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PerryChase
ParticipantI heard something on radio about ARM lawsuits also.
Yes, consumers are in way over their heads. I know an older guy who is retiring to AZ. He was planning on selling his house for $750k. He proscratinated in getting the house on the market because work that the house needed. Now he’s chasing the market down. I’m afraid that he’ll be lucky to get $450k on his 1970s house — the debt he refinanced himself to. Scary! House equity and Social Security is all he has.
ParticipantWe have to wonder why the Europeans are resisting calls for sanctions on Iraq. Could it be that they’d love to buy oil in Euros? Or erode American hegemony?
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Europe Resists U.S. on Curbing Ties With Iran
By STEVEN R. WEISMAN
Published: January 30, 2007WASHINGTON, Jan. 29 — European governments are resisting Bush administration demands that they curtail support for exports to Iran and that they block transactions and freeze assets of some Iranian companies, officials on both sides say. The resistance threatens to open a new rift between Europe and the United States over Iran.
ParticipantI wouldn’t bet on interest rates going up a whole lot if the economy slows down. Plus making the loan payments using the equity money is not a great idea.
When prices come down, you can buy a house and move into that house as your primary residence to get the best rate at the time.
ParticipantI agree with you CONCHO. By invading Iraq, America was also sending a message to Saudi Arabia and other oil producing nations that they’d better not get too cozy with the EU or China. We want our oil suppliers to know that the Petrodollar regime is as strong as ever. America is the only country that gets to pay for oil (and all other trade) in it’s own currency thereby obviating the need for foreign currency reserves.
Iran apparently is beginning to trade oil in Euros.
ParticipantIn all seriousness, we were fighting for out national interest. That means control of the oil so our population can continue to indulge as energy hogs.
The problem is that Bush bet everything on a strategy that went awry — misguided diplomacy and bad military planning.
Bashing corporations is just a legitimate as bashing “welfare mothers” or trial lawyers. The left is only now getting sound bites that stick. But I say let’s not bash corporations too much because they are the source of our wealth.
ParticipantWe are fighting, the “bad guys, the evil ones and the Al Quaeda folks.” Don’t mess with othwerwise, we’ll fuck you up!
ParticipantIf I buy it now… say at 500-550… vs waiting 6 more months for it to come down to 450-500… but I’m spending $1500-2000/month in rent… am I worse off for buying now vs. waiting?
We’ve all been brain-washed into thinking that renting is “throwing money away.” You need to seriously rethink this logic then the buy/rent decision will come by itself.
We are just in the first year of a downturn in real estate. 5 years into the downturn would be a more appropriate time to think of buying.
Participant$100k+ loss when all is said and done.
5995 DANDRIDGE LN #148, SD – San Diego, CA 92115**
List Price: $264,900 – $264,900
Sales History
Date Price
11/21/2005 $350,000
04/01/2003 $217,000
10/20/1994 $88,000Bedrooms: 2
Full Baths: 2
Partial Baths: 0
Square Feet: 1,069
Lot Size: N/A
Year Built: 1985
Listing Date: 01/25/07
On Market: 2 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 072007738
Description
Bank-owned property!! This is a great property that will have new paint and will be move-in ready! Stacked washer & dryer in the unit. 3rd floor location. Nice floor plan with balcony. Glasstop stove. Property will be sold ‘as-is.’http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/0684503A/Default.aspx
http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=072007738&mls=mls_sandiego&cKey=sxsg8bch&source=SANDICOR&home_id=27749611&addedHome=true&cKey=2566pcl8Participant$1 million for a remodeled house in Clairemont? Bay Park maybe.
Bugs, I think you’re right about this becoming a familiar tale a few years from now. I appreciate reading your professional comments on the real estate market. I’m not in the business but what you recount is exactly how I remember it.
January 26, 2007 at 10:48 AM in reply to: Ford posts record net loss of $12.7 billion in 2006 #44247ParticipantThis is an issue of local interest. Does anyone remember Wingcast, the Qualcomm/Ford venture based in San Diego?
Wingcast was based in Sorrento Mesa and ended up in flames with the CEO indicted for embezzlement and fleeing to Israel in 2003 (if I remember well).
January 26, 2007 at 10:25 AM in reply to: Ford posts record net loss of $12.7 billion in 2006 #44245ParticipantThe Chevy Volt in interesting but ugly and years away. Many concept cars don’t make it to market.
The interesting thing is that the Japanese control battery technology. My friend who works at Sanyo says that Ford buys battery from them for their hybrids.
I wouldn’t buy a hybrid now because the battery needs to be replaced every 4 to 5 years at a cost of thousands of dollars.
The best alternative fuel car to get now is the Honda Civic GX (if you can get one). Fuel it at home at equivalent cost of $0.90 per gallon. It runs, drives, and repairs like a gasoline car. The difference is that it uses compressed natural gas. It’s IMHO the best low operating cost commuter car.
http://automobiles.honda.com/models/model_overview.asp?ModelName=Civic+GX
January 26, 2007 at 10:11 AM in reply to: Ford posts record net loss of $12.7 billion in 2006 #44244ParticipantI think that with the real estate downturn, big trucks and SUVs are definitely out. There’s no “status” in looking like a contractor anymore. My friend has a trailer to pull. He good a killer deal on a used Ford Excursion from a seller who couldn’t afford his payments anymore.
Fords (American cars in general) are crappy cars. Put one next to a Toyota and look at the gaps in between the body panels. If you compare fit and finish, it’s like Walmart leather goods vs. Coach leather, but at the same price.
The Mustang, arguably the only truly inspiring Ford, was designed by an immigrant engineer who understands American car culture better than the good ol’ boys of Dearborn. Renault might end-up buying Ford and Carlos Ghosn will be running the show.
Public Radio story on Ford:
http://marketplace.publicradio.org/shows/2007/01/25/PM200701251.html?refid=0ParticipantBugs, good post on that potential remodel. Sounds like you’re saying that an investor wouldn’t pay more than $350k for this house.
It’ll be interesting to watch and see what this house sells for. Can anyone with MLS access update us when that happens?
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