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JWM in SD
ParticipantOh, and another thing Raybyrnes. You refied a year ago eh? Isn’t it time for another one by now??? Why not, you can plow it into the stock market again and see how it does. Why not refi again there Raybyrnes?? Why not??? It’s only debt right? I’m sure you can get some appraiser to hit right numbers can’t you?
I don’t care how much equity you have from being in the right place at the right time. Don’t mistake luck for prowess…that can be dangerous.
ParticipantI’m in the same situation kicksavedave. My wife and I make just over 200k combined with a child on the way. No way am I going to fund some SoCal douchebag’s retirement/lottery ticket just because they got here first. If that means that SD ends up a place where the only habitable/safe area is in LaJolla, and the rest can go the illegals who serve them, then so be it. The idiots who leveraged up like Raybyrnes are not getting my money. I’ll take it elsewhere and see how they fare from a distance. I’ve got time and I’ve got cash. No Debt. What do the FBs have except a mountain of debt and a stucco box?
ParticipantYes, I’m a simpleton…simply correct that is.
Raybyrnes, there is an old saying back where came from (so. side of Chicago): don’t bring a knife to a gun fight. I can’t help but think of this everytime I see your pathetic posts.
ParticipantRaybyrne you are truly clueless about what has really been driving this bubble aren’t you? It was not rich people moving to SD you idiot. It was a global liquidity glut ala Alan Greenspan and the Fed trying to stave off a recession earlier this decade. Loans were dirt cheap and the M3 went through the roof. Places like SoCal have always had boom and bust cycles in real estate and this one was artificially induced to absurd heights. The only thing we are headed for is credit contraction and asset deflation. Get it through your thick head already.
A lot people here need to stop looking at this a local phenomenon. It is not.
ParticipantNice try Raybyrnes, but that ain’t going to cut it buddy. There are three basic industries in San Diego; Biotech, Defense/Military, and Real Estate Related. Which one do you think has grown the most in the past several years? It isn’t biotech. All those do-nothing real estate jobs are going bye-bye as we speak. Wait until Country Wide…or Country Fried as I like to call, finally blows up when their investors realize that the AltA loans are just as crappy as the subprime loans. There will be some unhappy people in Mission Valley that day.
I drive around SD all the time and guess what I see a lot of? Lots of nice vehicles with realtor advertisements on them or home type businesses like..scrapbooking or some crap. Those people are screwed and they are only beginning to realize it.
The reset express is coming
May 3, 2007 at 7:25 AM in reply to: “Those who say the prices are going to go down 50 percent are just yahoos who are not looking at the whole picture,” #51678ParticipantAnd do what exactly?? Their choices are not very good at that point. Hyperinflation is END GAME for rich and poor alike. No, the best thing the govt can do is let this run its course. 50%? I don’t know, but I don’t think it’s out of the question though. My personal guess is 30 to 40% from peak…but I think that will happen a lot faster some people do.
ParticipantI disagree, these are not historically comparable circumstances that we are facing right now. This is not a housing bubble…this is a globabl liquidity bubble. The housing prices were driven by easy credit, speculative demand, and fraud….period. There are several layers of that nonsense built into the current housing prices. Those layers can be stripped very easily by the msm with some scathing exposes on things such as how filipino nurses got defrauded in Temecula or any of the houses being traced on the BMIT blog or any other number of blogs. Check what happened in Irvine at Irvine Renters blog…one zip code lost over 30% relative to 2006. Another thing you are ignoring is jobs…or more specifically real estate related jobs in SoCal. A lot of those high paying bullshit jobs are going to go bye bye in the near future and many already have.
We are headed into asset deflation and credit contraction. Whether you want to admit it or not. Stop looking at the micro and start looking at the macro level…it’s not a pretty picture.
ParticipantYeah, it’s negligible right now because the real wave hasnt hit yet. Jobs? you mean like all the mortgage broker and loan officer jobs?
ParticipantWho wants to bet that they had multiple investment properties on the verge of reseting? You see folks, this is just the beginning of this madness. You will more of this later this year as the major waves of resets begin to hit in SoCal. Okay, so fire away at me for being insensitive.
ParticipantMan there are some people posting really stupid questions here lately. Hey sheeple, guess what, this is only the beginning. It’s going to get far worse. Do you even understand what is bound to happen with Alt A loans soon??? Probably not.
Participant“I favor Option 1. Good schools, nice area, great appreciation investment (if done right).”
Please don’t waste our time here with such nonsense…
ParticipantI agree with Equalizer in certain respects on this issue. I have stated many times before on both this blog and the Ben Jone’s blog that you cannot expect J6Pck to understand Time Value of Money concepts. Very few people do…even highly educated people. Unless one has had training/education in finance, economics, and business accounting, then they probably don’t understand why it’s critical to ask for an amortization schedule before signing a loan..any loan. Doing so immediately highlights how much interest and principal is being paid and you know there is a problem when the number in th Principal column grows instead of shrinks. This may sound rudimentary to most who post on this blog, but I assure that there is a large number of Americans who don’t understand this.
Should they be bailed out? No. It does illustrate the need for much stiffer regulation though in the lending industry akin to that in the securities industry. The galling thing about this is that there are a lot of policy makers who should have known how big a risk they were taking by reducing the interest rates so much and injecting so much liquidity into the market (M3).
ParticipantYeah, me too. I get the constant barrage of “but honey, so and so just bought an 800K house in Poway. Isn’t that a good price?”
ParticipantOh that’s easy. It’s because the REIC in SD is trying to squeeze out every last GF and FB they can before the s*it really hits the fan…They’re too late though.
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