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no_such_reality
ParticipantInflation adjusted? Possibly. 1999 was already a couple years off of the prior cycles bottom.
In general, the bigger the binge, the worse the hangover.
ParticipantI wonder how many condo owners downtown know whether or not their current “view” is going to exist come 2009 and the other 5000+ condo units are built?
ParticipantI wonder how many condo owners downtown know whether or not their current “view” is going to exist come 2009 and the other 5000+ condo units are built?
Participantn_s_r – It’s not about logic it’s about the law and economic survival.
That’s not what I’m chafing about. It’s the mindset, that the banks took the risk. Sorry, the borrower took the risk. The borrower got an ARM, the borrower needs to plan for the reset. Instead, you’re saying the bank has to devine the future and say “sorry Mr. Borrower, in 3 years we think rates will be different today and we don’t see your plan for accomodating the worst case scenario”.
Can you imagine the bloody screams of injustice as all mini-trumps couldn’t qualify for a loan?
IMHO, everybody is going to piss and moan about the “unfair!” banks wanting 20% down and still charging 10% interest. Newsflash, they will have to because the mindset of the borrowers is “if the bank gives me the money, the bank is certifying it’s a good thing to do and if it goes south, I just stick it to the bank”.
Participantn_s_r – It’s not about logic it’s about the law and economic survival.
That’s not what I’m chafing about. It’s the mindset, that the banks took the risk. Sorry, the borrower took the risk. The borrower got an ARM, the borrower needs to plan for the reset. Instead, you’re saying the bank has to devine the future and say “sorry Mr. Borrower, in 3 years we think rates will be different today and we don’t see your plan for accomodating the worst case scenario”.
Can you imagine the bloody screams of injustice as all mini-trumps couldn’t qualify for a loan?
IMHO, everybody is going to piss and moan about the “unfair!” banks wanting 20% down and still charging 10% interest. Newsflash, they will have to because the mindset of the borrowers is “if the bank gives me the money, the bank is certifying it’s a good thing to do and if it goes south, I just stick it to the bank”.
ParticipantThe banks knew they were taking a risk and they lost. They deserve to eat the loss (assuming no fraud on the application).
Of course, that same logic doesn’t apply to the borrower. You thinks his risk is just the credit ding.
ParticipantThe banks knew they were taking a risk and they lost. They deserve to eat the loss (assuming no fraud on the application).
Of course, that same logic doesn’t apply to the borrower. You thinks his risk is just the credit ding.
ParticipantAsk yourself question, if you were looking for a place to live, what would it take for you to buy a home on a block with 3 other foreclosures that the banks are trying to dump withing walking distance, literally only two or three houses away?
Does the price ever get attactive enough before it gets to par with rent to make you want to jump?
ParticipantAsk yourself question, if you were looking for a place to live, what would it take for you to buy a home on a block with 3 other foreclosures that the banks are trying to dump withing walking distance, literally only two or three houses away?
Does the price ever get attactive enough before it gets to par with rent to make you want to jump?
ParticipantI would suspect 1055 Trailview next door is bank owned.
Current price $599,900.
Sales history:
06/04/2007 $621,442
07/28/2006 $728,000
07/31/2003 $408,000And I’m not sure what Corporate Owned means, but I’m guessing lender repo. Looks like the other neighbor across the street at 1020 Trailview is also down $150,000 from peak.
Current Price $559,900
Sales history:
02/15/2007 $569,900
11/30/2005 $715,000
07/24/2003 $385,000
01/31/2001 $263,500Or around the corner. 1099 Mountain Grove Lender Owned in the MLS. Another $200,000 loss from peak.
Current price $499,900.
Sales History
04/13/2007 $583,891
06/09/2006 $680,000
08/03/2001 $263,000Not bad for one street and neighborhood in Corona, 4 bank Repos, four $200,000 losses from peak.
Call me when those 2001 price start showing up, with that many Repos, the neighborhood is toast.
It’s good to see, but I can also point to a bank being stupid and doing just the opposite. Earlier today I cruised through the bank REO list. They appear to be putting Repos back on the market at the price they paid plus 15-25% in Orange County. A spot check of Huntington Beach, Coto de Caza, Irvine, showed several this way.
ParticipantI would suspect 1055 Trailview next door is bank owned.
Current price $599,900.
Sales history:
06/04/2007 $621,442
07/28/2006 $728,000
07/31/2003 $408,000And I’m not sure what Corporate Owned means, but I’m guessing lender repo. Looks like the other neighbor across the street at 1020 Trailview is also down $150,000 from peak.
Current Price $559,900
Sales history:
02/15/2007 $569,900
11/30/2005 $715,000
07/24/2003 $385,000
01/31/2001 $263,500Or around the corner. 1099 Mountain Grove Lender Owned in the MLS. Another $200,000 loss from peak.
Current price $499,900.
Sales History
04/13/2007 $583,891
06/09/2006 $680,000
08/03/2001 $263,000Not bad for one street and neighborhood in Corona, 4 bank Repos, four $200,000 losses from peak.
Call me when those 2001 price start showing up, with that many Repos, the neighborhood is toast.
It’s good to see, but I can also point to a bank being stupid and doing just the opposite. Earlier today I cruised through the bank REO list. They appear to be putting Repos back on the market at the price they paid plus 15-25% in Orange County. A spot check of Huntington Beach, Coto de Caza, Irvine, showed several this way.
ParticipantL.A. County alone will top 13 million by 2050, an increase of almost 3.5
Of course, by 2050, the kids that graduated college this spring will be retiring. If they work a government job like Fireman, Police, etc, they will be retired for 15 year by the time this happens…
This kind of article comes out every year. It’s primary purpose is to plan and potential prop up the need for big government.
That said, the important thing to remember is 43 years is a long time. After WW2, the great suburban shift occured. Maybe after the oil wars of twenty-teens, the great Urban Arcology migration will begin or something equally different from today.
ParticipantL.A. County alone will top 13 million by 2050, an increase of almost 3.5
Of course, by 2050, the kids that graduated college this spring will be retiring. If they work a government job like Fireman, Police, etc, they will be retired for 15 year by the time this happens…
This kind of article comes out every year. It’s primary purpose is to plan and potential prop up the need for big government.
That said, the important thing to remember is 43 years is a long time. After WW2, the great suburban shift occured. Maybe after the oil wars of twenty-teens, the great Urban Arcology migration will begin or something equally different from today.
ParticipantYou’re both right. It depends if you’re going to watch TV or want to replicate the movie theater viewing experience.
http://www.myhometheater.homestead.com/viewingdistancecalculator.html
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