[SD Realtor]

FLU this is an interesting article. I don’t really understand what is going on here. Someone please correct me if I am wrong… Here is a quote from the article…

“OPFM owner Wesley A. Snyder told customers that they would be responsible for significantly larger mortgages the company had brokered through its mortgage lending partners.”

To me that statement seems a bit different then the standard bonehead 5/1 or 3/1 ARMs. To me it seems like these guys originated mortgages and then resold them at HIGHER rates! Like BSR said that is crazy crazy crazy stuff and I think it is fair for a judge to stop that silliness. What would be interesting would be to read the original loan docs of one of these loans to see if there was some clause in there about the ability of the loan to be modified.

However if this is just a case of loan reset then IMO it is improper for the judge to do what he did.

SD Realtor

[SD Realtor]

Wow I can used one of the most rarely heard phrases of our time…

Good for Bush…

BSR –

from the quote above “nation’s two government-sponsored mortgage finance companies and the Federal Housing Administration’s insurance program to channel up to $900 million a year into a new fund for affordable housing.”

government sponsored translates to taxpayer dollars…stuff like this just kills me!!! (as you know)

[SD Realtor]

Wow I can used one of the most rarely heard phrases of our time…

Good for Bush…

BSR –

from the quote above “nation’s two government-sponsored mortgage finance companies and the Federal Housing Administration’s insurance program to channel up to $900 million a year into a new fund for affordable housing.”

government sponsored translates to taxpayer dollars…stuff like this just kills me!!! (as you know)

[SD Realtor]

BSR the taxpayer impact does not happen until people start defaulting. The FHA is backed up by taxpayer money. Why should any taxpayer money at all be involved in this redistribution of risk.

Better yet BSR… what if all these proposals that are in place now, were in place in 2004? What if the FHA insured subprime loans? My issue is that yes it is a redistribution of risk but why should my tax dollars be involved in this redistribution of risk?

Do you see what I am saying?

SD Realtor

[SD Realtor]

BSR the taxpayer impact does not happen until people start defaulting. The FHA is backed up by taxpayer money. Why should any taxpayer money at all be involved in this redistribution of risk.

Better yet BSR… what if all these proposals that are in place now, were in place in 2004? What if the FHA insured subprime loans? My issue is that yes it is a redistribution of risk but why should my tax dollars be involved in this redistribution of risk?

Do you see what I am saying?

SD Realtor

[SD Realtor]

Ash my only disagreement is this…

MBS Investors are already burned. Basically they don’t have a say in the matter because their investments are going going going gone anyways right? What difference does it make. If a particular fund is already whittled down by 70-80% of it’s original value then so what? I would surmise there is alot of work being done right now to allow rewriting of loan servicing agreements to save the asses of these investors… hey a little trickle of money is better then 100% loss right?

I don’t think any of the regulatory intervention by the gov will have much of an effect on MBS guys or the secondary market in general.

What concerns me is how much disguised tax money will be used to now back up higher FHA limits for conforming loans. Just think how much money would be lost if all of these loans were conforming. It wouldn’t me MBS investors holding the bag, it would be the taxpayers.

SD Realtor

[SD Realtor]

Ash my only disagreement is this…

MBS Investors are already burned. Basically they don’t have a say in the matter because their investments are going going going gone anyways right? What difference does it make. If a particular fund is already whittled down by 70-80% of it’s original value then so what? I would surmise there is alot of work being done right now to allow rewriting of loan servicing agreements to save the asses of these investors… hey a little trickle of money is better then 100% loss right?

I don’t think any of the regulatory intervention by the gov will have much of an effect on MBS guys or the secondary market in general.

What concerns me is how much disguised tax money will be used to now back up higher FHA limits for conforming loans. Just think how much money would be lost if all of these loans were conforming. It wouldn’t me MBS investors holding the bag, it would be the taxpayers.

SD Realtor

[SD Realtor]

For those who care to look.

