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Coronita.
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April 11, 2012 at 7:00 AM #741442April 11, 2012 at 7:59 AM #741443
Anonymous
Guest[quote=SD Realtor]With regards to my personal property which has depreciated since I bought it in 2003, I have never once whined about it. I could have walked but I didn’t. Big deal. I am not happy about those who have and loan mods and all the fraud going on. I have posted about it as well….You however have made it a point to cry a river to all of us about your property and the neighboring sales. Here is a news flash…
WE
DONT
CARE
My perspective is that it is a hell of alot better to acknowledge the reality of the situation and counsel people about how things really are and how they will play out. That way they can make informed decisions.[/quote]
+1
How many pages can one person write rationalizing their investment loss?
Why can’t people understand that a loss is a loss – doesn’t matter if it’s the stock market or a down-payment?
We sold our place in west LA in 2004 along with another investment property and bought our current home in Temecula. We basically reduced our “position” in real-estate by about 75%.
I knew owning any real-estate in 2004 was risky from a purely financial perspective – we could have reduced that risk by renting – but we had three young kids and wanted our own place.
Since then we’ve lost whole 20% we put down. And we don’t care either. Raising our kids, becoming friends with our neighbors, and a million other good memories have been associated with living in this home.
Count your blessings and carry on.
[quote=SD Realtor]Back on ignore so post all you want.[/quote]
Amazing how much shorter these threads are when you put just one person on ignore…
April 11, 2012 at 10:50 AM #741460bearishgurl
Participant[quote=pri_dk]…Why can’t people understand that a loss is a loss – doesn’t matter if it’s the stock market or a down-payment?
We sold our place in west LA in 2004 along with another investment property and bought our current home in Temecula. We basically reduced our “position” in real-estate by about 75%.
I knew owning any real-estate in 2004 was risky from a purely financial perspective – we could have reduced that risk by renting – but we had three young kids and wanted our own place.
Since then we’ve lost whole 20% we put down. And we don’t care either. Raising our kids, becoming friends with our neighbors, and a million other good memories have been associated with living in this home.
Count your blessings and carry on.[/quote]
pri_dk, in the past you (and SDR) have not appeared to have been ignoring me but if you both choose to begin doing so today, I would consider that a compliment :=)
I kept my property through the “loose-lending era” for all the same reasons you did. I would not have had a place to raise my kids and have pets had I rented.
My intention was to retire in place, until another tragedy befell my family and I recognized my own mortality, realized I did not want to spend another 40 years here and instead wanted to be elsewhere when I had the chance to leave.
I was busy with other things and did not have time to pay attention to what was really going on in the RE market until about 2010. In the interim, a saw a couple of houses around me sell for what I thought was way too high a price (and get subsequently foreclosed upon) but did not internalize then that the sole function for the high prices was “loose lending.” When I got to know one of the families losing their home, I realized one was a school worker and the other a tradesman. It DID dawn on me why this family was able to qualify for that mortgage but again, I didn’t put two and two together in their case because I was involved in other things and it was not a priority or of interest to me. I DID have a couple of “clients” in 2007-2009 who were were losing their homes. One gave cash for keys and another got foreclosed upon. I did end up reviewing all their loan docs and helping the one who lost her home with a mod application (refused by lender) but was actually hired by them to prepare legal papers in other matters. Both were longtime owners but in those cases, it became apparent to me that they were grossly taken advantage of by loan officers and accepted usurious terms while attempting to save their properties from foreclosure. They both had gotten into that situation by systematically bleeding cash from their properties over the years.
When I explained all of this to each of them, they both stated that the only thing going thru their minds at the time was to “save” their homes from foreclosure and get desperately needed cash.
I didn’t watch any TV for several years and still only watch less than one hr per week so if there were “talking heads” and MSM discussing the “loose-lending” phenomenon, I wasn’t paying attention to it.
I agree with SDR in that it is outright and blatant theft to take cash out of a property and then subsequently default. The sad part is that these thieves get to live for free in “their” homes for many months after that and also keep their new vehicles, consumer goods and vacation memories they bought with their “pseudo-equity.”
