[sandiego]

I don’t live in Aqua Vista.

I never said that I lost money in 1990-97. I bought a 1500 sf townhouse for $252,000 near UC Irvine. The peak price for the neighborhood was $270,000 in 1989 so I thought that I bought in a at good price for a premium unit.

The properties were built in 1984-85 and many of the origninal owners still owned them at base prices of about $150,000. Back then, there were no EZ qualifying loans. I had to put up 3 years of tax returns to get a $180,000 loan. My payments were $1800 per month @ 9.75%. No one was refinancing at inflated prices and there were no foreclosures.

Over the next 5 years, the prices for my unit drfited down to about $205,000. Everyone kept dropping their prices by $5000 per transaction. They didn’t worry about it because they still had $50-$100,000 equity.

I lived through it because it was a great place and it was affordable.

The market picked up in 1996-97 and I was probably back to even by then. I sold in 2002 for $399,000.

This time around, the EZ money has allowed people to borrow more than 100% of the price of the home. When the banks are taking back the propeties, they are writing off the first 20% of the inflated value and an additional 20% to make it attractive to sell. They have no regard for my equity so I have no regard for their debt.

[sandiego]

I don’t live in Aqua Vista.

I never said that I lost money in 1990-97. I bought a 1500 sf townhouse for $252,000 near UC Irvine. The peak price for the neighborhood was $270,000 in 1989 so I thought that I bought in a at good price for a premium unit.

The properties were built in 1984-85 and many of the origninal owners still owned them at base prices of about $150,000. Back then, there were no EZ qualifying loans. I had to put up 3 years of tax returns to get a $180,000 loan. My payments were $1800 per month @ 9.75%. No one was refinancing at inflated prices and there were no foreclosures.

Over the next 5 years, the prices for my unit drfited down to about $205,000. Everyone kept dropping their prices by $5000 per transaction. They didn’t worry about it because they still had $50-$100,000 equity.

I lived through it because it was a great place and it was affordable.

The market picked up in 1996-97 and I was probably back to even by then. I sold in 2002 for $399,000.

This time around, the EZ money has allowed people to borrow more than 100% of the price of the home. When the banks are taking back the propeties, they are writing off the first 20% of the inflated value and an additional 20% to make it attractive to sell. They have no regard for my equity so I have no regard for their debt.

[sandiego]

I don’t live in Aqua Vista.

I never said that I lost money in 1990-97. I bought a 1500 sf townhouse for $252,000 near UC Irvine. The peak price for the neighborhood was $270,000 in 1989 so I thought that I bought in a at good price for a premium unit.

The properties were built in 1984-85 and many of the origninal owners still owned them at base prices of about $150,000. Back then, there were no EZ qualifying loans. I had to put up 3 years of tax returns to get a $180,000 loan. My payments were $1800 per month @ 9.75%. No one was refinancing at inflated prices and there were no foreclosures.

Over the next 5 years, the prices for my unit drfited down to about $205,000. Everyone kept dropping their prices by $5000 per transaction. They didn’t worry about it because they still had $50-$100,000 equity.

I lived through it because it was a great place and it was affordable.

The market picked up in 1996-97 and I was probably back to even by then. I sold in 2002 for $399,000.

This time around, the EZ money has allowed people to borrow more than 100% of the price of the home. When the banks are taking back the propeties, they are writing off the first 20% of the inflated value and an additional 20% to make it attractive to sell. They have no regard for my equity so I have no regard for their debt.

[sandiego]

I don’t live in Aqua Vista.

I never said that I lost money in 1990-97. I bought a 1500 sf townhouse for $252,000 near UC Irvine. The peak price for the neighborhood was $270,000 in 1989 so I thought that I bought in a at good price for a premium unit.

The properties were built in 1984-85 and many of the origninal owners still owned them at base prices of about $150,000. Back then, there were no EZ qualifying loans. I had to put up 3 years of tax returns to get a $180,000 loan. My payments were $1800 per month @ 9.75%. No one was refinancing at inflated prices and there were no foreclosures.

