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JWM in SD
ParticipantDo I even need to comment on this? I sure hope somebody can take this up since I’ve been “moderated”.
ParticipantDo I even need to comment on this? I sure hope somebody can take this up since I’ve been “moderated”.
ParticipantYes Allan, I fully realize that my wife and I are not the norm here in sunny SoCal. As much as I like the weather and the geography, the native Chicagoan (south sider) in me was taken back by the how many people seem to be living in LaLa land here. Is it the sun or what???
None of it made sense to me when I first got out here. I’m a CPA with finance / audit experience in public accounting and manufacturing industries (now I’m in Project Management PMP designation). I had formal training in Time Value of Money principles and I couldn’t figure out how people were affording the 600 to 800K homes on such mediocre incomes. Then I discovered that it was done with I/O and neg am loans. All they were doing was moving principal out to future years.
As far as the Temecula couple you spoke of, that is what suspect is going on all over SD and Riverside county and to a lesser extent in OC. My wife and I make a combined income of over 220K. My income alone is well above that couple’s combined income and I would not consider paying 700K for a house our income level. It’s too much money.
I pissed off a few people here with my posts on the other thread. I will make it a point to moderate my tone, but I reserve the right to call a troll a troll when I see one.
ParticipantYes Allan, I fully realize that my wife and I are not the norm here in sunny SoCal. As much as I like the weather and the geography, the native Chicagoan (south sider) in me was taken back by the how many people seem to be living in LaLa land here. Is it the sun or what???
None of it made sense to me when I first got out here. I’m a CPA with finance / audit experience in public accounting and manufacturing industries (now I’m in Project Management PMP designation). I had formal training in Time Value of Money principles and I couldn’t figure out how people were affording the 600 to 800K homes on such mediocre incomes. Then I discovered that it was done with I/O and neg am loans. All they were doing was moving principal out to future years.
As far as the Temecula couple you spoke of, that is what suspect is going on all over SD and Riverside county and to a lesser extent in OC. My wife and I make a combined income of over 220K. My income alone is well above that couple’s combined income and I would not consider paying 700K for a house our income level. It’s too much money.
I pissed off a few people here with my posts on the other thread. I will make it a point to moderate my tone, but I reserve the right to call a troll a troll when I see one.
Participantsure they do…they get to unload their overpriced house.
Participantsure they do…they get to unload their overpriced house.
ParticipantAll of these efforts sound nice and fuzzy, but they don’t address the ultimate bagholders though. Unless the investors in the MBAs, CDOs, CDSs can be made whole, then who holds the bag??? The pension funds? The taxpayers??? You better hope not, because that means hyperinflation and hyperinflation means end of the current political system. I just don’t think people on this site and drawing conclusions far enough into the reality what’s happening a global monetary scale. The Fed doesn’t give a crap about your San Diego house prices at the end of the day.
ParticipantAll of these efforts sound nice and fuzzy, but they don’t address the ultimate bagholders though. Unless the investors in the MBAs, CDOs, CDSs can be made whole, then who holds the bag??? The pension funds? The taxpayers??? You better hope not, because that means hyperinflation and hyperinflation means end of the current political system. I just don’t think people on this site and drawing conclusions far enough into the reality what’s happening a global monetary scale. The Fed doesn’t give a crap about your San Diego house prices at the end of the day.
ParticipantWell how about that, I also grew up in the Chicago Suburbs…on the south side though near Orland Park but worked near Barrington (Hoffman Estates) for a while.
I also went through the layoff experience as well a few years ago. I was laid off 2 times in a row. Once from a Tier 1 automotive component manufacturer whose initials are BW (let’s see who can figure that out) and at my next job at Conagra in Downers Grove. I had only been at the Conagra job for about 2 months when one day they brought all 150 of us in the division HQ there into a conference room and told us that they intended to move that HQ to Omaha, NE where the corporate HQ was at in order to lower overhead costs!!!! Gee, you think they knew that was in the works when the CFO of that division hired me??? Unbelieveable.
In the end it worked out for my wife and I because it turned that Conagra was quite generous with their severance package and I found a much better job here in San Diego.
Even though things worked out for me in the end, it still taught me to be very conservative with debt, spending, risk mitigation. Now my wife and I keep at least 6 months of minimum expenses in reserve (cash). That experience between 03 and 04 really changed my perspective on life quite a bit and might have been the reason I sensed something wrong with the housing market here in SD when we moved here in the Fall of 04…at the height of the madness.
ParticipantWell how about that, I also grew up in the Chicago Suburbs…on the south side though near Orland Park but worked near Barrington (Hoffman Estates) for a while.
I also went through the layoff experience as well a few years ago. I was laid off 2 times in a row. Once from a Tier 1 automotive component manufacturer whose initials are BW (let’s see who can figure that out) and at my next job at Conagra in Downers Grove. I had only been at the Conagra job for about 2 months when one day they brought all 150 of us in the division HQ there into a conference room and told us that they intended to move that HQ to Omaha, NE where the corporate HQ was at in order to lower overhead costs!!!! Gee, you think they knew that was in the works when the CFO of that division hired me??? Unbelieveable.
In the end it worked out for my wife and I because it turned that Conagra was quite generous with their severance package and I found a much better job here in San Diego.
Even though things worked out for me in the end, it still taught me to be very conservative with debt, spending, risk mitigation. Now my wife and I keep at least 6 months of minimum expenses in reserve (cash). That experience between 03 and 04 really changed my perspective on life quite a bit and might have been the reason I sensed something wrong with the housing market here in SD when we moved here in the Fall of 04…at the height of the madness.
Participant“GYSGT PD.”????
Okay, you got me on that one.
Participant“GYSGT PD.”????
Okay, you got me on that one.
Participant“Um… have a look at Rich’s recent post: about acting like a jerk
3. While I’m at it, I’m going to add another rule that applies to all topics: don’t be a jerk. By which I mean, if a thread is moving along in a perfectly civil manner, and you post the first highly negative or personal-attack-y response, you’re being a jerk. Stop it. Repeated jerks will be banned from the site.”You are the one who started a thread about this site being shut down and you are lecturing me about being a jerk???
You make ridiculously uninformed posts and you expect to not get your virtual a** handed to you here???
Participant“Um… have a look at Rich’s recent post: about acting like a jerk
3. While I’m at it, I’m going to add another rule that applies to all topics: don’t be a jerk. By which I mean, if a thread is moving along in a perfectly civil manner, and you post the first highly negative or personal-attack-y response, you’re being a jerk. Stop it. Repeated jerks will be banned from the site.”You are the one who started a thread about this site being shut down and you are lecturing me about being a jerk???
You make ridiculously uninformed posts and you expect to not get your virtual a** handed to you here???
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