[jpinpb]

That is a very good point. I figured they would continually trinkle in over time.

What I would mostly like to know is what percentage of homes in San Diego were bought w/subprime loans for each year from, say, 2002 to 2006. That will give an idea what we’re in for here. Some people were saying only 10-15%. I can’t accept that. I’m thinking closer to 80%. I read, maybe on Pig. that some people who owned their place for years, had equity and did HELC w/subprime loans. Crazy.

I also think no one is saying anything because they’re in denial. But also they are very shortsighted. They were extremely shortsighted and in denial during the boom. Houses were going to keep going up to infinity, remember? Two-three years ago I was hounded by lenders, friends, etc to buy and I thought, “Are you crazed?” I’m surprised it went as long as it did.

The same shortsightedness will happen w/these loans adjusting. They’re just going to worry about today. It will be too overwhelming to think about the next few years. But as I said in a previous post, the interest rate reduction must be helping w/some of those loans resetting. Their rate might not go so high. Not sure. Some people who aren’t upside-down can refinance into a fixed.

Maybe it won’t be so bad.

[jpinpb]

That is a very good point. I figured they would continually trinkle in over time.

What I would mostly like to know is what percentage of homes in San Diego were bought w/subprime loans for each year from, say, 2002 to 2006. That will give an idea what we’re in for here. Some people were saying only 10-15%. I can’t accept that. I’m thinking closer to 80%. I read, maybe on Pig. that some people who owned their place for years, had equity and did HELC w/subprime loans. Crazy.

I also think no one is saying anything because they’re in denial. But also they are very shortsighted. They were extremely shortsighted and in denial during the boom. Houses were going to keep going up to infinity, remember? Two-three years ago I was hounded by lenders, friends, etc to buy and I thought, “Are you crazed?” I’m surprised it went as long as it did.

The same shortsightedness will happen w/these loans adjusting. They’re just going to worry about today. It will be too overwhelming to think about the next few years. But as I said in a previous post, the interest rate reduction must be helping w/some of those loans resetting. Their rate might not go so high. Not sure. Some people who aren’t upside-down can refinance into a fixed.

Maybe it won’t be so bad.

[jpinpb]

That is a very good point. I figured they would continually trinkle in over time.

What I would mostly like to know is what percentage of homes in San Diego were bought w/subprime loans for each year from, say, 2002 to 2006. That will give an idea what we’re in for here. Some people were saying only 10-15%. I can’t accept that. I’m thinking closer to 80%. I read, maybe on Pig. that some people who owned their place for years, had equity and did HELC w/subprime loans. Crazy.

I also think no one is saying anything because they’re in denial. But also they are very shortsighted. They were extremely shortsighted and in denial during the boom. Houses were going to keep going up to infinity, remember? Two-three years ago I was hounded by lenders, friends, etc to buy and I thought, “Are you crazed?” I’m surprised it went as long as it did.

The same shortsightedness will happen w/these loans adjusting. They’re just going to worry about today. It will be too overwhelming to think about the next few years. But as I said in a previous post, the interest rate reduction must be helping w/some of those loans resetting. Their rate might not go so high. Not sure. Some people who aren’t upside-down can refinance into a fixed.

Maybe it won’t be so bad.

[jpinpb]

Info I heard:

all sold – at 399K and above

2bd/2ba sold between 395K and 435K. 3bd/2ba sold between 485K – 500K. There were around 500 people bidding for the 20 condos.
IMO still too much for these places. I’m surprised that people would pay this much. Maybe some are flippers. Should be fun to watch. Maybe by the end of the year we can pick it up for 300k from the bank.

I’ve only been to about 4 auctions in my life and they’ve all been a frenzied mess where people overpay. One auction someone bought something over what the comp was.

REDC made a 5% commission on each unit. They’re the ones making the money. They auctioned La Boheme in North Park and Lucera in UTC. These guys are the ones cleaning house. Wonder what their next target condo sale will be. Anyone think of any distress places not selling?

[jpinpb]

Info I heard:

all sold – at 399K and above

2bd/2ba sold between 395K and 435K. 3bd/2ba sold between 485K – 500K. There were around 500 people bidding for the 20 condos.
IMO still too much for these places. I’m surprised that people would pay this much. Maybe some are flippers. Should be fun to watch. Maybe by the end of the year we can pick it up for 300k from the bank.

I’ve only been to about 4 auctions in my life and they’ve all been a frenzied mess where people overpay. One auction someone bought something over what the comp was.

REDC made a 5% commission on each unit. They’re the ones making the money. They auctioned La Boheme in North Park and Lucera in UTC. These guys are the ones cleaning house. Wonder what their next target condo sale will be. Anyone think of any distress places not selling?

[jpinpb]

Info I heard:

all sold – at 399K and above

2bd/2ba sold between 395K and 435K. 3bd/2ba sold between 485K – 500K. There were around 500 people bidding for the 20 condos.
IMO still too much for these places. I’m surprised that people would pay this much. Maybe some are flippers. Should be fun to watch. Maybe by the end of the year we can pick it up for 300k from the bank.