Over the next 5 years, the prices for my unit drfited down to about $205,000. Everyone kept dropping their prices by $5000 per transaction. They didn’t worry about it because they still had $50-$100,000 equity.

I lived through it because it was a great place and it was affordable.

The market picked up in 1996-97 and I was probably back to even by then. I sold in 2002 for $399,000.

This time around, the EZ money has allowed people to borrow more than 100% of the price of the home. When the banks are taking back the propeties, they are writing off the first 20% of the inflated value and an additional 20% to make it attractive to sell. They have no regard for my equity so I have no regard for their debt.

[sandiego]

I don’t live in Aqua Vista.

I never said that I lost money in 1990-97. I bought a 1500 sf townhouse for $252,000 near UC Irvine. The peak price for the neighborhood was $270,000 in 1989 so I thought that I bought in a at good price for a premium unit.

The properties were built in 1984-85 and many of the origninal owners still owned them at base prices of about $150,000. Back then, there were no EZ qualifying loans. I had to put up 3 years of tax returns to get a $180,000 loan. My payments were $1800 per month @ 9.75%. No one was refinancing at inflated prices and there were no foreclosures.

Over the next 5 years, the prices for my unit drfited down to about $205,000. Everyone kept dropping their prices by $5000 per transaction. They didn’t worry about it because they still had $50-$100,000 equity.

I lived through it because it was a great place and it was affordable.

The market picked up in 1996-97 and I was probably back to even by then. I sold in 2002 for $399,000.

This time around, the EZ money has allowed people to borrow more than 100% of the price of the home. When the banks are taking back the propeties, they are writing off the first 20% of the inflated value and an additional 20% to make it attractive to sell. They have no regard for my equity so I have no regard for their debt.

[sandiego]

First, I don’t need to take grief from a jobless single mother who has to petition her deadbeat husband for child support and alimony. Why don’t you get your own house in order? My bad choice will haunt me for 7 years, yours will be around for 18.

Second, I bought a home to occupy (not flip) in 2003. Please show me any proof that that you were such a master fortune teller and you predicted this was going to happen in 2003.

Third, I have already taken a $150,000 bath. I am willing to accept the consequences and move on. I am not going to continue to fund a bad investment indefinitely especially whin I know that the peak of bad loans won’t happen until March 2008.

[sandiego]

First, I don’t need to take grief from a jobless single mother who has to petition her deadbeat husband for child support and alimony. Why don’t you get your own house in order? My bad choice will haunt me for 7 years, yours will be around for 18.

Second, I bought a home to occupy (not flip) in 2003. Please show me any proof that that you were such a master fortune teller and you predicted this was going to happen in 2003.

Third, I have already taken a $150,000 bath. I am willing to accept the consequences and move on. I am not going to continue to fund a bad investment indefinitely especially whin I know that the peak of bad loans won’t happen until March 2008.

[sandiego]

First, I don’t need to take grief from a jobless single mother who has to petition her deadbeat husband for child support and alimony. Why don’t you get your own house in order? My bad choice will haunt me for 7 years, yours will be around for 18.

Second, I bought a home to occupy (not flip) in 2003. Please show me any proof that that you were such a master fortune teller and you predicted this was going to happen in 2003.

Third, I have already taken a $150,000 bath. I am willing to accept the consequences and move on. I am not going to continue to fund a bad investment indefinitely especially whin I know that the peak of bad loans won’t happen until March 2008.

[sandiego]

First, I don’t need to take grief from a jobless single mother who has to petition her deadbeat husband for child support and alimony. Why don’t you get your own house in order? My bad choice will haunt me for 7 years, yours will be around for 18.

Second, I bought a home to occupy (not flip) in 2003. Please show me any proof that that you were such a master fortune teller and you predicted this was going to happen in 2003.

Third, I have already taken a $150,000 bath. I am willing to accept the consequences and move on. I am not going to continue to fund a bad investment indefinitely especially whin I know that the peak of bad loans won’t happen until March 2008.

