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aguho
ParticipantSD Realtor,
“Yes I would classify the 91913, 14, and 15 areas in the exact same manner as you have posted. Well overpriced, little to no activity at current pricing, or at previous pricing, exceedingly high foreclosure rate and has been that way for a few months, and a base of buyers that are not the most well qualified people to begin with… and of course way way way overbuilt”.
What I find not surprising is how many of these “distressed” homes are owned by actual realtors. Take a look for yourself. One thing you’ll notice is that most of these realtors are either Filipino or Hispanic.These zipcodes are mortgage fraud central in SD County.
I still believe that most realtors are absolutely incompetent, and if they cannot manage their own personal financial affairs,how on earth can one believe that they actually have their clients best interests in mind.
I do know a few excellent realtors and I’m sure there are some on this board.However, it would probably be a good idea to purge about 90 % of the people who have real estate licences….
aguho
ParticipantSD Realtor,
“Yes I would classify the 91913, 14, and 15 areas in the exact same manner as you have posted. Well overpriced, little to no activity at current pricing, or at previous pricing, exceedingly high foreclosure rate and has been that way for a few months, and a base of buyers that are not the most well qualified people to begin with… and of course way way way overbuilt”.
What I find not surprising is how many of these “distressed” homes are owned by actual realtors. Take a look for yourself. One thing you’ll notice is that most of these realtors are either Filipino or Hispanic.These zipcodes are mortgage fraud central in SD County.
I still believe that most realtors are absolutely incompetent, and if they cannot manage their own personal financial affairs,how on earth can one believe that they actually have their clients best interests in mind.
I do know a few excellent realtors and I’m sure there are some on this board.However, it would probably be a good idea to purge about 90 % of the people who have real estate licences….
aguho
ParticipantI used to visit SDCIA’s website each day and post occaisionally. I haven’t been over there in quite awhile until now. I remember when I told everyone over there that I sold my last rental house in IB(May 05) they congratulated me.However, what I found rather disturbing was how many novice “investors” over there were pouring their dough into out of state rental properties.I felt at the time,and more so now, that there is an epic residential real estate bubble building in the English speaking world.
I heard all the reasons why it was different in Cape Coral( ironically this is where that tool Russ Witney is based),Salt Lake City, Boise,Texas, or anywhere else for that matter. All I know is being a landlord is not easy( a pain in the butt if you ask me), and being a highly leveraged out of state landlord is a recipe for disaster for novice “investors”.
aguho
ParticipantWe already own a beautiful house(no mtg.) in Metro Manila, Philippines. I love The Philippines and it’s also where my wife’s family is based.Our house here in Chula Vista will be paid off in less than 5 years. When this part of the real estate cycle bottoms out in 5 years or so, we will be looking to buy a house in Dana Point, Newport Beach, or San Clemente. Ultimately, our plan is to divide our time between Metro Manila and coastal Orange County. The best of both worlds !!!
aguho
88 SNDVLJanuary 19, 2007 at 12:57 PM in reply to: Preforclosure to forclosure rates — steady? going up? #43844Participantmrquoi,
I would agree that “people of one culture feeding on their own” happens.It definitely occurs in the Filipino & Hispanic community here in The South Bay.However,many scams in the Filipino community such as the recent one up in Murrieta are in fact all about greed.The players(nurses) were looking to get rich quick and were an easy target.There are no innocent “victims” involved with this scam……
Everyone wants to live large,but so few are actually willing to work hard to “earn” the right to do so.Always trying to find the “easy way” to riches rather than building a business or creating something.Look how packed those casinos are on any given night etc……
I will once again suggest that too many people living in America are fat,lazy, and stupid.The American Empire is in decline and WILL be replaced by Japan and then China as the world’s premier economy.
As for those that will inevitably lose their home(s) as this part of the real estate cycle plays out, do not feel sorry for them.Either you can afford something or you can’t. It’s really as simple as that.All of us must take responsibility for our actions.
“Send Lawyers,Guns,& Money….Dad get me out of this ” Warren Zevon
aguho
88 SNDVLJanuary 8, 2007 at 12:25 PM in reply to: Murrieta home debtor stripped house of equity, kitchen cabinets, and pool equipment? #42951ParticipantThere is a model home in Otay Ranch in Chula Vista that had this happen to it.The buyers bought it from the builder and it was loaded with all the amenities(Plasma TV,ref,wash/dryer,furniture, chandeliers,ceiling fans,etc….easily 50,000 + The buyers used 100 % financing (gee what a surprise…..) and NEVER made 1 payment.The lender took the property back 6 months later only to find that it too had been completely stripped.The lender cannot do anything since the former owners have left the country and took everything(except the mtg) with them.
