Harsh reality check…

[lendingbubblecontinues]

From 10/3/06 San Diego UT’s front page article “Latinos are buying in”…

“Manuel Cifuentes, who works for a San Diego tile company, has had to work longer hours to make the $2500 mortgage payment on the older, 724-square-foot home he and his wife share with their two children” (the home is in Mountain View…have to admit I don’t know where that is)

Holy shnikes, though!!!!

For perspective, we rent a nicely updated 2100+ square foot home, and our children attend schools in one of the best school districts in San Diego’s North County. We have a large yard…we have a nice landlord-tenant relationship…we are good, good friends with our neighbors and have been for the entire four+ years we have been in the neighborhood. All this for $2200 per month. That’s right…three times the space of the house mentioned above, great school district, and so many intangibles, for LESS than the 724 square-foot-house guy is paying!!

We have $$$ left over for trips, eating out regularly, nice cars, new clothes and shoes, hosting parties for and with our friends and neighbors, and SAVINGS, and much more…

I just think it is utterly insane to enable poor people like the Cifuentes’ to commit financial suicide. Dr. Kervorkian would have made a great real estate agent/loan broker.

People of all races/colors/religions: STOP BUYING IN!!! YOU ARE DESTROYING YOURSELVES!!!

[sdrealtor]

Sad isn’t it

[sdduuuude]

We need Piggington Espanol.

[powayseller]

sduuude, if I have a spanish section on my website, do you think people would come to it? THat is a really good idea!

[lindismith]

I have seen my employees carrying 16-page booklets on how to buy a home from Coldwell Banker in Spanish (very sophisticated), so yes, I think there’s an opportunty to educate.

Would I spend the money on it for an upstart website? Probably not.

[Chrispy]

Mountain View – the city is a suburb outside of San Francisco. Where is Mountain View in the San Diego area?

Or is this guy sending money “home”?

[JES]

This trend is being lauded as Latinos finally acheiving the American dream. when in fact many are being suckered into an American nightmare.

[lindismith]

JES, I agree.

I think it’s completely immoral on the part of the lenders, and agents. They know better.

[Anonymous]

I was disgusted by this article. It is deplorable how the real estate scumbags are taking advantage of the Mexican immigrants who have no business purchasing a house. The one family is paying $2200 per month plus HOA to live in a condo, and predictably the man’s job is in construction. Most likely he’ll be unemployed in another year or so as will many of the immigrants who have been employed solely because of the housing boom.

If you speak a little Spanish and if you ever move your radio dial across the dozens of Spanish AM stations on any given weekend all you hear on every station are real estate infomercials, encouraging people to buy real estate and touting no down payment (no enganche).

Sickening.

[taz]

I believe Mountain View is in Southeast San Diego, near Crestview and Barrio Logan…

[sdduuuude]

I do some work with a company that specializes in helping mainstream companies market to the Hispanic community.

They rarely do anything internet related.

Sadly, as a group they are not considered internet-savvy. Furthermore, those who are internet-savvy are likely english-speakers.

[VCJIM]

sdude, I don’t know if you meant it to be funny, but your comment that we need Pigginton Espaniol made me laugh out loud.

[sdrealtor]

The real estate scumbags taking advantage of the Mexican immigrants are typically from within the Mexican community. It’s disgusting how they feed on their own not that it would be any better if they were feeding on others.

[Author]

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