[sandiego]

First, I don’t need to take grief from a jobless single mother who has to petition her deadbeat husband for child support and alimony. Why don’t you get your own house in order? My bad choice will haunt me for 7 years, yours will be around for 18.

Second, I bought a home to occupy (not flip) in 2003. Please show me any proof that that you were such a master fortune teller and you predicted this was going to happen in 2003.

Third, I have already taken a $150,000 bath. I am willing to accept the consequences and move on. I am not going to continue to fund a bad investment indefinitely especially whin I know that the peak of bad loans won’t happen until March 2008.

[sandiego]

Thanks for the econ lesson CITYRENTER. Good thing you aren’t an economist becasue none of your assumptions is correct.

When your banker becomes your adversary and your competition it is time to rethink the relationship.

Refinancing is not the issue. I got a 10 year fixed @ 5.75% and still have 6 years on it. Why would I have chosen a 30 year at 6.25% (at the time)? How many people live in a condo for 30 years?

The bank didn’t loan ME anywhere near $1 million but they may have loaned 80% of that to several of my neighbors (using fradulent appraisals and very loose lending standards). Now they are “writing off” $200-$300k per unit by dumping these problem properties on the market and killing the comparible values.

I’ve decided that I may take a “writeoff” of my own.

[sandiego]

Thanks for the econ lesson CITYRENTER. Good thing you aren’t an economist becasue none of your assumptions is correct.

When your banker becomes your adversary and your competition it is time to rethink the relationship.

Refinancing is not the issue. I got a 10 year fixed @ 5.75% and still have 6 years on it. Why would I have chosen a 30 year at 6.25% (at the time)? How many people live in a condo for 30 years?

The bank didn’t loan ME anywhere near $1 million but they may have loaned 80% of that to several of my neighbors (using fradulent appraisals and very loose lending standards). Now they are “writing off” $200-$300k per unit by dumping these problem properties on the market and killing the comparible values.

I’ve decided that I may take a “writeoff” of my own.

[sandiego]

Thanks for the econ lesson CITYRENTER. Good thing you aren’t an economist becasue none of your assumptions is correct.

When your banker becomes your adversary and your competition it is time to rethink the relationship.

Refinancing is not the issue. I got a 10 year fixed @ 5.75% and still have 6 years on it. Why would I have chosen a 30 year at 6.25% (at the time)? How many people live in a condo for 30 years?

The bank didn’t loan ME anywhere near $1 million but they may have loaned 80% of that to several of my neighbors (using fradulent appraisals and very loose lending standards). Now they are “writing off” $200-$300k per unit by dumping these problem properties on the market and killing the comparible values.

I’ve decided that I may take a “writeoff” of my own.

[sandiego]

Thanks for the econ lesson CITYRENTER. Good thing you aren’t an economist becasue none of your assumptions is correct.

When your banker becomes your adversary and your competition it is time to rethink the relationship.

Refinancing is not the issue. I got a 10 year fixed @ 5.75% and still have 6 years on it. Why would I have chosen a 30 year at 6.25% (at the time)? How many people live in a condo for 30 years?

The bank didn’t loan ME anywhere near $1 million but they may have loaned 80% of that to several of my neighbors (using fradulent appraisals and very loose lending standards). Now they are “writing off” $200-$300k per unit by dumping these problem properties on the market and killing the comparible values.

I’ve decided that I may take a “writeoff” of my own.

[sandiego]

Thanks for the econ lesson CITYRENTER. Good thing you aren’t an economist becasue none of your assumptions is correct.

When your banker becomes your adversary and your competition it is time to rethink the relationship.

Refinancing is not the issue. I got a 10 year fixed @ 5.75% and still have 6 years on it. Why would I have chosen a 30 year at 6.25% (at the time)? How many people live in a condo for 30 years?

The bank didn’t loan ME anywhere near $1 million but they may have loaned 80% of that to several of my neighbors (using fradulent appraisals and very loose lending standards). Now they are “writing off” $200-$300k per unit by dumping these problem properties on the market and killing the comparible values.

I’ve decided that I may take a “writeoff” of my own.

[Author]

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