This isn’t the 90’s

[Drew]

Alex, you’re a clown and its obvious that you’re just trolling to stir up shit. Hopefully people will begin to recognize this and stop responding to your baseless posts.

[falcon_eyes]

A year ago, Jose Carlos Cavazos was enthusiastic about his new career in telecommunications and his position with Nortel Networks. Now he’s throwing mail on the night shift at a U.S. Postal Service distribution center for $13 an hour.

Katz, who has a bachelor’s degree in business administration from San Diego State University, gave up in October and landed a job shelving moisturizer and shower gels for Bath & Body Works in San Francisco.

“It was quite a contrast from even a year before, when recruiters were swarming like locusts,” said Muldoon, who went to prestigious prep schools and has master’s degrees from Columbia and Harvard. “This time, the phone was just dead–so much so that I checked the batteries on the answering machine whenever I came home because there were never messages…I was feeling bored, and there was this sense of purposelessness. I had no moorings.”

The 30-year-old Lakewood, Calif., resident realized that his network and computer upgrade start-up couldn’t generate enough cash to pay his new mortgage in October, so he took a temporary job several hundred miles away cleaning crud from an oil refinery in Richmond, Calif.

http://news.zdnet.com/2100-9595_22-832615.html

[falcon_eyes]

A year ago, Jose Carlos Cavazos was enthusiastic about his new career in telecommunications and his position with Nortel Networks. Now he’s throwing mail on the night shift at a U.S. Postal Service distribution center for $13 an hour.

Katz, who has a bachelor’s degree in business administration from San Diego State University, gave up in October and landed a job shelving moisturizer and shower gels for Bath & Body Works in San Francisco.

“It was quite a contrast from even a year before, when recruiters were swarming like locusts,” said Muldoon, who went to prestigious prep schools and has master’s degrees from Columbia and Harvard. “This time, the phone was just dead–so much so that I checked the batteries on the answering machine whenever I came home because there were never messages…I was feeling bored, and there was this sense of purposelessness. I had no moorings.”

The 30-year-old Lakewood, Calif., resident realized that his network and computer upgrade start-up couldn’t generate enough cash to pay his new mortgage in October, so he took a temporary job several hundred miles away cleaning crud from an oil refinery in Richmond, Calif.

http://news.zdnet.com/2100-9595_22-832615.html

[falcon_eyes]

A year ago, Jose Carlos Cavazos was enthusiastic about his new career in telecommunications and his position with Nortel Networks. Now he’s throwing mail on the night shift at a U.S. Postal Service distribution center for $13 an hour.

Katz, who has a bachelor’s degree in business administration from San Diego State University, gave up in October and landed a job shelving moisturizer and shower gels for Bath & Body Works in San Francisco.

“It was quite a contrast from even a year before, when recruiters were swarming like locusts,” said Muldoon, who went to prestigious prep schools and has master’s degrees from Columbia and Harvard. “This time, the phone was just dead–so much so that I checked the batteries on the answering machine whenever I came home because there were never messages…I was feeling bored, and there was this sense of purposelessness. I had no moorings.”

The 30-year-old Lakewood, Calif., resident realized that his network and computer upgrade start-up couldn’t generate enough cash to pay his new mortgage in October, so he took a temporary job several hundred miles away cleaning crud from an oil refinery in Richmond, Calif.

http://news.zdnet.com/2100-9595_22-832615.html

[Ex-SD]

Many times in life, history repeats itself. Alex, you’re either a troll…….or suffering from OCD or bi-polar……….or you just don’t want to admit what is happening right now in the housing market in bubble markets. There’s a lot of people on the east coast who wouldn’t live in CA if you paid them but they think that FL is a great place. I don’t happen to agree with them but nonetheless, it’s a fact. In Fort Myers Fl, a bunch of people bought new townhomes over the last couple of years for around $300-$320k. The builder got bullish and built out another 75+ because the others had sold so quickly. Then the same crunch that’s presently hitting CA, Las Vegas, Phoenix, Seattle and the Washington, DC metro area hit Fort Meyers. The builder had to make a choice between going broke or getting rid of the standing inventory………..he hired an auction company and brand new townhomes (the same models that sold for $300-$320k) sold at the auction for $145-$150k. There were a lot of very angry homeowners in attendance who purchased at the higher prices but there was nothing they could do about it. The point is, if it can happen in Fort Myers which is considered by many to be as wonderful as CA………it can happen in San Diego. There are already condos and SFR’s in SD selling at substantially lower prices than they were two years ago at the height of the latest housing boom. So don’t be too smug about your position on this matter………..there’s too many economic factors in favor of an opposing argument to yours.

[Ex-SD]

Many times in life, history repeats itself. Alex, you’re either a troll…….or suffering from OCD or bi-polar……….or you just don’t want to admit what is happening right now in the housing market in bubble markets. There’s a lot of people on the east coast who wouldn’t live in CA if you paid them but they think that FL is a great place. I don’t happen to agree with them but nonetheless, it’s a fact. In Fort Myers Fl, a bunch of people bought new townhomes over the last couple of years for around $300-$320k. The builder got bullish and built out another 75+ because the others had sold so quickly. Then the same crunch that’s presently hitting CA, Las Vegas, Phoenix, Seattle and the Washington, DC metro area hit Fort Meyers. The builder had to make a choice between going broke or getting rid of the standing inventory………..he hired an auction company and brand new townhomes (the same models that sold for $300-$320k) sold at the auction for $145-$150k. There were a lot of very angry homeowners in attendance who purchased at the higher prices but there was nothing they could do about it. The point is, if it can happen in Fort Myers which is considered by many to be as wonderful as CA………it can happen in San Diego. There are already condos and SFR’s in SD selling at substantially lower prices than they were two years ago at the height of the latest housing boom. So don’t be too smug about your position on this matter………..there’s too many economic factors in favor of an opposing argument to yours.