Here is the previous MLS activity for Torrey Highlands from 1/1/04. Sorry but I am way to lazy to format it for readability. Also homes must actually write Torrey Highlands in the subdivision field for them to get caught in this search. Most of them do but some may not.

The bottom line is that TH has held values pretty well but to say it has not depreciated is IMO a false statement. It is a good example of how different areas hold up better then others. Also to think it will fall by 50% from the peak it had is also IMO, wishful thinking. That is just my opinion though… after all it’s just a blog …

Active 8237 Torrey Gardens Pl 92129 1189A4 4 4.5 ER 3408 $ 899,000 – $ 921,000 9/28/2007
Active 8362 Entreken Way 92129 1189B4 5 5 EA 3974 $ 1,045,000 – $ 1,095,000 9/28/2007
Pending 12485 SUNDANCE AVENUE 92129 1189B5 5 4.5 ER 3974 $ 949,999 – $ 999,999 8/18/2007
Sold 13325 Russet Leaf Ln 92129 1189B4 4 3 ER 1849 $ 581,000 5/18/2007 5 041043049 8 Q
Sold 7390 Via Rivera 92129 * 1188J4 3 2.5 EA 1813 $ 655,000 – $ 655,000 10/15/2004
Sold 7384 Via Rivera 92129 1188J4 4 2.5 ER 1933 $ 655,000 – $ 655,000 1/27/2005
Sold 8335 Bryn Glen Way 92129 1189b2 4 2.5 ER 2100 $ 720,000 – $ 720,000 3/2/2004
Sold 7336 VIA CRESTA 92129 1188J4 5 3 ER 2858 $ 775,000 – $ 775,000 7/13/2007
Sold 7233 CANYON GLEN COURT 92129 1188J4 5 3 EA 2858 $ 816,000 – $ 816,000 9/1/2004
Sold 8224 TORREY GARDENS PLACE 92129 1189A4 4 3.5 EA 3091 $ 862,000 3/18/2005
Sold 7050 Cantaberra Ct 92129 1188J4 5 5 ER 3284 $ 895,000 7/12/2007
Sold 13324 Copperwind Ln 92129 1188J4 4 4.5 ER 3141 $ 930,000 – $ 930,000 12/28/2005
Sold 7072 Chapala Canyon Ct 92129 1188J4 5 4.5 EA 3864 $ 955,000 6/7/2007
Sold 8376 ENTREKEN WAY 92129 1189B4 5 4.5 ER 3985 $ 960,000 – $ 960,000 11/10/2004
Sold 13659 TORREY GLENN RD. 92129 * 1189B3 4 3 ER 3003 $ 960,000 – $ 960,000 12/16/2005
Sold 8229 Torrey Gardens Pl 92129 1189A4 5 4.5 ER 3448 $ 970,000 7/10/2007
Sold 13310 TRAILHEAD PL 92129 1189B4 4 3.5 ER 3091 $ 1,000,000 8/3/2005
Sold 13691 Torrey Glenn 92129 1189B3 4 4 ER 3315 $ 1,042,000 3/4/2005
Sold 8320 ENTREKEN WAY 92129 1189B4 4 4 ER 3813 $ 1,045,000 – $ 1,045,000 10/20/2005
Sold 13725 Torrey Glenn Road 92129 1189B3 5 4 ER 3500 $ 1,065,000 10/26/2004
Sold 8337 AUBURN RIDGE WAY 92129 1189B4 5 4.5 EA 3974 $ 1,075,000 – $ 1,075,000 3/10/2005
Sold 13825 TORREY BELLA CT. 92129 1189B3 4 4 ER 3300 $ 1,100,000 10/14/2004
Sold 8316 Entreken Way 92129 1189B4 6 4.5 ER 3985 $ 1,100,000 – $ 1,100,000 9/1/2004
