[garysears]

I believe this is the site advertised on itulip.com. I looked at that a year or two ago. Browsing through the people asking for loans (at the time) I was struck with the fact that many of these people were there because they weren’t considered credit worthy by regular lending institutions.

I decided the risk was too high and the return probably wasn’t pricing the risk appropriately. To me the site made no sense in light of easy credit. If credit gets much more difficult in the future I think the concept might be worth looking at again. It just seemed foolish to me to try to compete over what seemed to be mostly rejects from the banks who, as we know, will lend money to pretty much anyone.

If high inflation is in our future, I’d rather just buy silver as a hedge. It will perform better. I’m kicking myself for not buying a bunch of silver under $12 last year when I had a chunk of change. I still think it could be undervalued and will probably rise at a rate better than lending money to strangers.

[garysears]

From the article:

“AngryRenter.com does seem to be tapping a vein of genuine public ire. Rich Toscano, a renter who is a financial adviser with Pacific Capital Associates in San Diego, initially thought the site was an authentic, popular enterprise. “It looks like a young person did it,” he says.

He was instinctively sympathetic, having started his own blog: Professor Piggington’s Econo-Almanac for the Landed Poor, a celebration of foreclosures and other misfortunes suffered by real-estate brokers who he says helped inflate the local bubble. Though Mr. Toscano realized later that FreedomWorks was behind AngryRenter.com, he says the message is more important than the identity of the messenger. Everyone should be angry about any bailout, he says.”
—————————
I’m not a WSJ reader so maybe this isn’t unusual reporting, but his characterization of this blog seems…a bit off. It doesn’t look like Mr. Phillips spent much time researching before publishing.

Maybe it is worth responding to Mr. Phillips and suggesting a better way to characterize the service Rich has provided through his hard data and reasoned argument, warning of the bubble early on and saving untold numbers of people untold amounts of money.

You can email him at [email protected].

[garysears]

From the article:

“AngryRenter.com does seem to be tapping a vein of genuine public ire. Rich Toscano, a renter who is a financial adviser with Pacific Capital Associates in San Diego, initially thought the site was an authentic, popular enterprise. “It looks like a young person did it,” he says.

He was instinctively sympathetic, having started his own blog: Professor Piggington’s Econo-Almanac for the Landed Poor, a celebration of foreclosures and other misfortunes suffered by real-estate brokers who he says helped inflate the local bubble. Though Mr. Toscano realized later that FreedomWorks was behind AngryRenter.com, he says the message is more important than the identity of the messenger. Everyone should be angry about any bailout, he says.”
—————————
I’m not a WSJ reader so maybe this isn’t unusual reporting, but his characterization of this blog seems…a bit off. It doesn’t look like Mr. Phillips spent much time researching before publishing.

Maybe it is worth responding to Mr. Phillips and suggesting a better way to characterize the service Rich has provided through his hard data and reasoned argument, warning of the bubble early on and saving untold numbers of people untold amounts of money.

You can email him at [email protected].

[garysears]

From the article:

“AngryRenter.com does seem to be tapping a vein of genuine public ire. Rich Toscano, a renter who is a financial adviser with Pacific Capital Associates in San Diego, initially thought the site was an authentic, popular enterprise. “It looks like a young person did it,” he says.

He was instinctively sympathetic, having started his own blog: Professor Piggington’s Econo-Almanac for the Landed Poor, a celebration of foreclosures and other misfortunes suffered by real-estate brokers who he says helped inflate the local bubble. Though Mr. Toscano realized later that FreedomWorks was behind AngryRenter.com, he says the message is more important than the identity of the messenger. Everyone should be angry about any bailout, he says.”
—————————
I’m not a WSJ reader so maybe this isn’t unusual reporting, but his characterization of this blog seems…a bit off. It doesn’t look like Mr. Phillips spent much time researching before publishing.

