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Maybe if we delay the inevitable long enough it will never get here.

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Maybe if we delay the inevitable long enough it will never get here.

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Maybe if we delay the inevitable long enough it will never get here.

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Maybe if we delay the inevitable long enough it will never get here.

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Maybe if we delay the inevitable long enough it will never get here.

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I believe Thornberg is speaking for all of CA when he says income ratios are below normal. Though I question income rising at all since 2006 until housing bottoms in 2010 at the earliest.

LA county numbers are deceiving with nice affluent areas like Bel Air, Encino, Malibu, etc, then Palmdale, Lancaster, and pretty much all of south central and east Los Angeles.

Those areas drag the average down, but were hit earlier in the correction. Damage to the higher end looks like it’s just warming up, and we’ve all seen the Credit Suisse reset chart where Alt-A and Option ARM resets peak in 2011.

So you’re right, a $250k house in LA is a dump. For now. But, contrary to what the article indicates the correction isn’t over. High priced homes aren’t selling and should start becoming REOs. That’s also why the median price is dropping, and why it’s a useless number.

Once high end REOs start selling we’ll probably see a jump in median price. However, if a $1,000,000 home at the peak sells for $500,000 at an aution it may bump the median up, but I wouldn’t call that a recovering RE market.

[cr]

I believe Thornberg is speaking for all of CA when he says income ratios are below normal. Though I question income rising at all since 2006 until housing bottoms in 2010 at the earliest.

LA county numbers are deceiving with nice affluent areas like Bel Air, Encino, Malibu, etc, then Palmdale, Lancaster, and pretty much all of south central and east Los Angeles.

Those areas drag the average down, but were hit earlier in the correction. Damage to the higher end looks like it’s just warming up, and we’ve all seen the Credit Suisse reset chart where Alt-A and Option ARM resets peak in 2011.

So you’re right, a $250k house in LA is a dump. For now. But, contrary to what the article indicates the correction isn’t over. High priced homes aren’t selling and should start becoming REOs. That’s also why the median price is dropping, and why it’s a useless number.

Once high end REOs start selling we’ll probably see a jump in median price. However, if a $1,000,000 home at the peak sells for $500,000 at an aution it may bump the median up, but I wouldn’t call that a recovering RE market.

[cr]

I believe Thornberg is speaking for all of CA when he says income ratios are below normal. Though I question income rising at all since 2006 until housing bottoms in 2010 at the earliest.

LA county numbers are deceiving with nice affluent areas like Bel Air, Encino, Malibu, etc, then Palmdale, Lancaster, and pretty much all of south central and east Los Angeles.

Those areas drag the average down, but were hit earlier in the correction. Damage to the higher end looks like it’s just warming up, and we’ve all seen the Credit Suisse reset chart where Alt-A and Option ARM resets peak in 2011.

So you’re right, a $250k house in LA is a dump. For now. But, contrary to what the article indicates the correction isn’t over. High priced homes aren’t selling and should start becoming REOs. That’s also why the median price is dropping, and why it’s a useless number.

Once high end REOs start selling we’ll probably see a jump in median price. However, if a $1,000,000 home at the peak sells for $500,000 at an aution it may bump the median up, but I wouldn’t call that a recovering RE market.

[cr]

I believe Thornberg is speaking for all of CA when he says income ratios are below normal. Though I question income rising at all since 2006 until housing bottoms in 2010 at the earliest.

LA county numbers are deceiving with nice affluent areas like Bel Air, Encino, Malibu, etc, then Palmdale, Lancaster, and pretty much all of south central and east Los Angeles.

Those areas drag the average down, but were hit earlier in the correction. Damage to the higher end looks like it’s just warming up, and we’ve all seen the Credit Suisse reset chart where Alt-A and Option ARM resets peak in 2011.

So you’re right, a $250k house in LA is a dump. For now. But, contrary to what the article indicates the correction isn’t over. High priced homes aren’t selling and should start becoming REOs. That’s also why the median price is dropping, and why it’s a useless number.

Once high end REOs start selling we’ll probably see a jump in median price. However, if a $1,000,000 home at the peak sells for $500,000 at an aution it may bump the median up, but I wouldn’t call that a recovering RE market.