Sold 8326 Auburn Ridge Way 92129 1189B4 5 4.5 ER 3813 $ 1,100,000 – $ 1,100,000 10/12/2004
Sold 8301 Torrey Park Ter 92129 1189B4 5 4 ER 3071 $ 1,100,000 – $ 1,100,000 4/8/2005
Sold 13222 Ireland Lane 92129 * 1189B4 5 4.5 ER 3985 $ 1,100,000 – $ 1,100,000 11/21/2005
Sold 13658 Torrey Glenn Road 92129 1189B3 6 5.5 ER 3739 $ 1,107,500 – $ 1,107,500 5/26/2004
Sold 8335 Entreken Way 92129 1189B4 5 4.5 ER 3985 $ 1,130,000 – $ 1,130,000 4/27/2006
Sold 13705 Torrey Glenn Road 92129 1189B3 6 5.5 ER 3725 $ 1,132,500 – $ 1,132,500 10/21/2005
Sold 13705 Torrey Glenn Road 92129 1189B3 6 5.5 ER 3725 $ 1,237,500 – $ 1,237,500 6/30/2005
Sold 13844 Torrey Del Mar Drive 92130 1183J3 5 5 ER 3670 $ 1,110,000 – $ 1,110,000 7/10/2006
Expired 7384 Via Rivera 92129 1188J4 4 2.5 ER 1931 $ 645,000 – $ 675,000 12/5/2006
Expired 7381 Via Rivera 92129 1188J4 4 2.5 ER 1931 $ 679,000 – $ 709,000 6/21/2006
Expired 7190 Primrose Ln 92129 1188j4 4 3 O 2682 $ 925,000 4/13/2006
Expired 8237 Torrey Gardens Pl 92129 1189A4 4 4.5 EA 3408 $ 899,000 – $ 949,000 7/31/2007
Expired 13322 Trailhead Pl 92129 1189B4 6 4.5 ER 3260 $ 899,900 – $ 959,900 12/27/2006
Expired 13322 Trailhead Pl 92129 1189B4 6 4.5 ER 3260 $ 950,000 – $ 995,000 6/20/2006
Expired 8237 Torrey Gardens Pl 92129 1189A4 4 4.5 ER 3500 $ 949,000 – $ 999,000 4/26/2007
Expired 12485 SUNDANCE AVENUE 92129 1189B5 5 4.5 ER 3974 $ 989,000 – $ 1,029,000 5/28/2007
Expired 13691 Torrey Glenn Rd. 92129 1189B3 4 4 ER 3315 $ 1,069,000 12/22/2004
Expired 8352 Entreken Way 92129 1189B4 4 4.5 ER 3985 $ 1,075,000 – $ 1,165,000 10/21/2005
Expired 7122 Sherbourne Lane 92129 1087B7 4 3.5 ER 3081 $ 1,150,000 – $ 1,250,000 6/30/2006
Cancelled 7384 VIA RIVERA 92129 1188J4 4 2.5 ER 1933 $ 664,000 – $ 684,000 11/11/2004
Cancelled 8267 Bryn Glen Way 92129 1189B3 3 2.5 O 1630 $ 690,000 – $ 719,000 11/2/2004
Cancelled 7020 Sherbourne Ln 92129 * 1188J4 4 3 EA 2529 $ 879,900 – $ 929,900 5/24/2004
Cancelled 7008 Santa Fe Canyon Place 92129 * 1188h4 4 2.5 ER 3331 $ 889,900 – $ 929,900 3/2/2005
Cancelled 8327 Auburn Ridge Way 92129 1189B4 4 5 ER 3985 $ 1,149,000 2/21/2005
Cancelled 8237 Torrey Gardens Pl 92129 1189A4 4 4.5 ER 3500 $ 999,000 – $ 1,150,000 1/5/2007
Cancelled 13222 Ireland Lane 92129 * 1189B4 5 4.5 ER 3985 $ 1,100,000 – $ 1,175,000 9/29/2005
Cancelled 8403 Watson Ranch Road 92129 1189B3 6 5.5 O 3749 $ 1,190,000 – $ 1,290,000 7/21/2006

[SD Realtor]

For those who care to look.

