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bearishgurl
Participant[quote=walterwhite]On my next vacation I’m going to stay home again. In fact I’m not going anywhere but Los Angeles, San Diego or palm springs ever again if I can avoid it[/quote]
I just made a great suggestion to get you out of the desert!
Participantsdr is correct that the train travels thru interesting remote places away from the road. But it often follows the road (or close by) as well. In CA, I am well-traveled by vehicle. I’ve been on almost all of the hwys from Crescent City on down and Yreka on down and also thru Mt. Shasta. The scenery there IS spectacular!
I have never been to Oregon or Washington, however.
The most beautiful, pristine state hwys and county roads are undoubtedly in Humboldt, Mendocino, Marin and (southern) Santa Clara Counties, IMO.
scaredy, touring bike trails up there would be a fabulous experience for you and your family. You have to see it to believe it!
It is about a 12-hr drive one way to get to a place to start your tour amongst the redwoods. Maybe the train would transport your bikes as well, but it will likely take 18-20 hrs to get there on the train, with transfers. See:
You’ll return with a new lease on life 🙂
ParticipantVery good post and good suggestion, flu!
April 12, 2012 at 7:55 AM in reply to: Where is the inventory, where is the inventory, where is the inventory… #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 11, 2012 at 10:54 AM in reply to: Where is the inventory, where is the inventory, where is the inventory… #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 10:50 AM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741460Participant[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 10, 2012 at 8:41 PM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741426Participant[quote=flu]BG, I don’t get it. If you think taking a $250k heloc out of your home and then strategically defaulting will move you further ahead, then what’s to stop you right now from doing it?
Seems to me, that the only difference between you and your said neighbors/acquaintances that you seem to envy for doing so, is that they did it in 2007. You can do it in 2012.. What’s the difference if you think it works out better this way?[/quote]
flu, you must be aware that a current appraisal will not support taking $250K out of my home, even if I COULD qualify for it. I may not be able to qualify for a refi, let alone any “cash-out” at all!
April 10, 2012 at 8:39 PM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741425Participant[quote=SD Realtor]I am waiting bg…[/quote]
SDR, I never stated that you personally condoned the “deadbeat homedebtor” being coddled. But you have “given the impression” here of late that you don’t much care, one way or the other.
I haven’t had the chance to peruse too many older threads, but maybe I joined the party here a little late … after all the complaining on this site about “moral hazard” of “cash out,” then default (in that order) may have been the the main subject of conversation here. Maybe that’s the time you actually complained and I don’t know where to find it.
Why don’t you point to a thread to enlighten me, SDR?
Going to other regional sites, there are a MULTITUDE of angry homeowners citing the same issues as myself so I KNOW I am not alone in the way I feel about forgiveness of “cash out.”
April 10, 2012 at 8:22 PM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741424Participant[quote=AN][quote=bearishgurl]AN, what’s the point of stellar credit if you can’t even recover your downpayment from your existing property to retire elsewhere?
That’s why I stated I may have been better off removing $250K+ of my home “equity” back in 2004-2006. By the time I want to move away and “retire” (2014), the “deed-in-lieu” incident would have been 7-8 years behind me.
And I would have had the “mattress-cash” for a downpayment when my credit recovered :=}[/quote]
FICO score and the ability to sell is two completely different point. So, why even bring them up in the same argument. FICO score is as relevant as saying the sky is blue, but what’s the point of blue sky when you can’t even recover your down payment.You took the risk for not selling in 2004-2006 at the peak, so don’t whine about it when you end up on the wrong side of the bet. Staying put in a house is the same as buying a house. You made a conscious decision to live in that house. If you know in 2004 that you’d retire in 10 years and you don’t want to live in that house after that, why didn’t you take advantage of the bubble and sell? Unless you got caught up in the bubble and hope it’ll never crash.
BTW, like flu said, there are other scoring agencies who have scores higher than 850, but FICO score max out at 850. Here some info on FICO: Linky[/quote]
AN, until the end of 2007, I fully intended on “retiring in place.”
I DID look at my 851 score (dtd 11/6/11) in my file after posting. It is off the Intelius site and derives from Experian. Experian uses the “Vantage Score.”
