[mydogsarelazy]

I am not the typical piggintonian, but I can’t resist giving you a piece of advice.

First off all, don’t focus so much on building savings. I would say that you main focus should be avoiding debt. Seriously, debt is what will paralyze you financially. If you have any, work it down as best you can. Buy only used cars for cash, etc.

I see nothing wrong, when home values are lower, with buying a home with little or nothing down.

JS

[mydogsarelazy]

Hi 5yes,

I live in Murrieta and although a Piggintonian, I am not as extreme as some folks on this board. Is that denial? Only my shrink knows for sure.

That said, here is what I think you should do. Ask yourself the following three questions:

1) Is this a home you really want? Does it really suit your needs?

2) Can you comfortably afford the payments? The repairs won’t take too much cash right?

3) Do you plan to stay at least ten years?

If you got three yes answers to the above, I would say go ahead and make an offer.

Here is what I am seeing in my neighborhood. For almost a year the market has been just stagnant, almost nothing selling, repos and brown lawns have been appearing. Then, last week a house near me went for sale at $399k. All the other local houses for sale are in the $400-500k range. Suddenly lots of shows and lots of realtors taking people through the house.

In other words, yes the market is taking a dive, yes it could get worse, yes nobody knows what is next, but there are some potential buyers appearing looking for “bargains” if that word even applies.

Good luck,

JS

[mydogsarelazy]

Hi 5yes,

I live in Murrieta and although a Piggintonian, I am not as extreme as some folks on this board. Is that denial? Only my shrink knows for sure.

That said, here is what I think you should do. Ask yourself the following three questions:

1) Is this a home you really want? Does it really suit your needs?

2) Can you comfortably afford the payments? The repairs won’t take too much cash right?

3) Do you plan to stay at least ten years?

If you got three yes answers to the above, I would say go ahead and make an offer.

Here is what I am seeing in my neighborhood. For almost a year the market has been just stagnant, almost nothing selling, repos and brown lawns have been appearing. Then, last week a house near me went for sale at $399k. All the other local houses for sale are in the $400-500k range. Suddenly lots of shows and lots of realtors taking people through the house.

In other words, yes the market is taking a dive, yes it could get worse, yes nobody knows what is next, but there are some potential buyers appearing looking for “bargains” if that word even applies.

Good luck,

JS

[mydogsarelazy]

Hi 5yes,

I live in Murrieta and although a Piggintonian, I am not as extreme as some folks on this board. Is that denial? Only my shrink knows for sure.

That said, here is what I think you should do. Ask yourself the following three questions:

1) Is this a home you really want? Does it really suit your needs?

2) Can you comfortably afford the payments? The repairs won’t take too much cash right?

3) Do you plan to stay at least ten years?

If you got three yes answers to the above, I would say go ahead and make an offer.

Here is what I am seeing in my neighborhood. For almost a year the market has been just stagnant, almost nothing selling, repos and brown lawns have been appearing. Then, last week a house near me went for sale at $399k. All the other local houses for sale are in the $400-500k range. Suddenly lots of shows and lots of realtors taking people through the house.

In other words, yes the market is taking a dive, yes it could get worse, yes nobody knows what is next, but there are some potential buyers appearing looking for “bargains” if that word even applies.

Good luck,

JS

[mydogsarelazy]

Hi Allan,

I just got back from losing my shirt at Pechanga and my monster truck is parked next to my trophy wife’s Denali. I am sitting here in my 4,000 sq. ft Lennar home wondering why everyone on this board hates Temecula. Could you be jealous of our real estate? Have to admit it, the granite counters and Italian terazzo tile in the kitchen look pretty great in the morning light.

Don’t have much time to think about this, as I need to start my two hour commute to work.

JS

PS: Don’t worry, I have three daughters, so no Pop Warner threats in this massive stucco mcmansion.

[mydogsarelazy]

Hi Allan,

I just got back from losing my shirt at Pechanga and my monster truck is parked next to my trophy wife’s Denali. I am sitting here in my 4,000 sq. ft Lennar home wondering why everyone on this board hates Temecula. Could you be jealous of our real estate? Have to admit it, the granite counters and Italian terazzo tile in the kitchen look pretty great in the morning light.

Don’t have much time to think about this, as I need to start my two hour commute to work.

JS

PS: Don’t worry, I have three daughters, so no Pop Warner threats in this massive stucco mcmansion.

[mydogsarelazy]

Hi Allan,

I just got back from losing my shirt at Pechanga and my monster truck is parked next to my trophy wife’s Denali. I am sitting here in my 4,000 sq. ft Lennar home wondering why everyone on this board hates Temecula. Could you be jealous of our real estate? Have to admit it, the granite counters and Italian terazzo tile in the kitchen look pretty great in the morning light.

Don’t have much time to think about this, as I need to start my two hour commute to work.

JS

PS: Don’t worry, I have three daughters, so no Pop Warner threats in this massive stucco mcmansion.

[mydogsarelazy]

OK, this thread has wandered since I started it, but I will wander with you.

Irvine and temeculaguy, if you are looking, try the internet. Avoid Fashion Island, Temecula Wineries and the Chick’s parking lot.

After my first wife sued me for divorce when I was halfway through a brutal three month course of chemotherapy I had to wonder if I would ever feel like dating again. Turns out I did, and I met my wonderful new wife on Yahoo! personals six months after the Doctors told me I had remission.

She is attractive, highly educated, and can really handle investments. My ex-wife, like Irvines ex-husband, really could spend the $$$ and I will never forget the dress bought in Paris where she didn’t know the exchange rate, and the $150.00 haircuts at Bergamot Station.

Match.com is terrific.

JS

[mydogsarelazy]

OK, this thread has wandered since I started it, but I will wander with you.