Here is the previous MLS activity for Torrey Highlands from 1/1/04. Sorry but I am way to lazy to format it for readability. Also homes must actually write Torrey Highlands in the subdivision field for them to get caught in this search. Most of them do but some may not.

The bottom line is that TH has held values pretty well but to say it has not depreciated is IMO a false statement. It is a good example of how different areas hold up better then others. Also to think it will fall by 50% from the peak it had is also IMO, wishful thinking. That is just my opinion though… after all it’s just a blog …

Active 8237 Torrey Gardens Pl 92129 1189A4 4 4.5 ER 3408 $ 899,000 – $ 921,000 9/28/2007
Active 8362 Entreken Way 92129 1189B4 5 5 EA 3974 $ 1,045,000 – $ 1,095,000 9/28/2007
Pending 12485 SUNDANCE AVENUE 92129 1189B5 5 4.5 ER 3974 $ 949,999 – $ 999,999 8/18/2007
Sold 13325 Russet Leaf Ln 92129 1189B4 4 3 ER 1849 $ 581,000 5/18/2007 5 041043049 8 Q
Sold 7390 Via Rivera 92129 * 1188J4 3 2.5 EA 1813 $ 655,000 – $ 655,000 10/15/2004
Sold 7384 Via Rivera 92129 1188J4 4 2.5 ER 1933 $ 655,000 – $ 655,000 1/27/2005
Sold 8335 Bryn Glen Way 92129 1189b2 4 2.5 ER 2100 $ 720,000 – $ 720,000 3/2/2004
Sold 7336 VIA CRESTA 92129 1188J4 5 3 ER 2858 $ 775,000 – $ 775,000 7/13/2007
Sold 7233 CANYON GLEN COURT 92129 1188J4 5 3 EA 2858 $ 816,000 – $ 816,000 9/1/2004
Sold 8224 TORREY GARDENS PLACE 92129 1189A4 4 3.5 EA 3091 $ 862,000 3/18/2005
Sold 7050 Cantaberra Ct 92129 1188J4 5 5 ER 3284 $ 895,000 7/12/2007
Sold 13324 Copperwind Ln 92129 1188J4 4 4.5 ER 3141 $ 930,000 – $ 930,000 12/28/2005
Sold 7072 Chapala Canyon Ct 92129 1188J4 5 4.5 EA 3864 $ 955,000 6/7/2007
Sold 8376 ENTREKEN WAY 92129 1189B4 5 4.5 ER 3985 $ 960,000 – $ 960,000 11/10/2004
Sold 13659 TORREY GLENN RD. 92129 * 1189B3 4 3 ER 3003 $ 960,000 – $ 960,000 12/16/2005
Sold 8229 Torrey Gardens Pl 92129 1189A4 5 4.5 ER 3448 $ 970,000 7/10/2007
Sold 13310 TRAILHEAD PL 92129 1189B4 4 3.5 ER 3091 $ 1,000,000 8/3/2005
Sold 13691 Torrey Glenn 92129 1189B3 4 4 ER 3315 $ 1,042,000 3/4/2005
Sold 8320 ENTREKEN WAY 92129 1189B4 4 4 ER 3813 $ 1,045,000 – $ 1,045,000 10/20/2005
Sold 13725 Torrey Glenn Road 92129 1189B3 5 4 ER 3500 $ 1,065,000 10/26/2004
Sold 8337 AUBURN RIDGE WAY 92129 1189B4 5 4.5 EA 3974 $ 1,075,000 – $ 1,075,000 3/10/2005
Sold 13825 TORREY BELLA CT. 92129 1189B3 4 4 ER 3300 $ 1,100,000 10/14/2004
Sold 8316 Entreken Way 92129 1189B4 6 4.5 ER 3985 $ 1,100,000 – $ 1,100,000 9/1/2004
Sold 8326 Auburn Ridge Way 92129 1189B4 5 4.5 ER 3813 $ 1,100,000 – $ 1,100,000 10/12/2004
