Question for the bulls

[Rt.66]

[quote]1. The pre-foreclosure data looks much worse than it actually is. That’s because this data includes defaults on second mortgages. Many people intentionally defaulted on the 2nd mortgages only, knowing that the junior lien holders don’t have the legal right to kick them out. At the same time, these same people negotiate with the primary mortgage lender to lower their mortgage payments. So, a significant percentage of the properties that are in default will not end up as REOs.
[/quote]

Please document this phenomenon. I study RE a lot and the first I heard of this was from the Realtor on the other thread. Sorry that does not make it postable fact.

So banks have turned on each other? Traditionally banks defend each other’s right to collect to the end. The reason we have credit reporting agencies is so a bank you want a loan from can find out if you’ve screwed one of the brethren.

It’s that simple huh? Just stop paying the second, get a loan mod from the first and lifes peachy? Wow. Does the bank holding the first consider that the property is still encumbered by the second while they are negotiating this killer new low mod payment or does the second just hang their head and walk away?

Not saying it’s not happening but I’d like to see some proof it’s a regular occurrence. Sounds whack.

[jpinpb]

I think there may be more unemployment on the horizon. But what’s troubling is there isn’t a sign of employment for the carnage that has occurred, i.e. job creation, in the future.

For example, SAIC is leaving to, where was it? Virginia? Anyway, they say they won’t immediately cut jobs, only maybe 1200. Okay. Whatever. I look at the big picture. They didn’t pick SD as their headquarters. That would have meant 16k jobs here and helping our economy. Don’t just look at today. Look on the horizon. Screaming prospects of jobs in the future? Signs of companies interested in moving here?

[jpinpb]

I think there may be more unemployment on the horizon. But what’s troubling is there isn’t a sign of employment for the carnage that has occurred, i.e. job creation, in the future.

For example, SAIC is leaving to, where was it? Virginia? Anyway, they say they won’t immediately cut jobs, only maybe 1200. Okay. Whatever. I look at the big picture. They didn’t pick SD as their headquarters. That would have meant 16k jobs here and helping our economy. Don’t just look at today. Look on the horizon. Screaming prospects of jobs in the future? Signs of companies interested in moving here?

[jpinpb]

I think there may be more unemployment on the horizon. But what’s troubling is there isn’t a sign of employment for the carnage that has occurred, i.e. job creation, in the future.

For example, SAIC is leaving to, where was it? Virginia? Anyway, they say they won’t immediately cut jobs, only maybe 1200. Okay. Whatever. I look at the big picture. They didn’t pick SD as their headquarters. That would have meant 16k jobs here and helping our economy. Don’t just look at today. Look on the horizon. Screaming prospects of jobs in the future? Signs of companies interested in moving here?

[jpinpb]

I think there may be more unemployment on the horizon. But what’s troubling is there isn’t a sign of employment for the carnage that has occurred, i.e. job creation, in the future.

For example, SAIC is leaving to, where was it? Virginia? Anyway, they say they won’t immediately cut jobs, only maybe 1200. Okay. Whatever. I look at the big picture. They didn’t pick SD as their headquarters. That would have meant 16k jobs here and helping our economy. Don’t just look at today. Look on the horizon. Screaming prospects of jobs in the future? Signs of companies interested in moving here?

[jpinpb]

I think there may be more unemployment on the horizon. But what’s troubling is there isn’t a sign of employment for the carnage that has occurred, i.e. job creation, in the future.

For example, SAIC is leaving to, where was it? Virginia? Anyway, they say they won’t immediately cut jobs, only maybe 1200. Okay. Whatever. I look at the big picture. They didn’t pick SD as their headquarters. That would have meant 16k jobs here and helping our economy. Don’t just look at today. Look on the horizon. Screaming prospects of jobs in the future? Signs of companies interested in moving here?

[sdcellar]

Yeah, I don’t know where this notion of job loss only (or even primarily) hitting the blue-collar comes from either. I talk to technical recruiters all the time and if anybody’s got their pulse on the San Diego job market, you think it might just be them. They tell me it’s bad out there.

Agree also, jp, that the real issue is job creation. There’s no question that positions are being eliminated. The question that remains is when the positions will come back.