[Ex-SD]

Many times in life, history repeats itself. Alex, you’re either a troll…….or suffering from OCD or bi-polar……….or you just don’t want to admit what is happening right now in the housing market in bubble markets. There’s a lot of people on the east coast who wouldn’t live in CA if you paid them but they think that FL is a great place. I don’t happen to agree with them but nonetheless, it’s a fact. In Fort Myers Fl, a bunch of people bought new townhomes over the last couple of years for around $300-$320k. The builder got bullish and built out another 75+ because the others had sold so quickly. Then the same crunch that’s presently hitting CA, Las Vegas, Phoenix, Seattle and the Washington, DC metro area hit Fort Meyers. The builder had to make a choice between going broke or getting rid of the standing inventory………..he hired an auction company and brand new townhomes (the same models that sold for $300-$320k) sold at the auction for $145-$150k. There were a lot of very angry homeowners in attendance who purchased at the higher prices but there was nothing they could do about it. The point is, if it can happen in Fort Myers which is considered by many to be as wonderful as CA………it can happen in San Diego. There are already condos and SFR’s in SD selling at substantially lower prices than they were two years ago at the height of the latest housing boom. So don’t be too smug about your position on this matter………..there’s too many economic factors in favor of an opposing argument to yours.

[falcon_eyes]

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[falcon_eyes]

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[falcon_eyes]

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[HLS]

You are soooo right.
This isn’t the 90’s… It’s 2007, and the housing mess this time is going to be 20 times worse than in the 90’s.

The loss of homes in the 90’s was virtually all to people that had used down payments, and still lost.

There were probably 25 times the number of people that bought homes with no money down in the last 7 years.
Some of them got lucky, they got in early. It wasn’t brilliance. Pity the ones that bought after 2004.

Forget the “subprime” borrower. There are plenty of prime borrowers with similar loans that will be adjusting also.
They cannot afford their new payments either.
With a loan balance of $600K and a home value of $400K or $500k, even some prime borrowers will walk away, adding to inventory.

The only difference between a prime loan and subprime loan is the prepayment penalty. Plenty of people with high scores are in loans with prepays. Plenty of prime borrowers are in option arm loans, which are the worst loan ever invented for the borrower (and best loan ever for the lender)

Anybody who bought a home with an adjustable loan and without a down payment was just gambling. No different than going to a casino. You take your chances. Sometimes you win, and sometimes you lose.

Looking for someone to blame for your gambling loss is just wrong.

La Jolla is not a starter home community. The market there may hold up better than others, but it’s still going to weaken.

[HLS]

You are soooo right.
This isn’t the 90’s… It’s 2007, and the housing mess this time is going to be 20 times worse than in the 90’s.

The loss of homes in the 90’s was virtually all to people that had used down payments, and still lost.

There were probably 25 times the number of people that bought homes with no money down in the last 7 years.
Some of them got lucky, they got in early. It wasn’t brilliance. Pity the ones that bought after 2004.

Forget the “subprime” borrower. There are plenty of prime borrowers with similar loans that will be adjusting also.
They cannot afford their new payments either.
With a loan balance of $600K and a home value of $400K or $500k, even some prime borrowers will walk away, adding to inventory.

The only difference between a prime loan and subprime loan is the prepayment penalty. Plenty of people with high scores are in loans with prepays. Plenty of prime borrowers are in option arm loans, which are the worst loan ever invented for the borrower (and best loan ever for the lender)

Anybody who bought a home with an adjustable loan and without a down payment was just gambling. No different than going to a casino. You take your chances. Sometimes you win, and sometimes you lose.

Looking for someone to blame for your gambling loss is just wrong.

La Jolla is not a starter home community. The market there may hold up better than others, but it’s still going to weaken.

[HLS]

You are soooo right.
This isn’t the 90’s… It’s 2007, and the housing mess this time is going to be 20 times worse than in the 90’s.

The loss of homes in the 90’s was virtually all to people that had used down payments, and still lost.

There were probably 25 times the number of people that bought homes with no money down in the last 7 years.
Some of them got lucky, they got in early. It wasn’t brilliance. Pity the ones that bought after 2004.

Forget the “subprime” borrower. There are plenty of prime borrowers with similar loans that will be adjusting also.
They cannot afford their new payments either.
With a loan balance of $600K and a home value of $400K or $500k, even some prime borrowers will walk away, adding to inventory.

The only difference between a prime loan and subprime loan is the prepayment penalty. Plenty of people with high scores are in loans with prepays. Plenty of prime borrowers are in option arm loans, which are the worst loan ever invented for the borrower (and best loan ever for the lender)

Anybody who bought a home with an adjustable loan and without a down payment was just gambling. No different than going to a casino. You take your chances. Sometimes you win, and sometimes you lose.

Looking for someone to blame for your gambling loss is just wrong.

La Jolla is not a starter home community. The market there may hold up better than others, but it’s still going to weaken.

[(former)FormerSanDiegan]

The original post should have stopped after the first two words.

“Stop thinking”

[(former)FormerSanDiegan]

The original post should have stopped after the first two words.

“Stop thinking”

[Author]

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