Maybe it is worth responding to Mr. Phillips and suggesting a better way to characterize the service Rich has provided through his hard data and reasoned argument, warning of the bubble early on and saving untold numbers of people untold amounts of money.

You can email him at [email protected].

[garysears]

From the article:

“AngryRenter.com does seem to be tapping a vein of genuine public ire. Rich Toscano, a renter who is a financial adviser with Pacific Capital Associates in San Diego, initially thought the site was an authentic, popular enterprise. “It looks like a young person did it,” he says.

He was instinctively sympathetic, having started his own blog: Professor Piggington’s Econo-Almanac for the Landed Poor, a celebration of foreclosures and other misfortunes suffered by real-estate brokers who he says helped inflate the local bubble. Though Mr. Toscano realized later that FreedomWorks was behind AngryRenter.com, he says the message is more important than the identity of the messenger. Everyone should be angry about any bailout, he says.”
—————————
I’m not a WSJ reader so maybe this isn’t unusual reporting, but his characterization of this blog seems…a bit off. It doesn’t look like Mr. Phillips spent much time researching before publishing.

Maybe it is worth responding to Mr. Phillips and suggesting a better way to characterize the service Rich has provided through his hard data and reasoned argument, warning of the bubble early on and saving untold numbers of people untold amounts of money.

You can email him at [email protected].

[garysears]

From the article:

“AngryRenter.com does seem to be tapping a vein of genuine public ire. Rich Toscano, a renter who is a financial adviser with Pacific Capital Associates in San Diego, initially thought the site was an authentic, popular enterprise. “It looks like a young person did it,” he says.

He was instinctively sympathetic, having started his own blog: Professor Piggington’s Econo-Almanac for the Landed Poor, a celebration of foreclosures and other misfortunes suffered by real-estate brokers who he says helped inflate the local bubble. Though Mr. Toscano realized later that FreedomWorks was behind AngryRenter.com, he says the message is more important than the identity of the messenger. Everyone should be angry about any bailout, he says.”
—————————
I’m not a WSJ reader so maybe this isn’t unusual reporting, but his characterization of this blog seems…a bit off. It doesn’t look like Mr. Phillips spent much time researching before publishing.

Maybe it is worth responding to Mr. Phillips and suggesting a better way to characterize the service Rich has provided through his hard data and reasoned argument, warning of the bubble early on and saving untold numbers of people untold amounts of money.

You can email him at [email protected].

[garysears]

Raybyrnes, it seems like the same thing to me. It would be difficult to distinguish the difference between real financial problems and “buyer’s remorse”.

I didn’t read the text of the bill, but where is the bank’s incentive to write down the debt? Why not just foreclose and attempt to get full market value rather than writing down lower so the borrower is no longer underwater?

[garysears]

Raybyrnes, it seems like the same thing to me. It would be difficult to distinguish the difference between real financial problems and “buyer’s remorse”.

I didn’t read the text of the bill, but where is the bank’s incentive to write down the debt? Why not just foreclose and attempt to get full market value rather than writing down lower so the borrower is no longer underwater?

[garysears]

Raybyrnes, it seems like the same thing to me. It would be difficult to distinguish the difference between real financial problems and “buyer’s remorse”.

I didn’t read the text of the bill, but where is the bank’s incentive to write down the debt? Why not just foreclose and attempt to get full market value rather than writing down lower so the borrower is no longer underwater?

[garysears]

Raybyrnes, it seems like the same thing to me. It would be difficult to distinguish the difference between real financial problems and “buyer’s remorse”.

I didn’t read the text of the bill, but where is the bank’s incentive to write down the debt? Why not just foreclose and attempt to get full market value rather than writing down lower so the borrower is no longer underwater?

[garysears]

Raybyrnes, it seems like the same thing to me. It would be difficult to distinguish the difference between real financial problems and “buyer’s remorse”.

I didn’t read the text of the bill, but where is the bank’s incentive to write down the debt? Why not just foreclose and attempt to get full market value rather than writing down lower so the borrower is no longer underwater?