I also anticipate seeing more stories like these. Especially since builders are doing everything they can(short of slashing prices) to unload their inventory, and 100 % financing “liar loans ” are still available to people who have little or no ability/discipline to actually honor their comittments.
On another note, we just had a client come in who recently retired from The Navy(27 years) and has NO mortgage.They paid it off some years back and their property tax is only 400.00 per year(bought in mid 80’s).They never did a cash out refi,or borrowed against it……I know that’s ssooooooo old fashioned and lame 🙂 They have no debt and can now travel or do anything they want.
Hearing this fires me up and gives me faith that there are still some responsible folks out there, and that my wife and I are doing the right thing.
Our house will be paid off in less than 5 years and that my friends represents true freedom !
500,000+mtg at age 48 or older = noose around your neck
NO MTG & NO DEBT at age 48(my age in 5 years) = FREEDOM“40 ounces to Freedom”
aguho
88 SNDVLParticipantI can tell by some of the players in this scam that we have many Filipinos involved.Attorney Abano is Filipino as are most of his clients,many of the nurses at Rancho Springs Medical Center are Filipino(as are many nurses in hospitals all over SoCal)
As I’ve said before, I believe the ethnic market (Filipino & Hispanic) here in SoCal will take the biggest hit as this current real estate cycle spirals down.Mortgage fraud is rampant in the South Bay, and it’s just a matter of time before we see a similar story in SD County.
Everyone involved with this fraud in Riverside County is guilty in some way or another.There are no innocent victims here.Greed and dreams of “easy money” made these “investors” an easy target for scam artists.
How soon we forget Ed Rubi..Almost all of his victims were Filipino nurses and active/retired Navy personnel.They too, had dreams of “easy money” and let their own greed destroy themselves financially in the process.
Man Who Ran Ponzi Scheme gets 70 Months in Prison
On February 13, 2006, San Diego, CA, Edmundo P. Rubi was sentenced to 70 months in prison for conspiracy to commit mail fraud and money laundering. Rubi previously pleaded guilty to the charge that the conspired to conduct a scheme to defraud investors out of more than $12 million using his companies, Knights Express, Ltd. and Djmler Enterprises, Inc. Rubi was also ordered to pay restitution in the amount of $12,483,000. According to the plea agreement, beginning in 1999 and continuing up to October 31, 2001, Rubi formed and operated Knights Express Ltd. and Djmler Enterprises, Inc. for the purpose of soliciting investments from members of the public. In connection with his guilty plea, Rubi admitted that he made false, fraudulent, and misleading representations that investor funds would be used to purchase and resell Federal Reserve notes in an international trading program. In actuality, no such international trading program existed. Rubi further admitted that he knew that the investors’ funds were not being used for the purported investment program. Millions of dollars of investor funds were used instead to pay the periodic returns that investors received and to make unsecured investments. Rubi also intentionally concealed from investors the fact that millions of dollars of investor funds were converted for his own personal use and benefit.
Repeat after me…. Get Rich Quick Schemes Don’t Work
aguho
88 SNDVLParticipantYeah…… nothing like getting 3% on the front end and 3% on the back end AND a 2.5-6 % realtor commission to top things off ! This has been standard ops in most Filipino and Hispanic real estate businesses here in the South Bay.That’s why the coming crash in real estate will adversely affect these two groups of people more than others.
As a side note, 2 more realtors are defaulting on their ” investment” properties in Bonita Creek here in National City.
I believe that every realtor should lose his/her license if any property they show ownership in ends up in foreclosure.
aguho
ParticipantWe’ve lived in The South Bay (Chula Vista) and owned a business in National City,since we moved here from Tempe,AZ.in 2001.I actually like where we live in the western part of Chula Vista.Our house was part of an in fill project that complemented the area and with it’s proximity to the bay,it is NEVER hot and we never tire of the cool refreshing bay breezes.I really like the neighborhoods of central Chula Vista vs. the ones east of the 805.Also,the further east you go,the hotter it gets.I grew up in the desert and the main motivating reason to move here was to escape the heat once and for all.
