Overheard by the Pool

[what_a_disasta]

wise words tone!

[what_a_disasta]

wise words tone!

[JJGittes]

I’d love to have a tape recorder at the Bressi pool. I bet that conversation happens 5 times a day there.

Heck, $450 a month just for MR’s and association dues in that place for one of the average homes, ouch.

[JJGittes]

I’d love to have a tape recorder at the Bressi pool. I bet that conversation happens 5 times a day there.

Heck, $450 a month just for MR’s and association dues in that place for one of the average homes, ouch.

[Alex_angel]

Was she hot? I can find a job for her. Okay okay bad joke.

I really don’t understand how any family can afford a home unless it is a dual income household. This ain’t the 60’s anymore.

[Alex_angel]

Was she hot? I can find a job for her. Okay okay bad joke.

I really don’t understand how any family can afford a home unless it is a dual income household. This ain’t the 60’s anymore.

[bsrsharma]

“Don’t worry, your husband will get a raise every year, so you will do just fine with the adjustable mortgage if it does go up.”

If this is indicative of the financial literacy of people buying half-million+ $ homes, I don’t think even God can save this bubble economy!

[bsrsharma]

“Don’t worry, your husband will get a raise every year, so you will do just fine with the adjustable mortgage if it does go up.”

If this is indicative of the financial literacy of people buying half-million+ $ homes, I don’t think even God can save this bubble economy!

[Allan from Fallbrook]

Not to wax philosophical here or anything, but the price of keeping up with the Joneses has gotten ever higher.

I coach Pop Warner in Fallbrook and I can recall traveling to away games in Temecula and Murrieta last season. The parking lots at the games were packed full of brand spanking new Denalis, Suburbans, Excursions and H2 Hummers, all sporting either TVPW (Temecula Valley Pop Warner) or MVPW (Murrieta Valley) window stickers. Everyone had that same vaguely “Stepford” look to them and signs of conspicuous consumption were everywhere, from kids sporting $200 helmets and $150 monogrammed gear bags (these were 8 and 9 year olds, by the way), to a team mom with a 5 carat diamond bracelet emblazoned with a “Football Mom” moniker etched in platinum.

Not that Fallbrook doesn’t have it’s share of this same nonsense, but the sheer “in your face” nature of it was overwhelming up there.

[Allan from Fallbrook]

Not to wax philosophical here or anything, but the price of keeping up with the Joneses has gotten ever higher.

I coach Pop Warner in Fallbrook and I can recall traveling to away games in Temecula and Murrieta last season. The parking lots at the games were packed full of brand spanking new Denalis, Suburbans, Excursions and H2 Hummers, all sporting either TVPW (Temecula Valley Pop Warner) or MVPW (Murrieta Valley) window stickers. Everyone had that same vaguely “Stepford” look to them and signs of conspicuous consumption were everywhere, from kids sporting $200 helmets and $150 monogrammed gear bags (these were 8 and 9 year olds, by the way), to a team mom with a 5 carat diamond bracelet emblazoned with a “Football Mom” moniker etched in platinum.

Not that Fallbrook doesn’t have it’s share of this same nonsense, but the sheer “in your face” nature of it was overwhelming up there.

[SanDiegoDave]

As Clark Howard always says:

“If you cannot afford the payments on a 30-year fixed-rate mortgage, you need to buy less house.”

[SanDiegoDave]

As Clark Howard always says:

“If you cannot afford the payments on a 30-year fixed-rate mortgage, you need to buy less house.”

[bsrsharma]

“signs of conspicuous consumption were everywhere”

Is this mostly using HELOC? If they bought these homes recently, there wouldn’d be much equity to borrow, isn’t it? Or, are these HELOCs from long back bought homes – at least there may be some “real” wealth to splurge on. But how do they plan on repaying, unless they plan on selling the homes?

[bsrsharma]

“signs of conspicuous consumption were everywhere”

Is this mostly using HELOC? If they bought these homes recently, there wouldn’d be much equity to borrow, isn’t it? Or, are these HELOCs from long back bought homes – at least there may be some “real” wealth to splurge on. But how do they plan on repaying, unless they plan on selling the homes?

[Allan from Fallbrook]

bsrsharma: Had to be HELOC money. Most of the developments I am familiar with up there are fairly new and most of these parents were Orange County transplants who couldn’t afford to buy/live in OC, and so they came down to Temecula, Murrieta, Menifee, etc. within the last couple of years.

I happen to know a lot of coaches up there as well, and quite a few of them are losing players due to families selling and moving from California, or they have players where the parents are now facing financial difficulties.

I spoke with one coach who has a returning player that he has coached two years previously. The player’s dad was known as a big spender over the previous two years when it came to the team, purchasing everything from equipment to individual player items. Different story this year. The dad had to scrape just to cover the entry fee for Pop Warner.

I realize that this is anecdotal at best, but it does illustrate that the party seems to be coming to an end. I know that locally, quite a few folks are quietly selling off RVs, boats, third cars, etc. that were purchased with HELOCs and seconds.

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