
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February 13, 2007 at 12:33 AM #8381February 13, 2007 at 12:47 AM #45236
Mark Holmes
ParticipantMy favorite quote:
“Hennigan finally realized that the company he was fruitlessly calling didn’t actually hold the second mortgage on the house. It was just a middleman, collecting the mortgage payments for a fee. The loans had been repackaged and sold to Wall Street investors as mortgage-backed securities. They were someone else’s problem.”
February 13, 2007 at 7:00 AM #45239eikoph
ParticipantMy favorite quote…
‘During the four-year boom that ended last summer, Home Center expanded from 15 agents to 80 in three offices. The roster of agents has since sunk to 52, only about half of whom are active.
“The rest are looking for side jobs at McDonald’s,” said Home Center President Jason Bosch. “It happened overnight.”‘
It’s a good time to buy a Big Mac… would you like fries with that?
February 13, 2007 at 7:08 AM #45240JWM in SD
ParticipantNice one Mark. At least some people still remember that this is a Housing Bubble site. After reading a lot of the other posts, I was beginning to get worried.
February 13, 2007 at 7:09 AM #45241ocrenter
ParticipantThis one is my favorite:
“During the four-year boom that ended last summer, Home Center expanded from 15 agents to 80 in three offices. The roster of agents has since sunk to 52, only about half of whom are active.
“The rest are looking for side jobs at McDonald’s,” said Home Center President Jason Bosch. “It happened overnight.”
February 13, 2007 at 7:33 AM #45243PD
ParticipantWow, the unvarnished truth in the LA Times! Great article.
February 13, 2007 at 8:14 AM #45244Duck
ParticipantWhy is this article “good” for anything other than for flippers? It’s basically about a listing agent who wants to sell foreclosures, but he’s having a hard time doing it. If everyone was selling and inventory was skyrocketing like so many people predict then agents would be in 7th Heaven. Face it, sellers missed the peak and they aren’t going to list so inventory will continue to shrink for decent homes. Who knows about $250k homes in Corona and who cares?
LA is about 12 months behind San Diego where inventory is now the same as a year ago despite the sales slowdown and way dow in the good areas.
February 13, 2007 at 8:35 AM #45248
barnaby33Participant“People are walking away from their houses,” he says. “I’m giddy because I’m going to be so busy.”
Giddy doing what? Selling foreclosures requires buyers, there aren’t many of those around.
Josh
February 13, 2007 at 8:57 AM #45252BuyerWillEPB
ParticipantOne quote I got a kick out of:
“In December 2004, there were about 12 foreclosures a week in Riverside and San Bernardino counties. In December 2006, there were 123.”
“The carpets are stained, the living room wall has a hole punched in it, and the bedroom doors are missing.”
“A little paint, a little plaster and it will go for $500,000.”
—————————————————The POS didn’t sell (remain sold, I should say) the first time at $500K. Now it is torn up, foreclosed, and the market is trashed. But a little paint and plaster and THIS time it will sell for $500K.
Hahaha! Really! Ok, smart guy, YOU pay $500K for it then. Yeah, I didn’t think so!
February 13, 2007 at 9:17 AM #45254no_such_reality
Participant$500K in Fontana? That’s bubblicious.
My facorite qoute “Smart agents could make a good living finding buyers for these houses, which often went for 30% under market value”
So is current market value on that Fontana house $710K? Or is a realistic sales price closer to $350K?
I liked the paved with fees article too. How nice, buy a house for $500K or $600K, then spend $9.25 each way at rush hour every day to not sit in gridlock for a hour to go 10 miles.
February 13, 2007 at 9:43 AM #45258ParticipantI love how people rationalize…
‘”To make a living, you had to push a product you didn’t believe in,” said Aimee Quigley, a Home Center mortgage broker. “It was like being a defense attorney where you know your client did it, but you have to say he didn’t.”‘
“To make a living, you had to lie about where you got stuff,” said Joe Rascal, a fence for an LA burglary ring. “It was like being a mortgage broker where you know your client is unemployed and broke, but to get the loan you have to say he’s making $120k and has $50k in the bank.”
February 13, 2007 at 10:07 AM #45262PerryChase
ParticipantHe likes to pay his unannounced visits late in the afternoon, betting that the wife will be home and the husband not. "I can't remember the last time a man said, 'Let's sit down and talk,' " Hennigan said.
Coming along on this afternoon's prospecting trip is Jerald Becerra, a former body-shop estimator for insurance companies who became a full-time agent in August. "I'll stay in the car, keep the engine running," he says. "Just in case someone comes out with a shotgun."
Sounds like men have a lot of "pride." Are shootings going to become the norm?
February 13, 2007 at 10:50 AM #45267The-Shoveler
ParticipantNor_LA-Temcu-SD-Guy
Yea the L.A. area is still a different animal, In Valencia (Valencia to L.A. is what Temecula is to SD), 1 to 1.5 Million prices for Mc-Mansions are still common. It’s really going to be a blood bath there.
Only with a lot more crime and smog .
February 13, 2007 at 11:23 AM #45274ParticipantAnother thing to think about: when recession hits and crime increases, people will again leave the gentrifying areas for the security of the suburbs.
As a poster reported crime in Hillcrest is increasing. Condos downtown are also having increased petty crime (cars broken into, lobby furniture stolen, etc..)
February 13, 2007 at 11:31 AM #45277sdcellar
ParticipantHome Center Chief Executive Ron Barnard says that personally, he finds foreclosure sad, even tragic. “But as a business owner, I think it’s great.”
dirtbag
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