I think what’s really going on here is that no one wants to discuss the elephants in the room (the practice of rampant “cash-out-then-default” AND extremely low-priced SS closings pushing appraisals down). Perhaps because it hits too close to home. Perhaps because it has been over-discussed here in years past. I discussed the “cash-out-then-default” issue with a friend last night – a native San Diegan. He seemed to think that homedebtors in general thought they could recover from their repeated “cash outs” because they thought RE would always increase in value. I told him I thought this may be true of younger homedebtors (1st time buyers) who perhaps did not have older relatives in the area for counsel. I believe most of the age 40+ crowd who took cash out in recent years to buy more properties or enhance their lifestyles HAD to have remembered when $10K – $50K was the typical “cash out” taken (usually for home improvement). In the 80’s and 90’s, a $100K+ cash-out refi/2nd TD/HELOC was virtually unheard of in properties worth less than $1M! I believe the majority of “millenium-boom” cash-out mtgs were deliberate attempts to steal and the borrowers had every intention of defaulting on them. When they first decided to systematically bleed cash out of their property once per year in 2004, 2005, 2006 and 2007 was when they consciously put they (and their family’s) property in the line of foreclosure. Like my “clients” told me, they just needed/wanted the cash. They didn’t care about the consequences.
Taking “cash-out” during the millenium boom actually didn’t occur to me at the time. I guess I was never that desperate. In any case, had I done so, I would have lost my property to foreclosure by now as I don’t have a “backup working co-owner” to help with the bills.
Aside from possible past over-discussion of this issue here, I’ll bet the Piggs claiming I’m “whining” here have a little or a lot more time to recover from this mess than I do (which seems to be out of our control).
If you could put yourselves in the shoes of a prudent local homeowner who is on the threshold of “retirement,” then I guarantee you would feel much differently about the issue.
In addition, my “detractors” here appear to have not owned any piece of RE for ten years or more AND put 30% down of their own funds initially on that long-held property or if they ARE longtime homeowners, they have already removed a substantial amount of cash from their propertie(s). So they DON’T YET KNOW how they’re going to feel ten+ years after ownership if they have been making mtg payments religiously all that time and did NOT remove cash, ONLY to find the value of their property is now dependent solely upon the financial responsibility of their neighbors (even more than location, size, condition, etc).
I’m not looking for sympathy here. Since this forum is mainly slanted to the buyer (who wants the lowest price and frequently complains about recalcitrant sellers), I’m just offering a glance of what the other side of the coin looks like :=]
April 11, 2012 at 10:54 AM #741463Participant[quote=sdrealtor][quote=AN]BG, how do you have a FICO score that’s higher than the max of 850?[/quote]
Four words…wine in a box[/quote]
Four letters…L-U-S-H
Hey! Why don’t you head on down to Ralphs for a case of seltzer water? There’s a sale going on!
(pot meets kettle, LOL)
April 11, 2012 at 10:05 PM #741506sdduuuude
ParticipantWhere’s the inventory? you ask.
I ask – where is the discussion about the inventory?
April 11, 2012 at 10:28 PM #741510CoronitaParticipant[quote=sdduuuude]Where’s the inventory? you ask.
I ask – where is the discussion about the inventory?[/quote]
Well, if there is no inventory, we don’t have much to talk about 🙂
April 11, 2012 at 11:32 PM #741511temeculaguy
ParticipantI’m afraid it’s not coming and here’s my reasoning. I golf with a group of guys who for the most part do not follow anything economic other than sound bytes from the MSM. I don’t divulge my hidden passion for geekonomics or my role on this site going back to the bubble. This golf crowd is my barometer for what the barely informed crowd thinks. In 2007 this crowd might have told me that buying with a neg am loan was a good idea, yet they wouldn’t use the phrase “neg-am” because they don’t care about it that much, it would have been a lender phrase like “pick a payment.” Same crowd might have suggested buying gold at 2k an ounce. We all have friends like this, they are my friends, not my economic advisers. They do however know their sports and their beer and have an appreciation for the female form, so they are still great company.
Well, last week, while golfing, one of them says a big wave of foreclosures is coming and the others agree. I remained silent. Reading this thread, it occurs to me that the wave isn’t coming, in fact the opposite will probably happen and I need no further evidence other than once anything economic gets to, let’s say the news segment on an fm radio morning drive show, then it’s already past it’s value. When the masses think something, it’s too late or it’s wrong. It’s not their fault. I read for three hours tonight, but I would not be able to tell you who is still in the hunt on american idol or survivor, I may see letterman or a news clip showing the winner or the finalists for 1 minute, but that’s the extent of my knowledge, whatever I noticed on accident. Same goes for inventory and my golf buddies.