Irvine and temeculaguy, if you are looking, try the internet. Avoid Fashion Island, Temecula Wineries and the Chick’s parking lot.

After my first wife sued me for divorce when I was halfway through a brutal three month course of chemotherapy I had to wonder if I would ever feel like dating again. Turns out I did, and I met my wonderful new wife on Yahoo! personals six months after the Doctors told me I had remission.

She is attractive, highly educated, and can really handle investments. My ex-wife, like Irvines ex-husband, really could spend the $$$ and I will never forget the dress bought in Paris where she didn’t know the exchange rate, and the $150.00 haircuts at Bergamot Station.

Match.com is terrific.

JS

[mydogsarelazy]

OK, this thread has wandered since I started it, but I will wander with you.

Irvine and temeculaguy, if you are looking, try the internet. Avoid Fashion Island, Temecula Wineries and the Chick’s parking lot.

After my first wife sued me for divorce when I was halfway through a brutal three month course of chemotherapy I had to wonder if I would ever feel like dating again. Turns out I did, and I met my wonderful new wife on Yahoo! personals six months after the Doctors told me I had remission.

She is attractive, highly educated, and can really handle investments. My ex-wife, like Irvines ex-husband, really could spend the $$$ and I will never forget the dress bought in Paris where she didn’t know the exchange rate, and the $150.00 haircuts at Bergamot Station.

Match.com is terrific.

JS

[mydogsarelazy]

That is a million dollar home?

You are right, the photos are a nightmare. The dog photo is a classic.

JS

[mydogsarelazy]

That is a million dollar home?

You are right, the photos are a nightmare. The dog photo is a classic.

JS

[mydogsarelazy]

My situation boils down to this:

– I am a homeowner who has accepted that my home, worth perhaps $550k at the peak of the madness will be declining in value rapidly, maybe to half of the peak value.

– My only debt is a mortgage balance of $148k.

– I have an STRS pension and contribute to a college fund for my kids each month.

So, I guess you could say that I see things the Piggington way in terms of what will happen in real estate, but I want to give my kids the stability of growing up in the same house. It was tempting in 2005 to say “Let’s take the money and run” but most of our equity is phantom equity that came to us with the blowing up of the bubble, and which will go away as it deflates.

JS

[mydogsarelazy]

My situation boils down to this:

– I am a homeowner who has accepted that my home, worth perhaps $550k at the peak of the madness will be declining in value rapidly, maybe to half of the peak value.

– My only debt is a mortgage balance of $148k.

– I have an STRS pension and contribute to a college fund for my kids each month.

So, I guess you could say that I see things the Piggington way in terms of what will happen in real estate, but I want to give my kids the stability of growing up in the same house. It was tempting in 2005 to say “Let’s take the money and run” but most of our equity is phantom equity that came to us with the blowing up of the bubble, and which will go away as it deflates.

JS

[mydogsarelazy]

Here you go:

Murrieta Company, Broker to Forfeit Real Estate Licenses

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RISMEDIA, July 3, 2007—(MCT)—A Murrieta-based real estate investment company and a broker that sparked a rash of lawsuits and a criminal investigation have agreed to forfeit their real estate licenses, according to a document filed with the California Department of Real Estate.

Stonewood Consulting and Hendrix Moreno Montecastro waived their right to contest a long litany of violations that the department alleged in a May 23 complaint. They did not admit the validity of the allegations, which nonetheless are stated as the reason for the disciplinary action. Department of Real Estate spokesman Tom Pool said the license revocations will become effective July 9.

William H. Sauls, the lawyer representing Stonewood Consulting and Montecastro, was unavailable for comment Thursday. He has repeatedly refused to be interviewed regarding the case.

Montecastro and Stonewood Consulting are accused of engaging in a scheme in which inflated appraisals were used to obtain mortgages larger than the price that the sellers actually received for their properties.

Stonewood Consulting took as commissions the difference between the contract sales price that was reported to the lenders and the price paid to the sellers, according to the complaint. The department said an audit of 10 properties conducted as part of its investigation showed that Stonewood Consulting collected commissions ranging from $75,000 to $115,000 per house, for a total of $969,158.

In civil and federal lawsuits, Stonewood Consulting investors claim they were induced to buy multiple houses with inflated mortgages with the aim of raising funds they thought would be invested for them with a guarantee of big returns.

Richard Ackerman, a lawyer for many of the plaintiffs, says that investors in California and several other states were defrauded in a scam that involved the purchase and refinancing of hundreds of houses, the majority concentrated in southwest Riverside County, particularly Murrieta and Temecula.

Ackerman said investors were assured the mortgages on their houses would be paid by those they entrusted to invest the excess mortgage funds and through other money they raised by drawing on credit cards and retirement accounts. Instead, late last year, the mortgage payments stopped and many of the houses have gone into default and foreclosure, he said.

Other alleged violations cited by the Department of Real Estate included failure to maintain mortgage trust accounts, illegal disbursement of money from property management accounts, illegal disbursement of money from property management accounts, incomplete and inaccurate loan-disclosure statements, failure to disclose loan origination fees and telling sellers that buyers had deposited earnest money that didn’t exist.

Ackerman said he considers Stonewood Consulting and Montecastro’s decision not to contest the allegations “an implied admission on their part that they did wrong. Why would you surrender your professional license in the face of serious charges unless you thought there was some merit to the charges?”

Anna Richter, 39, a Rialto resident and Stonewood Consulting investor who has been organizing rallies to urge authorities to take enforcement action, said, “I am happy their license will be revoked. However, I am extremely disappointed in the bureaucratic slowness of justice. Someone should be arrested by now.”

The Riverside County district attorney’s office has said it is investigating Stonewood Consulting for possible crimes involving mortgage fraud.

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