I’ve only been to about 4 auctions in my life and they’ve all been a frenzied mess where people overpay. One auction someone bought something over what the comp was.

REDC made a 5% commission on each unit. They’re the ones making the money. They auctioned La Boheme in North Park and Lucera in UTC. These guys are the ones cleaning house. Wonder what their next target condo sale will be. Anyone think of any distress places not selling?

[jpinpb]

Info I heard:

all sold – at 399K and above

2bd/2ba sold between 395K and 435K. 3bd/2ba sold between 485K – 500K. There were around 500 people bidding for the 20 condos.
IMO still too much for these places. I’m surprised that people would pay this much. Maybe some are flippers. Should be fun to watch. Maybe by the end of the year we can pick it up for 300k from the bank.

I’ve only been to about 4 auctions in my life and they’ve all been a frenzied mess where people overpay. One auction someone bought something over what the comp was.

REDC made a 5% commission on each unit. They’re the ones making the money. They auctioned La Boheme in North Park and Lucera in UTC. These guys are the ones cleaning house. Wonder what their next target condo sale will be. Anyone think of any distress places not selling?

[jpinpb]

Info I heard:

all sold – at 399K and above

2bd/2ba sold between 395K and 435K. 3bd/2ba sold between 485K – 500K. There were around 500 people bidding for the 20 condos.
IMO still too much for these places. I’m surprised that people would pay this much. Maybe some are flippers. Should be fun to watch. Maybe by the end of the year we can pick it up for 300k from the bank.

I’ve only been to about 4 auctions in my life and they’ve all been a frenzied mess where people overpay. One auction someone bought something over what the comp was.

REDC made a 5% commission on each unit. They’re the ones making the money. They auctioned La Boheme in North Park and Lucera in UTC. These guys are the ones cleaning house. Wonder what their next target condo sale will be. Anyone think of any distress places not selling?

[jpinpb]

Wow. Thanks for the detail on this one. Quite a history. What do you guys think about the situation now? Anyone going to bite and buy it all fixed up and pretty, regardless of powerlines? If the new owner only put 10% down, there’s not much wiggle room. If he really hurts, he can always reduce it by 10%. Think there may be some takers?

I still wouldn’t do it, but there are crazier people out there as evidenced by all the foreclosures.

[jpinpb]

Wow. Thanks for the detail on this one. Quite a history. What do you guys think about the situation now? Anyone going to bite and buy it all fixed up and pretty, regardless of powerlines? If the new owner only put 10% down, there’s not much wiggle room. If he really hurts, he can always reduce it by 10%. Think there may be some takers?

I still wouldn’t do it, but there are crazier people out there as evidenced by all the foreclosures.

[jpinpb]

Wow. Thanks for the detail on this one. Quite a history. What do you guys think about the situation now? Anyone going to bite and buy it all fixed up and pretty, regardless of powerlines? If the new owner only put 10% down, there’s not much wiggle room. If he really hurts, he can always reduce it by 10%. Think there may be some takers?

I still wouldn’t do it, but there are crazier people out there as evidenced by all the foreclosures.

[jpinpb]

Wow. Thanks for the detail on this one. Quite a history. What do you guys think about the situation now? Anyone going to bite and buy it all fixed up and pretty, regardless of powerlines? If the new owner only put 10% down, there’s not much wiggle room. If he really hurts, he can always reduce it by 10%. Think there may be some takers?

I still wouldn’t do it, but there are crazier people out there as evidenced by all the foreclosures.

[jpinpb]

Wow. Thanks for the detail on this one. Quite a history. What do you guys think about the situation now? Anyone going to bite and buy it all fixed up and pretty, regardless of powerlines? If the new owner only put 10% down, there’s not much wiggle room. If he really hurts, he can always reduce it by 10%. Think there may be some takers?

I still wouldn’t do it, but there are crazier people out there as evidenced by all the foreclosures.

[jpinpb]

That’s true. I can’t imagine paying more thank 5k a month for rent. Even if they put money down, gosh, I can’t see more than 20%. Maybe they’ll reduce it 20%, then and walk away. Tragic loss for them. Hard lesson.

Sorry I misunderstood about 60k. That would put in a very nice pool. I’ll bring towels and suntan lotion. 🙂

Let’s keep an eye. Maybe he will get lucky and find someone to give him what he wants. Surprise us all.

[jpinpb]

That’s true. I can’t imagine paying more thank 5k a month for rent. Even if they put money down, gosh, I can’t see more than 20%. Maybe they’ll reduce it 20%, then and walk away. Tragic loss for them. Hard lesson.

Sorry I misunderstood about 60k. That would put in a very nice pool. I’ll bring towels and suntan lotion. 🙂

Let’s keep an eye. Maybe he will get lucky and find someone to give him what he wants. Surprise us all.

[Author]

Posts