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bsrsharma
ParticipantHmm.. We moved out, gave a change of address (in new state), registered in new state, ignored all the scare letters since we HAD evidence that we have always been legal (in registration). Did’t even bother with new licenses for a few months. Finally (on third notice or so), I just called up CA DMV and described the wasteful threat letters they are sending OUT OF STATE and she just wiped it all clean from the computer.
I think giving an out of state change of address as soon as possible may reduce the pain as it takes time to trickle down the database.
ParticipantStan,
The fundamentals have undergone a seismic shift in the last few weeks. Median income based analysis is so ancien regime now. The controlling variable now is credit crunch, especially the Jumbo loans. Once the money for mortgage dries up, median income based analysis is largely meaningless. That $417K limit is going to come down like a ton of bricks and squish the prices.
ParticipantStan,
The fundamentals have undergone a seismic shift in the last few weeks. Median income based analysis is so ancien regime now. The controlling variable now is credit crunch, especially the Jumbo loans. Once the money for mortgage dries up, median income based analysis is largely meaningless. That $417K limit is going to come down like a ton of bricks and squish the prices.
ParticipantStan,
The fundamentals have undergone a seismic shift in the last few weeks. Median income based analysis is so ancien regime now. The controlling variable now is credit crunch, especially the Jumbo loans. Once the money for mortgage dries up, median income based analysis is largely meaningless. That $417K limit is going to come down like a ton of bricks and squish the prices.
ParticipantThat is why Jim Cramer in his acid performance suggested the inland empire needs to be plowed over. With 40% homes foreclosed, the cities will start resembling martian landscape. Just imagine miles and miles of homes standing with no life form in sight. Many predicted apocalypse would come on Y2K. Now they seem to have been off by a few years.
ParticipantThat is why Jim Cramer in his acid performance suggested the inland empire needs to be plowed over. With 40% homes foreclosed, the cities will start resembling martian landscape. Just imagine miles and miles of homes standing with no life form in sight. Many predicted apocalypse would come on Y2K. Now they seem to have been off by a few years.
ParticipantThat is why Jim Cramer in his acid performance suggested the inland empire needs to be plowed over. With 40% homes foreclosed, the cities will start resembling martian landscape. Just imagine miles and miles of homes standing with no life form in sight. Many predicted apocalypse would come on Y2K. Now they seem to have been off by a few years.
ParticipantNCCoastalSeller,
Thanks for that info. I am a little perplexed by these ratios. Do you understand what these are? The 3 columns are for Q12007, all of 2006 and all of 2005:
Asset Quality:
Nonperforming Assets / Assets 0.11 0.16 0.07
Nonperforming Assets / Equity & Loss Reserves 0.92 1.38 0.55
Loss Reserves / Loans 0.27 0.32 0.26
They look rather large for non-performing/loss reserve.
ParticipantNCCoastalSeller,
Thanks for that info. I am a little perplexed by these ratios. Do you understand what these are? The 3 columns are for Q12007, all of 2006 and all of 2005:
Asset Quality:
Nonperforming Assets / Assets 0.11 0.16 0.07
Nonperforming Assets / Equity & Loss Reserves 0.92 1.38 0.55
Loss Reserves / Loans 0.27 0.32 0.26
They look rather large for non-performing/loss reserve.
ParticipantNCCoastalSeller,
Thanks for that info. I am a little perplexed by these ratios. Do you understand what these are? The 3 columns are for Q12007, all of 2006 and all of 2005:
Asset Quality:
Nonperforming Assets / Assets 0.11 0.16 0.07
Nonperforming Assets / Equity & Loss Reserves 0.92 1.38 0.55
Loss Reserves / Loans 0.27 0.32 0.26
They look rather large for non-performing/loss reserve.
ParticipantWhy don’t they allow electronic auctions (like eBay). That would attract larger pool of buyers. Just prequalify everyone before bidding. Something like a $20K hold on a credit card should be able to filter out a lot of noise.
ParticipantWhy don’t they allow electronic auctions (like eBay). That would attract larger pool of buyers. Just prequalify everyone before bidding. Something like a $20K hold on a credit card should be able to filter out a lot of noise.
ParticipantWhy don’t they allow electronic auctions (like eBay). That would attract larger pool of buyers. Just prequalify everyone before bidding. Something like a $20K hold on a credit card should be able to filter out a lot of noise.
Participantmedical assistant buying a $550,000 house
Well, if it was a zero down, 2% teaser for a couple of years and the foreclosure process takes an year to sort out (during which he may stop sending mortgage) and finally some Gorilla in Paris or Frankfurt ends up losing his shirt, what has the medical assistant lost by living in a mansion for 3 years? Looking back, he made a good economic decision considering risk & reward. Here we are researching how to get an extra 1% on our savings account and that guy got a free castle to live in. Some times I feel he may be the smarter guy.
And as a bonus, he made housing a lot cheaper for the rest of us in future!
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