That being said,my wife and I really like Orange County a lot! Especially the coastal areas…. San Clemente,Dana Point,Laguna Beach,Newport Beach and Huntington Beach.We were in Dana Point a couple of weeks ago and the one thing that really stands out is the overall cleanliness of the area( No Graffitti or litter etc.). The South Bay could do a better job in these areas,but it will take discipline……………
We will definitely buy a home in coastal Orange County once we near the bottom of this real estate cycle(5 years or so).I think the OC would be a great place to live !
aguho
July 18, 2006 at 7:01 PM in reply to: US Dollar Held Up by Confidence, Not Reality: Peter Schiff #28776ParticipantWe moved all of our brokerage accounts to Euro Pacific Capital last year.So far so good.Peter has a good track record and I believe his strategy is a sound one.All of our Canadian energy trusts are paying excellent didvidends,and we are diversified in other industries in Hong Kong,Australia,New Zealand, and Norway.
aguho
ParticipantPowaySeller,
43,000 plus on the MLS the last time I checked.I also read that an estimated 14,000 of these homes are vacant.Also,there are a ton of foreclosures in Maricopa County.Can you make money in this market?Yes.However,one must purchase a house well below market value(60 % or less) in order to make any dough.
Let’s not forget both PHX and SAN are not exactly high wage meccas.Quite the contrary.The average Phoenician is every bit as leveraged as our own San Diegans.I believe PHX,SoCAL, NoCal,and Las Vegas will all drop considerably(maybe 40-50% ?)
BTW,for all of those folks who are considering moving to PHX or LAS it is about 110 degrees right now.
Good luck for your friends…It may work out for them……or it may not.Time will tell.
aguho
88 Sun Devil
ParticipantLookOutBelow,
The “homestead” document that some people file at the county recorder will not prevent them from losing their house.During the BK proceedings…….. errrrrrrr fraud attempt,the lender will file a “Relief From Stay”.More often than not the lender will be granted a relief from stay,and the foreclosure process will start or continue from where it was stopped by the BK filing.
The reason that a lender would be granted “Relief from Stay” is due to the homeowner not doing what they are required to by BK court,or not HONORING their court approved plan to get themselves out of bankruptcy(what a surprise……..).
aguho
ParticipantAnother myth, propagated by economists, is that so few people have ARMs, and so many people own their homes outright, that the $2 trillion of ARMs adjusting will be a blip on the radar. What they fail to realize is that the homes on the market set the value for the entire market.
Powayseller,
You are absolutely right.Here in The South Bay, there are thousands of homes that have been built since 2001.There is a very small number of these that are owned free and clear(if any).In fact, a good many of them have larger mtg’s now then when they were originally purchased.
Our house(built in 2003) will be paid off in 5 years.Ten of our 12 neighbors have mtg’s(ARMS) and HELOCS that total more than 500,000.My guess is that NONE of these 10 will EVER own their home free and clear.
As for some of the more mature areas of the South Bay,there are definitely homes that are owned free and clear or have small(120,000 or less )mtgs.However,there are also many that SHOULD be owned free and clear by now,but the homeowners got the FEVER( multiple cash out refi’s),and now they have a big fat mtg.
I can think of nothing worse than “owning” your house for 20 years or more,and now having a 400,000 + mtg.(on a house that originally cost the homeowner 70,000) as you approach age 55.Forget about retirement………
aguho
ParticipantOCrenter,
Bravo! Great response!
It’s about time for LA-Y to support her arguments with data.Let’s see how she’ll spin her “liberating equity” nonsense,when all those “liberated” homeowners are forced to sell in this declining market.How many will have any of that “liberated equity” left to bring to the closing?
On a side note,I had a real estate agent/mtg.broker in our shop yesterday.He was in a rather somber mood .He tells me that “I need to do a refi soon” His listings are gathering dust and he has not earned a commission in quite some time.He goes on to tell me this gem..”cash out refi’s are the only way that people can make it it here in San Diego “. While I’ve believed this to be true for some time now,it was interesting(or ominous) to hear him say this rather matter of factly.
As I’ve said before,take a look at your own neighborhood and see just how many people have done at least 1 cash out refi(or more) in the last few years.I believe you’ll be astounded(or appalled) at those numbers.
Soft Landing……….impossible
Blood in the streets…….. very possibleaguho
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