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Compare the maximum scores. The maximum FICO score is 850 while the maximum VantageScore is 990. Multiplying your FICO score by 1.165 can give you an approximation of your VantageScore.
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Compare your score to the score of other individuals. Only the top 11 percent have a VantageScore above 900, while 60 percent have a score above 700. For FICO, 85 percent have a score above 600.
Read more: How to Compare FICO Score to Experian VantageScore | eHow.com http://www.ehow.com/how_5243734_compare-fico-score-experian-vantagescore.
see: http://www.ehow.com/how_5243734_compare-fico-score-experian-vantagescore.html
Participant[quote=The-Shoveler]Fry’s and Wal-Mart can pick up the slack for best buy IMO, but interesting, I was in Fry’s last week to buy a 42″ flat screen to replace the 52″ that died, they seemed really happy to see me buy something (anything!!), had 3 guys tripping over themselves to help me, even escorted me up to the cash register.
Looked online but it was like one third the price just to have it shipped, so online buying big items does not work IMO.[/quote]
I wasn’t clear in that one can take free delivery at a Best Buy store of big items ordered online. There is no waiting and they will bring it out to your vehicle.
All the items I ordered were small enough to ship free.
Participant[quote=sdduuuude][quote=bearishgurl][quote=briansd1]I think the economy is picking up.
As much as I dislike Vegas, i’m in sin city. Really busy.
All the helicopter flights to grand canyon are booked solid.Yes, airfares are higher this year. According to FAA there will be tight capacity for at least 5 more years.[/quote]
brian, why don’t you just rent a car and drive down there. It’s not that far … when you get there you can take a camel to see the sights :=][/quote]
It’s a 5-hour drive. One way.
You ride burros, not camels.[/quote]Lol, sdduuuuude, I’ve been in Flagstaff several times but never the GC! Five hours doesn’t seem like much to me. That must mean its about 7-8 hours from SD.
I take that back!
I DID once ride a helicopter thru it at the Ruben Fleet Space Theatre in Balboa Park but had to step out early on because I began to feel sick (due to vertigo) :=[
Riding burros thru the GC sounds fun!
April 10, 2012 at 4:15 PM in reply to: OT – Who will run for President on the Republican side? #741408Participant[quote=flu][quote=bearishgurl]You’re “jumping the gun” again, here, folks. The “fat lady” hasn’t sung her encores yet and you are not a fly on the wall of those Repub HQ broom closets.
Stranger things have happened ….[/quote]
No we’re not. Like I said, short of a scandal, death, or acts of God, or he self-withdraws for whatever reasons, Romney for the win.[/quote]
No offense to any Piggs, but my personal experience with Mormons tells me that a scandal could indeed still erupt in the “Romney camp.” :=D
Participant[quote=flu] . . . Meanwhile, I’m thinking of shorting Best Buy. I don’t think they will survive…The red herring would be a private equity buyout, just for the brand name…But if that didn’t happen, I don’t see how they can compete moving forward. Circuit City tried the small/kiosk like mobile version store strategy that Best Buy is going to try. It didn’t work for Circuit City, and with the going trend..Big retailers are going under left and right. Name one thing Best Buy can do better another brick and mortar retailer can’t do or that the internet cant do.[/quote]
flu, all the stuff I’ve gotten from Best Buy in the last few years has been from their site. Even if their long-line PITA brick-and-mortar stores go under, their online site could still thrive. You don’t have to physically see and touch electronics, appliances and media in order to understand what they are and buy them. It isn’t like clothing or jewelry. I think the majority of today’s consumers are okay with purchasing this type of stuff online and taking delivery.
April 10, 2012 at 3:59 PM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741405ParticipantAN, what’s the point of stellar credit if you can’t even recover your downpayment from your existing property to retire elsewhere?
That’s why I stated I may have been better off removing $250K+ of my home “equity” back in 2004-2006. By the time I want to move away and “retire” (2014), the “deed-in-lieu” incident would have been 7-8 years behind me.
And I would have had the “mattress-cash” for a downpayment when my credit recovered :=}
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