[FormerOwner]

In any company, there are a few key people that run the whole operation and make all the major decisions. Those people decide where the office(s), manufacturing facilities, warehouses, etc. will be located. These people generally work out of the main office so they will locate it in the area where THEY want to live and they aren’t constrained by housing prices. Areas like this also have a “critical mass” of like minded people and are often near research universities and major airports – plus they are just nice places to live as far as cultural amenities, etc. La Jolla fits this bill for the biotech industry. Because there are a lot of biotech firms in La Jolla, there are a lot of biotech jobs in La Jolla. Because there are jobs, there are people that want to live near those jobs. Those people can either buy or rent.

However, MOST people are NOT highly paid biotech workers. The issue is that in our global economy, wages for the average Joe get held down by global competition so the bulk of the population just doesn’t have much in the way of buying power unless they go into horrendous debt. That’s what will cause prices to crash back down. It remains to be seen how that crash affects the lower cost neighborhoods vs. the middle vs. the high exactly.

Personally, I have no problem with “throwing my money away on rent” and will never buy a house again unless the numbers pencil out – period. One thing I really like about renting is that if the neigborhood goes downhill or if you get a new job, you can just move when your lease is up or go month-to-month if you think you might be moving soon. No stress of having to show your house, etc. and no closing costs.

Long term, it appears to me that future generations are going to be making even less money (since most new jobs are in low-pay industries) and having fewer kids – this really increases the downside risk of homeownership, making it even more important to make sure that the price you’re paying is in line with rent.

[FormerOwner]

The neighbors would have a negative sentiment towards the owners who got foreclosed on but not the new owners.

Same thing goes for people who list their houses at the low end of the price range – neighbors get mad at the sellers but think the new buyers got a deal.

In reality, the only houses that sell now are the ones that are at the lower end of the range. People fail to realize that those new “low” comps are not flukes – they represent the true price that buyers are willing to pay at that particular time.

[FormerOwner]

The neighbors would have a negative sentiment towards the owners who got foreclosed on but not the new owners.

Same thing goes for people who list their houses at the low end of the price range – neighbors get mad at the sellers but think the new buyers got a deal.

In reality, the only houses that sell now are the ones that are at the lower end of the range. People fail to realize that those new “low” comps are not flukes – they represent the true price that buyers are willing to pay at that particular time.

[FormerOwner]

I forgot to mention that the landlord bought the house in 2005. I’ve read about a California “rent skimming” law but it appears to apply only during the first 12 months the landlord owns the house.

Also, maybe I should still get my security deposit back since the NOD may come out right after I pay the rent, cutting my “rent free” period down to 60 days, instead of 90.

[FormerOwner]

I forgot to mention that the landlord bought the house in 2005. I’ve read about a California “rent skimming” law but it appears to apply only during the first 12 months the landlord owns the house.

Also, maybe I should still get my security deposit back since the NOD may come out right after I pay the rent, cutting my “rent free” period down to 60 days, instead of 90.

[FormerOwner]

Regarding sterotyping of Asians as techies, I think a lot of that is because the Asians that come to the US from China and Japan tend to be engineers or in some technical field so Americans think all Asians are like that. I was misled by those stereotypes myself until I dated a couple of Asian girls – they were definitely not techies but they did feel some social pressure from their families to succeed financially.

I’ve noticed that of the Asians that come to the US, a high percentage of Japanese and Chinese are techies but Philipinos tend not to be techies – the women go into nursing many times and them men go into various trades.

[FormerOwner]

Regarding sterotyping of Asians as techies, I think a lot of that is because the Asians that come to the US from China and Japan tend to be engineers or in some technical field so Americans think all Asians are like that. I was misled by those stereotypes myself until I dated a couple of Asian girls – they were definitely not techies but they did feel some social pressure from their families to succeed financially.

I’ve noticed that of the Asians that come to the US, a high percentage of Japanese and Chinese are techies but Philipinos tend not to be techies – the women go into nursing many times and them men go into various trades.

[FormerOwner]

It looks like the courts will have to decide who is guilty of what crimes and who owes what money to whom, etc. The role of the investors seems in question but there doesn’t seem to be much question about the role of the ringleaders at all. I wonder if this is the largest real estate scam in history? I’ve never heard of anything on this scale before. Has anyone else? How could the ringleaders think they could get away with it? Aren’t they afraid of getting capped?

[FormerOwner]

It looks like the courts will have to decide who is guilty of what crimes and who owes what money to whom, etc. The role of the investors seems in question but there doesn’t seem to be much question about the role of the ringleaders at all. I wonder if this is the largest real estate scam in history? I’ve never heard of anything on this scale before. Has anyone else? How could the ringleaders think they could get away with it? Aren’t they afraid of getting capped?

[FormerOwner]

Conned,

Whoever signed the loan documents had to leave their thumb print and signature in the notary’s log book. Also, the signer would have gotten a copy of the documents at the closing. It should be easy to tell who was present at the closing and who signed the documents.

If YOU didn’t sign the papers, whose thumb print is in that book then?

[FormerOwner]

Conned,

Whoever signed the loan documents had to leave their thumb print and signature in the notary’s log book. Also, the signer would have gotten a copy of the documents at the closing. It should be easy to tell who was present at the closing and who signed the documents.

If YOU didn’t sign the papers, whose thumb print is in that book then?

[FormerOwner]

I didn’t want to rant too much in my last post, but I also find it strange that there are so many vehicles that ride either ridiculously low or ridiculously high. In both cases, they make a lot of noise and drive at crazy speeds, tailgaiting and cutting people off. Police enforcement of the speed limit and rules of the road is close to non-existent.

The reason I’m considering moving back to the Bay Area is that you have less need for a car there – I would keep our 2 SUV’s but just use them a lot less. I’m getting tired of all the rude drivers in Temecula. It’s like a Mad Max movie up here. People drive like they are true road warriors in a battle. My wife and I both drive SUV’s but it’s purely defensive. I don’t want to be in a Mini and get run over by a lifted Excursion! If I move to a less hostile environment, I would downsize to small vehicles once our SUV’s wear out.

[FormerOwner]

I didn’t want to rant too much in my last post, but I also find it strange that there are so many vehicles that ride either ridiculously low or ridiculously high. In both cases, they make a lot of noise and drive at crazy speeds, tailgaiting and cutting people off. Police enforcement of the speed limit and rules of the road is close to non-existent.

The reason I’m considering moving back to the Bay Area is that you have less need for a car there – I would keep our 2 SUV’s but just use them a lot less. I’m getting tired of all the rude drivers in Temecula. It’s like a Mad Max movie up here. People drive like they are true road warriors in a battle. My wife and I both drive SUV’s but it’s purely defensive. I don’t want to be in a Mini and get run over by a lifted Excursion! If I move to a less hostile environment, I would downsize to small vehicles once our SUV’s wear out.

[FormerOwner]

On the coreclient website, they list New World Mortgage as being involved in the Stonewood Scam. I thought New World was a reputable mortgage brokerage (as reputable as any other mortgage brokerage, that is). Does anyone know exactly what their involvement was? Were there mortgage brokers there that were insiders to the Stonewood scam? How many?

[FormerOwner]

On the coreclient website, they list New World Mortgage as being involved in the Stonewood Scam. I thought New World was a reputable mortgage brokerage (as reputable as any other mortgage brokerage, that is). Does anyone know exactly what their involvement was? Were there mortgage brokers there that were insiders to the Stonewood scam? How many?

[Author]

Posts