Temecula housing market becoming illiquid?

[no_such_reality]

Due to the scale and scope of this fraud ring, it would be highly interesting to redo the inland sales figures backing out suspected/known fraud houses.

With potentially 2000 plus homes concentrated in the Temecula/Murrieta area, they literally were the market for the last two years. They bought enough of the monthly share that their homes were basically ascertained to be used as comps for the follow-on months.

I wonder what the odds are that this ring accounted for 50% of the home sales in those communities in any given month? Or even 25%? Even 10% will sway the market drastically.

Can you imagine the reaction of any jury of people that are actually struggling with rent or their mortgage payments when the ring leaders and plaintiffs are shown to be manipulating 10, 25, or maybe 50% of the local housing market activity?

Can you imagine the rage at the people that were stuck in bidding wars? Or of Joe and Sally homeowner when they discover every home they looked at that sold before they could bid and then as used as comps for their purchase were all these fraudulent homes?

If the scale and scope is what has been purported, they all will need a change of venue because there will be literally, no one in the area, that hasn’t been screwed over by we didn’t understand investments.

[no_such_reality]

Due to the scale and scope of this fraud ring, it would be highly interesting to redo the inland sales figures backing out suspected/known fraud houses.

With potentially 2000 plus homes concentrated in the Temecula/Murrieta area, they literally were the market for the last two years. They bought enough of the monthly share that their homes were basically ascertained to be used as comps for the follow-on months.

I wonder what the odds are that this ring accounted for 50% of the home sales in those communities in any given month? Or even 25%? Even 10% will sway the market drastically.

Can you imagine the reaction of any jury of people that are actually struggling with rent or their mortgage payments when the ring leaders and plaintiffs are shown to be manipulating 10, 25, or maybe 50% of the local housing market activity?

Can you imagine the rage at the people that were stuck in bidding wars? Or of Joe and Sally homeowner when they discover every home they looked at that sold before they could bid and then as used as comps for their purchase were all these fraudulent homes?

If the scale and scope is what has been purported, they all will need a change of venue because there will be literally, no one in the area, that hasn’t been screwed over by we didn’t understand investments.

[JWM in SD]

This is exactly what I want to know as well. I want to understand the size of the Fraud layer that is built into SoCal residential real estate. That is the layer that will be stripped away the fastest in my opinion due to media coverage.

Core / conned by crooks: GO CRY SOMEWHERE ELSE!! GOT IT…NOW.

NO Sympathy of Ponzi Suckers…I will not bail your ass out for being F**king Stupid.

[JWM in SD]

This is exactly what I want to know as well. I want to understand the size of the Fraud layer that is built into SoCal residential real estate. That is the layer that will be stripped away the fastest in my opinion due to media coverage.

Core / conned by crooks: GO CRY SOMEWHERE ELSE!! GOT IT…NOW.

NO Sympathy of Ponzi Suckers…I will not bail your ass out for being F**king Stupid.

[Anonymous]

These peopl have already lost. Don’t you get that. The Scammers were managing their properties and stopped making payments last October. The DA has been “investigating” for 2 years and nothing has been done. They filed the lawsuits in January against the Scammers to try to avoid the lenders forclosing, which didnt work. Now they are fighting for the rest of us.

I am a local resident and appraiser and i have watched this company operate for 2.5 years with nothing being done to stop them. Unless the press keeps pressure on the DA, they wont pursue this case until the end. These guys thrive on manipuplating the ignorant.

Take my word for it. Its complicated, you’ve seen the number of DBA’s and other corps they operate under. But I can tell you they are still doing it. Either they search for other appreciating markets to abuse in other states, or they find another angle.

The head guy was stealing from the Elderly while living in Irvine 5-7 years ago. He moved here because he lost everything there when he got caught and the DA never pressed charges. He started up here with his same croonies and was hugely successful, not to mention arrogant. He still drives around town in two new BMW’s telling his old neighbors that he will never go to jail.

Ignorance aside, if any of you go to church and your pastor recomends a fellor member may be able to help you find a suitable way to invest your IRA’s or other savings because you are conserned on which way to invest, you cannot tell them they deserved it. They didnt start out expecting the company to buy up 6 houses in 6 months.

Yes, their credit deserves to dive and they cant live in a house they cannot afford. But dont validate the Scammers logic. They feel justified also. Their defense is that the investors just dont like that the market has turned.

Think again. This company fraudulently inflated Values with fraudulent Appraisals! the people didnt know that!

[Coronita]

Yes, their credit deserves to dive and they cant live in a house they cannot afford. But dont validate the Scammers logic. They feel justified also. Their defense is that the investors just dont like that the market has turned.

Think again. This company fraudulently inflated Values with fraudulent Appraisals! the people didnt know that!

 

Real estater,

I don't doubt that fraud did happen. And I don't think that anyone here would disagree that fraud did play a role. But, it does take two to tango. I find it difficult to understand how anyone could have participated without somehow thinking this wouldn't be fishy. I would say to some extent, several ended up "victims" at least should be partly responsible, as they probably were lured their  from greed and the appeal of quick money. It unfortunate that some folks exploited religion to con people, but that does happen quite often.

 

[TheBreeze]

I think Gunnery Sergeant Hartman from the movie Full Metal Jacket summed up this whole situation pretty well after he found Private Pyle’s footlocker unlocked:

“If it weren’t for dumbasses like you, there wouldn’t be any thievery in this world, would there?”

[Author]

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