Sold 8301 Torrey Park Ter 92129 1189B4 5 4 ER 3071 $ 1,100,000 – $ 1,100,000 4/8/2005
Sold 13222 Ireland Lane 92129 * 1189B4 5 4.5 ER 3985 $ 1,100,000 – $ 1,100,000 11/21/2005
Sold 13658 Torrey Glenn Road 92129 1189B3 6 5.5 ER 3739 $ 1,107,500 – $ 1,107,500 5/26/2004
Sold 8335 Entreken Way 92129 1189B4 5 4.5 ER 3985 $ 1,130,000 – $ 1,130,000 4/27/2006
Sold 13705 Torrey Glenn Road 92129 1189B3 6 5.5 ER 3725 $ 1,132,500 – $ 1,132,500 10/21/2005
Sold 13705 Torrey Glenn Road 92129 1189B3 6 5.5 ER 3725 $ 1,237,500 – $ 1,237,500 6/30/2005
Sold 13844 Torrey Del Mar Drive 92130 1183J3 5 5 ER 3670 $ 1,110,000 – $ 1,110,000 7/10/2006
Expired 7384 Via Rivera 92129 1188J4 4 2.5 ER 1931 $ 645,000 – $ 675,000 12/5/2006
Expired 7381 Via Rivera 92129 1188J4 4 2.5 ER 1931 $ 679,000 – $ 709,000 6/21/2006
Expired 7190 Primrose Ln 92129 1188j4 4 3 O 2682 $ 925,000 4/13/2006
Expired 8237 Torrey Gardens Pl 92129 1189A4 4 4.5 EA 3408 $ 899,000 – $ 949,000 7/31/2007
Expired 13322 Trailhead Pl 92129 1189B4 6 4.5 ER 3260 $ 899,900 – $ 959,900 12/27/2006
Expired 13322 Trailhead Pl 92129 1189B4 6 4.5 ER 3260 $ 950,000 – $ 995,000 6/20/2006
Expired 8237 Torrey Gardens Pl 92129 1189A4 4 4.5 ER 3500 $ 949,000 – $ 999,000 4/26/2007
Expired 12485 SUNDANCE AVENUE 92129 1189B5 5 4.5 ER 3974 $ 989,000 – $ 1,029,000 5/28/2007
Expired 13691 Torrey Glenn Rd. 92129 1189B3 4 4 ER 3315 $ 1,069,000 12/22/2004
Expired 8352 Entreken Way 92129 1189B4 4 4.5 ER 3985 $ 1,075,000 – $ 1,165,000 10/21/2005
Expired 7122 Sherbourne Lane 92129 1087B7 4 3.5 ER 3081 $ 1,150,000 – $ 1,250,000 6/30/2006
Cancelled 7384 VIA RIVERA 92129 1188J4 4 2.5 ER 1933 $ 664,000 – $ 684,000 11/11/2004
Cancelled 8267 Bryn Glen Way 92129 1189B3 3 2.5 O 1630 $ 690,000 – $ 719,000 11/2/2004
Cancelled 7020 Sherbourne Ln 92129 * 1188J4 4 3 EA 2529 $ 879,900 – $ 929,900 5/24/2004
Cancelled 7008 Santa Fe Canyon Place 92129 * 1188h4 4 2.5 ER 3331 $ 889,900 – $ 929,900 3/2/2005
Cancelled 8327 Auburn Ridge Way 92129 1189B4 4 5 ER 3985 $ 1,149,000 2/21/2005
Cancelled 8237 Torrey Gardens Pl 92129 1189A4 4 4.5 ER 3500 $ 999,000 – $ 1,150,000 1/5/2007
Cancelled 13222 Ireland Lane 92129 * 1189B4 5 4.5 ER 3985 $ 1,100,000 – $ 1,175,000 9/29/2005
Cancelled 8403 Watson Ranch Road 92129 1189B3 6 5.5 O 3749 $ 1,190,000 – $ 1,290,000 7/21/2006

[SD Realtor]

I know of someone else looking at Liberty Station. It is a real story of sellers not budging on pricing. There are currently 3 pending listings in LS. So I do see prices moving down over there but very very slowly.