[garysears]

Total El Cajon MLS (according to ziprealty): 954
Total El Cajon REO and Auction (realtytrac): 764
If you include NODs (realtytrac): 1263

If you use the map search function on realtytrac to zoom out and recenter so only what appear to be San Diego county is included (Poway is north limit, Alpine is east limit):

REO and Auction properties: ~ 13,300
Including NODs: ~ 28,500

It looks to me like there are several months of inventory at current sales rates if you only include the REOs. Am I missing something?

For some reason I can’t get foreclosureradar.com search function to work right now but it lists properties by zipcode. You should easily be able to crosscheck those numbers against the MLS.

It would be interesting to track REO/Auction and NODs vs MLS for different zip codes. I think that for Spring Valley and Encanto it is possible the total MLS inventory is about the same as REO and Auction inventory. The distressed and “wish I could sell” inventory has to be just staggering.

“Wish I could sell” and “If I can sell” is starting to be a phrase I’m hearing at work.

[garysears]

Total El Cajon MLS (according to ziprealty): 954
Total El Cajon REO and Auction (realtytrac): 764
If you include NODs (realtytrac): 1263

If you use the map search function on realtytrac to zoom out and recenter so only what appear to be San Diego county is included (Poway is north limit, Alpine is east limit):

REO and Auction properties: ~ 13,300
Including NODs: ~ 28,500

It looks to me like there are several months of inventory at current sales rates if you only include the REOs. Am I missing something?

For some reason I can’t get foreclosureradar.com search function to work right now but it lists properties by zipcode. You should easily be able to crosscheck those numbers against the MLS.

It would be interesting to track REO/Auction and NODs vs MLS for different zip codes. I think that for Spring Valley and Encanto it is possible the total MLS inventory is about the same as REO and Auction inventory. The distressed and “wish I could sell” inventory has to be just staggering.

“Wish I could sell” and “If I can sell” is starting to be a phrase I’m hearing at work.

[garysears]

Total El Cajon MLS (according to ziprealty): 954
Total El Cajon REO and Auction (realtytrac): 764
If you include NODs (realtytrac): 1263

If you use the map search function on realtytrac to zoom out and recenter so only what appear to be San Diego county is included (Poway is north limit, Alpine is east limit):

REO and Auction properties: ~ 13,300
Including NODs: ~ 28,500

It looks to me like there are several months of inventory at current sales rates if you only include the REOs. Am I missing something?

For some reason I can’t get foreclosureradar.com search function to work right now but it lists properties by zipcode. You should easily be able to crosscheck those numbers against the MLS.

It would be interesting to track REO/Auction and NODs vs MLS for different zip codes. I think that for Spring Valley and Encanto it is possible the total MLS inventory is about the same as REO and Auction inventory. The distressed and “wish I could sell” inventory has to be just staggering.

“Wish I could sell” and “If I can sell” is starting to be a phrase I’m hearing at work.

[garysears]

Total El Cajon MLS (according to ziprealty): 954
Total El Cajon REO and Auction (realtytrac): 764
If you include NODs (realtytrac): 1263

If you use the map search function on realtytrac to zoom out and recenter so only what appear to be San Diego county is included (Poway is north limit, Alpine is east limit):

REO and Auction properties: ~ 13,300
Including NODs: ~ 28,500

It looks to me like there are several months of inventory at current sales rates if you only include the REOs. Am I missing something?

For some reason I can’t get foreclosureradar.com search function to work right now but it lists properties by zipcode. You should easily be able to crosscheck those numbers against the MLS.

It would be interesting to track REO/Auction and NODs vs MLS for different zip codes. I think that for Spring Valley and Encanto it is possible the total MLS inventory is about the same as REO and Auction inventory. The distressed and “wish I could sell” inventory has to be just staggering.

“Wish I could sell” and “If I can sell” is starting to be a phrase I’m hearing at work.

[Author]

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