[cr]

I believe Thornberg is speaking for all of CA when he says income ratios are below normal. Though I question income rising at all since 2006 until housing bottoms in 2010 at the earliest.

LA county numbers are deceiving with nice affluent areas like Bel Air, Encino, Malibu, etc, then Palmdale, Lancaster, and pretty much all of south central and east Los Angeles.

Those areas drag the average down, but were hit earlier in the correction. Damage to the higher end looks like it’s just warming up, and we’ve all seen the Credit Suisse reset chart where Alt-A and Option ARM resets peak in 2011.

So you’re right, a $250k house in LA is a dump. For now. But, contrary to what the article indicates the correction isn’t over. High priced homes aren’t selling and should start becoming REOs. That’s also why the median price is dropping, and why it’s a useless number.

Once high end REOs start selling we’ll probably see a jump in median price. However, if a $1,000,000 home at the peak sells for $500,000 at an aution it may bump the median up, but I wouldn’t call that a recovering RE market.

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But Breezey, your demi-god wants to help all the foreclosed buyers stay in their homes, right? Sounds like you’re experiencing a bit of cognitive dissonance.

That’s not very faithful of you.

It is a joke – I talked to a broker the other day and asked why homeowners who stated their income get a chance to reduce their loans, when new buyers who stayed out of the bubble get stuck with higher rates, bigger down payments, and watch homeowners live rent free b/c banks are too busy/lazy to send out an eviction notice?

He basically said reworking the loan is the lesser of two evils.

The good would be kick out the FB and sell the home off to a renter with a good FICO and 20%.

But it still rewards speculators.

[cr]

But Breezey, your demi-god wants to help all the foreclosed buyers stay in their homes, right? Sounds like you’re experiencing a bit of cognitive dissonance.

That’s not very faithful of you.

It is a joke – I talked to a broker the other day and asked why homeowners who stated their income get a chance to reduce their loans, when new buyers who stayed out of the bubble get stuck with higher rates, bigger down payments, and watch homeowners live rent free b/c banks are too busy/lazy to send out an eviction notice?

He basically said reworking the loan is the lesser of two evils.

The good would be kick out the FB and sell the home off to a renter with a good FICO and 20%.

But it still rewards speculators.

[cr]

But Breezey, your demi-god wants to help all the foreclosed buyers stay in their homes, right? Sounds like you’re experiencing a bit of cognitive dissonance.

That’s not very faithful of you.

It is a joke – I talked to a broker the other day and asked why homeowners who stated their income get a chance to reduce their loans, when new buyers who stayed out of the bubble get stuck with higher rates, bigger down payments, and watch homeowners live rent free b/c banks are too busy/lazy to send out an eviction notice?

He basically said reworking the loan is the lesser of two evils.

The good would be kick out the FB and sell the home off to a renter with a good FICO and 20%.

But it still rewards speculators.

[cr]

But Breezey, your demi-god wants to help all the foreclosed buyers stay in their homes, right? Sounds like you’re experiencing a bit of cognitive dissonance.

That’s not very faithful of you.

It is a joke – I talked to a broker the other day and asked why homeowners who stated their income get a chance to reduce their loans, when new buyers who stayed out of the bubble get stuck with higher rates, bigger down payments, and watch homeowners live rent free b/c banks are too busy/lazy to send out an eviction notice?

He basically said reworking the loan is the lesser of two evils.

The good would be kick out the FB and sell the home off to a renter with a good FICO and 20%.

But it still rewards speculators.

[cr]

But Breezey, your demi-god wants to help all the foreclosed buyers stay in their homes, right? Sounds like you’re experiencing a bit of cognitive dissonance.

That’s not very faithful of you.

It is a joke – I talked to a broker the other day and asked why homeowners who stated their income get a chance to reduce their loans, when new buyers who stayed out of the bubble get stuck with higher rates, bigger down payments, and watch homeowners live rent free b/c banks are too busy/lazy to send out an eviction notice?

He basically said reworking the loan is the lesser of two evils.

The good would be kick out the FB and sell the home off to a renter with a good FICO and 20%.

But it still rewards speculators.

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