April 12, 2012 at 2:39 AM #741512Jazzman
Participant[quote=pemeliza]”Be smarter than dumb ass sellers.”
That is a bit harsh jazz. We will likely all be “sellers” at some point in our lives.
I don’t see anywhere near as many over priced homes as I once did in my area so I think most serious sellers have gotten the message plenty load and clear that market values have fallen substantially since the peak.[/quote]
I agree, it’s not their fault for being stupid, but to your other point about everyone being sellers eventually, it will be those who educated themselves as buyers that won’t suffer the same delusions.April 12, 2012 at 7:55 AM #741525Participant[quote=temeculaguy] . . . Well, last week, while golfing, one of them says a big wave of foreclosures is coming and the others agree. I remained silent. Reading this thread, it occurs to me that the wave isn’t coming, in fact the opposite will probably happen and I need no further evidence other than once anything economic gets to, let’s say the news segment on an fm radio morning drive show, then it’s already past it’s value. When the masses think something, it’s too late or it’s wrong. It’s not their fault. I read for three hours tonight, but I would not be able to tell you who is still in the hunt on american idol or survivor, I may see letterman or a news clip showing the winner or the finalists for 1 minute, but that’s the extent of my knowledge, whatever I noticed on accident. Same goes for inventory and my golf buddies.[/quote]
No, it’s not the general public’s fault. Especially those who kept their heads down and refrained from ATMing their propertie(s) to death during the millenium boom (incl those many free-and-clear owners). Life can be short. Why should they be concerned or even educated about mortgage terms??
TG, I heard the same “tsunami BS” recently (from someone who heard it on “morning radio”), lol. Of course, we’ve been waiting for this wave of foreclosures for the last couple of years. I don’t hold too much credence in what the pundits are saying, nor do I devote any time to watching or listening to them. As a matter of fact, I’m cutting my cable again the end of this month because my one-year price plan with Cox will be over and I’m not paying $57 more a month for the same TV svcs.
Once my box has been turned in for 60 days, I will be a *new* Cox TV customer and once again eligible for their cheap 12-month no-contract promotions. During the interim, I’ll be out of town quite a bit :=]
My (very busy) kid will watch hulu in their spare time and I’ll watch my fav “Idol” perfomances the following day online 🙂
April 13, 2012 at 5:40 AM #741596ltsddd
Participant[quote=flu]92130 and 92126: it’s pathetic.
…trickle trickle trickle trickle trickle.
That is all..
(end vent)[/quote]
The surge is little late but it’s coming. Apparently, banks had been taking a break from foreclosing on people.
April 13, 2012 at 6:47 AM #741597ocrenter
Participant[quote=temeculaguy]I’m afraid it’s not coming and here’s my reasoning. I golf with a group of guys who for the most part do not follow anything economic other than sound bytes from the MSM. I don’t divulge my hidden passion for geekonomics or my role on this site going back to the bubble. This golf crowd is my barometer for what the barely informed crowd thinks. In 2007 this crowd might have told me that buying with a neg am loan was a good idea, yet they wouldn’t use the phrase “neg-am” because they don’t care about it that much, it would have been a lender phrase like “pick a payment.” Same crowd might have suggested buying gold at 2k an ounce. We all have friends like this, they are my friends, not my economic advisers. They do however know their sports and their beer and have an appreciation for the female form, so they are still great company.
Well, last week, while golfing, one of them says a big wave of foreclosures is coming and the others agree. I remained silent. Reading this thread, it occurs to me that the wave isn’t coming, in fact the opposite will probably happen and I need no further evidence other than once anything economic gets to, let’s say the news segment on an fm radio morning drive show, then it’s already past it’s value. When the masses think something, it’s too late or it’s wrong. It’s not their fault. I read for three hours tonight, but I would not be able to tell you who is still in the hunt on american idol or survivor, I may see letterman or a news clip showing the winner or the finalists for 1 minute, but that’s the extent of my knowledge, whatever I noticed on accident. Same goes for inventory and my golf buddies.[/quote]
The tsunami already came and past, except it didn’t happen everywhere. It came in Vegas, Pheonix, and Florida.