[sdcellar]

Yeah, I don’t know where this notion of job loss only (or even primarily) hitting the blue-collar comes from either. I talk to technical recruiters all the time and if anybody’s got their pulse on the San Diego job market, you think it might just be them. They tell me it’s bad out there.

Agree also, jp, that the real issue is job creation. There’s no question that positions are being eliminated. The question that remains is when the positions will come back.

[sdcellar]

Yeah, I don’t know where this notion of job loss only (or even primarily) hitting the blue-collar comes from either. I talk to technical recruiters all the time and if anybody’s got their pulse on the San Diego job market, you think it might just be them. They tell me it’s bad out there.

Agree also, jp, that the real issue is job creation. There’s no question that positions are being eliminated. The question that remains is when the positions will come back.

[sdcellar]

Yeah, I don’t know where this notion of job loss only (or even primarily) hitting the blue-collar comes from either. I talk to technical recruiters all the time and if anybody’s got their pulse on the San Diego job market, you think it might just be them. They tell me it’s bad out there.

Agree also, jp, that the real issue is job creation. There’s no question that positions are being eliminated. The question that remains is when the positions will come back.

[sdcellar]

Yeah, I don’t know where this notion of job loss only (or even primarily) hitting the blue-collar comes from either. I talk to technical recruiters all the time and if anybody’s got their pulse on the San Diego job market, you think it might just be them. They tell me it’s bad out there.

Agree also, jp, that the real issue is job creation. There’s no question that positions are being eliminated. The question that remains is when the positions will come back.

[Nor-LA-SD-guy]

[quote=sdcellar]Yeah, I don’t know where this notion of job loss only (or even primarily) hitting the blue-collar comes from either. I talk to technical recruiters all the time and if anybody’s got their pulse on the San Diego job market, you think it might just be them. They tell me it’s bad out there.

Agree also, jp, that the real issue is job creation. There’s no question that positions are being eliminated. The question that remains is when the positions will come back.[/quote]

Not saying it’s not bad for everyone, I don’t have time to look up the stats right now but for college educated workers the unemployment rate is less than 5% currently, for non-college educated workers it is over 11% in California.
It’s fairly easy to get these stats if you want to look them up.

[Nor-LA-SD-guy]

[quote=sdcellar]Yeah, I don’t know where this notion of job loss only (or even primarily) hitting the blue-collar comes from either. I talk to technical recruiters all the time and if anybody’s got their pulse on the San Diego job market, you think it might just be them. They tell me it’s bad out there.

Agree also, jp, that the real issue is job creation. There’s no question that positions are being eliminated. The question that remains is when the positions will come back.[/quote]

Not saying it’s not bad for everyone, I don’t have time to look up the stats right now but for college educated workers the unemployment rate is less than 5% currently, for non-college educated workers it is over 11% in California.
It’s fairly easy to get these stats if you want to look them up.

[Nor-LA-SD-guy]

[quote=sdcellar]Yeah, I don’t know where this notion of job loss only (or even primarily) hitting the blue-collar comes from either. I talk to technical recruiters all the time and if anybody’s got their pulse on the San Diego job market, you think it might just be them. They tell me it’s bad out there.

Agree also, jp, that the real issue is job creation. There’s no question that positions are being eliminated. The question that remains is when the positions will come back.[/quote]

Not saying it’s not bad for everyone, I don’t have time to look up the stats right now but for college educated workers the unemployment rate is less than 5% currently, for non-college educated workers it is over 11% in California.
It’s fairly easy to get these stats if you want to look them up.

[Nor-LA-SD-guy]

[quote=sdcellar]Yeah, I don’t know where this notion of job loss only (or even primarily) hitting the blue-collar comes from either. I talk to technical recruiters all the time and if anybody’s got their pulse on the San Diego job market, you think it might just be them. They tell me it’s bad out there.

Agree also, jp, that the real issue is job creation. There’s no question that positions are being eliminated. The question that remains is when the positions will come back.[/quote]

Not saying it’s not bad for everyone, I don’t have time to look up the stats right now but for college educated workers the unemployment rate is less than 5% currently, for non-college educated workers it is over 11% in California.
It’s fairly easy to get these stats if you want to look them up.

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