[no_such_reality]

In the SD metro area, there are only 98,000 households making over 150K. Out of 1,040,000. Families do much better with 80,000 out of the 646,000 families. Nearly 40% carry homes with mortgages exceeding 35% of their income.

Census Factfinder Money

Census Factfinder Housing

[no_such_reality]

Choking on their greed? ROFL. Maybe their Mai Tai. They banked and are walking away before anybody can be accountable.

It’s a similar tactic to what many small manufacturers do after being in business for years with hazardous substances and health/safety policies, they close instead of sell because then they can eliminate the retained records before they can be used by discovery in any lawsuits.

(Don’t mind me, I’ve been sipping the cyncism coffee today)

[no_such_reality]

Actually, I looked at the Craigslist. The rents range from $2500 to $4000+ for a total of twelve dwellings. Which to me says they are really fishing for the right rental price and will steer people on the bigger places to the smaller places when they balk at the price. Then later lower the bigger place rent to fill it.

Either way, from model home to auction to now, is several months. Someone somewhere is burning through cash on carrying costs.

A quick check of Craigslist with the search criteria keyboard house and max $2500 with 3BR or more shows 510 available places. 300 under $2000. in the over $2500 range, 131 which puts yes at the 80/20 split.

Switching it closer to the Bressi config, we see 45 units over $3000 with 4 BR.

with 26 over $3500.

dropping the house requirement and just needing 4 BR, we see an 80/20 split at $3500 under/over. with 432 under/90 over.

The $2500 didn’t strike me as bad, compared to what renting a 3BR is going to cost. The others though, the price went up pretty steep.

[no_such_reality]

Maybe my point wasnt clear. WE ARE NOT DONE!

Actually, I’ve understood you to be saying something more dire.

Not only are we not done depreciating, but that we’ve seen this big depreciation already on the best of the available housing crop.

And as you pointed out, Jan 2003 to Dec. 2003, lower end housing rocketed. So while we are likely back and possibly past winter ’03/’04 pricing, there’s a long way to go to early 2003 pricing.

[no_such_reality]

FYI, I’m pretty sure that the law you are referring to governs investor purchases not purchases for primary residences.

It’s section 1695 of the CA Civil Code and you’re correct, purchasing to buy as your personal residence section 1695.1 excludes you as an equity purchaser.

So basically, as long as you buy it to live in and actually stay long enough, they’ll be muted. I wonder though how it’d work out in court, if 1. you bought and live there, 2. they show you did extensive pre-foreclosure searching 3. you’re doing financially well,

and if you add some investments after the fact, I wonder if that increases your exposure.

[no_such_reality]

The Pre-Foreclosure Property Investor’s Kit: How to Make Money Buying Distressed Real Estate — Before the Public Auction (Paperback)
by Thomas Lucier

[no_such_reality]

You don’t have to stop doing that, but you may want to do things like learn about foreclosures and/or other things that may enable you to take advantage of distressed sellers.

You have to be careful with distressed foreclosure pending forced sales. California has law governing equity buying (below “market” purchase of a home facing foreclosure).

How much you know can play against you if you don’t put the right foreclosure equity disclosure and rescind agreements in your purchase offer allowing the seller to later sue you for perceived lost equity from your predatory actions.

I suspect we’ll see an increase of these lawsuits in the coming years.

[no_such_reality]

Are they still at $284K?

[no_such_reality]

An office planner needed some extra cubicles?

I can’t believe the room dimensions:
Master bedroom is 13×11
Living room is 10×9
Family room is 17×8
Kitchen is 10×9

A half million dollars for a series of cubby holes?

[no_such_reality]

What’s the rent at?

25% sounds horrible, but if comparable homes are selling in the neighborhood at $800K, then anything south of $3500 doesn’t look so bad.

[no_such_reality]

If you look at Rich’s chart from the other day, rents decreased in 1995. They were essentially flat in 1993-1995.

Since his chart doesn’t say “real” dollars, it’s likely they are nominal dollars as a percentage of the 1985 nominal price.

If those are nominal ratios, then over the period, of 1985-1997, rent is basically flat or slightly behind inflation. In the housing run up, it got ahead of inflation, and then inflation caught up.

The rent increases in ’89 to ’91 look huge however inflation was in the 5%+ range.

[no_such_reality]

This is more of the “What the @#$%#%! do we know” garbage put out by some self help organization that teaches you to realize yourself and attract positive things to you.

[no_such_reality]

>>Which civil war are you talking about bgates?<< My guess is that would be Bosnia.

[no_such_reality]

For penalties, I like the Scandavian model.

They look at your previous years tax return and the penalty is set as a percentage of your gross income.

A person making $20,000 a year gets a ticket for $100 for a red light, while the executives in Newport Beach would get a fine for $5,000.

[no_such_reality]

Phoenix has the automated speed traps, they are on the 101 loop where they’ve had problems with excessive speeds.

I’m not sure the 15 couldn’t use some.

My main problem with the red light cameras is they take in no account of the traffic situation. For example, I have a small touring car and a larger SUV. When in my little car, I’m very aware that I stop really fast however the Ford Expedition behind me with the driver on the cell phone can’t. It affects my decision as the light turn yellow.

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