My high school buddy bought an investment home in Queen Creek for 270k because MSM and realtor friend told him about all these baby boom snow birds. The house dropped down to the 50k range and stayed there with the tsunami that hit Pheonix. Ask any one in AZ, LV, and FL about the tsunami, and they will give you some horrific first hand accounts.
Just like real tsunamis, all the pieces have to be there for the tsunami to reach its max impact and cause the devastation. did SD have all of those elements? Absolutely not. But we get the same MSM. So while MSM chase the aweful stories coming out of tsunami central, the rest of us keep thinking we’re up next. Nope, while Phoenix got completely submerged and now homes are essentially the same price as cars, Temecula got some 6 foot waves and knocked the price down to 50%. Meanwhile, SD proper got some swells that managed to bring down prices about 1/3.
Like TG said, the story already happened, now the question is how this thing ends.
April 13, 2012 at 10:16 AM #741611(former)FormerSanDiegan
Participant[quote=ocrenter]
The tsunami already came and past, except it didn’t happen everywhere. It came in Vegas, Pheonix, and Florida.
My high school buddy bought an investment home in Queen Creek for 270k because MSM and realtor friend told him about all these baby boom snow birds. The house dropped down to the 50k range and stayed there with the tsunami that hit Pheonix. Ask any one in AZ, LV, and FL about the tsunami, and they will give you some horrific first hand accounts.
Just like real tsunamis, all the pieces have to be there for the tsunami to reach its max impact and cause the devastation. did SD have all of those elements? Absolutely not. But we get the same MSM. So while MSM chase the aweful stories coming out of tsunami central, the rest of us keep thinking we’re up next. Nope, while Phoenix got completely submerged and now homes are essentially the same price as cars, Temecula got some 6 foot waves and knocked the price down to 50%. Meanwhile, SD proper got some swells that managed to bring down prices about 1/3.
Like TG said, the story already happened, now the question is how this thing ends.[/quote]
+1
Well-stated.
April 13, 2012 at 11:41 PM #741646ParticipantSome thoughts to explain why I don’t know:
Been hearing about the Tsunami so long, one has to wonder if it is ever coming. Is it a myth or the boy who cried wolf ?
A hold on foreclosure activity due to robosigning/legal activity/attempts to “keep homeowners in their home” last year would explain why now instead of last year.
Been hearing Tsunami warnings on MSM (and TG’s friends) lately, for sure. That suggests it is not going to happen.
Many say short sales will take over the market rather than foreclosures.
I think banks are struggling to recover from the credit crisis. Their position using mark-to-market can’t be good. They’ll have to dribble this stuff out over time unless one bank panics.
If there is a tsunami coming, the lender who panics first wins.
A guy I know and trust said he has insider friends at a biiiiiig bank. They have issued a tsunami warning. That’s from inside a bank. Interesting.
Right before a tsunami hits, the tide retreats rapidly. Currently, inventory is retreating rapidly. Not sure I put much faith in this comparison, but it is interesting.
April 14, 2012 at 5:51 AM #741647CoronitaParticipantWell, in CV
How about a 2800sqft home priced at $438/sqft?
http://www.sdlookup.com/MLS-120019189-5113_Chelterham_Terrace_San_Diego_CA_92130
It does have a big lot though…
Barring the person didn’t ATM the hell out of his/her home, the irony to this is this guy/gal can just sit and wait.. Checkout on the sales history back to 1996….
April 14, 2012 at 7:25 AM #741648Participant[quote=flu]Well, in CV
How about a 2800sqft home priced at $438/sqft?
http://www.sdlookup.com/MLS-120019189-5113_Chelterham_Terrace_San_Diego_CA_92130
It does have a big lot though…
Barring the person didn’t ATM the hell out of his/her home, the irony to this is this guy/gal can just sit and wait.. Checkout on the sales history back to 1996….[/quote]
This one is very nicely upgraded. And canyon lot as well. Someone prob will go for it at that price. Although you do have to wonder how often the pool will be used, it is CV after all. Only 210 actives in 92130 per sdlookup, ouch.
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