Not much motivation on any of the sellers parts.

SD Realtor

[SD Realtor]

I know of someone else looking at Liberty Station. It is a real story of sellers not budging on pricing. There are currently 3 pending listings in LS. So I do see prices moving down over there but very very slowly.

Not much motivation on any of the sellers parts.

SD Realtor

[SD Realtor]

Torrey Highlands has held up well… However to say that it has not depreciated at all is a statement I disagree with. It certainly has held up better then many areas but I do recall seeing some falling prices compared to recent years past. I will post some of the sales data later today if I have time.

SD Realtor

[SD Realtor]

Torrey Highlands has held up well… However to say that it has not depreciated at all is a statement I disagree with. It certainly has held up better then many areas but I do recall seeing some falling prices compared to recent years past. I will post some of the sales data later today if I have time.

SD Realtor

[SD Realtor]

I helped somebody get OUT of a deal that they bought from REDC (ushomeauction) because they did not due as much diligence on the home they ended up buying at auction. My assistance was informal but after enough kicking and whining they did get their deposit back.

Actually some of those starting bids do not seem to bad. Whether that is what they will go for at auction is questionable. It would not hurt for you to check the auction out at the very least. Additionally if you are serious go to the auction site, pick the homes you want, drive out to the homes, and kick the tires… If you are really serious get ALL OF YOUR DILIGENCE DONE BEFORE the auction. If you are not sure what that diligence is, then call a local Realtor in Temecula or Murrieta and ask them to help you out and represent them. I believe that REDC will pay them a small commission.

The point is this… Yes it “appears” that if some of these homes actually do go for the starting bids then you may indeed do pretty well. Again though, I CANNOT STRESS how important it is for you to do ALL of your diligence before hand… inspections of all types, termite inspection, natural hazard and zone disclosure report, title check… Just get it done… You never know… you may do quite well… At least go to the auction and get a feel for it so when there is another one, AND THERE WILL BE… you will be used to the process..

Don’t forget that there is a 5% commission added on to the winning bid. Also make sure your financing selection is ALL COMPLETED before the auction.

Going to the auction is the easy part… getting serious and getting all the work done before hand is the hard part. It can be a great deal if you do all the work correctly.

SD Realtor

[SD Realtor]

I helped somebody get OUT of a deal that they bought from REDC (ushomeauction) because they did not due as much diligence on the home they ended up buying at auction. My assistance was informal but after enough kicking and whining they did get their deposit back.

Actually some of those starting bids do not seem to bad. Whether that is what they will go for at auction is questionable. It would not hurt for you to check the auction out at the very least. Additionally if you are serious go to the auction site, pick the homes you want, drive out to the homes, and kick the tires… If you are really serious get ALL OF YOUR DILIGENCE DONE BEFORE the auction. If you are not sure what that diligence is, then call a local Realtor in Temecula or Murrieta and ask them to help you out and represent them. I believe that REDC will pay them a small commission.

The point is this… Yes it “appears” that if some of these homes actually do go for the starting bids then you may indeed do pretty well. Again though, I CANNOT STRESS how important it is for you to do ALL of your diligence before hand… inspections of all types, termite inspection, natural hazard and zone disclosure report, title check… Just get it done… You never know… you may do quite well… At least go to the auction and get a feel for it so when there is another one, AND THERE WILL BE… you will be used to the process..

Don’t forget that there is a 5% commission added on to the winning bid. Also make sure your financing selection is ALL COMPLETED before the auction.

Going to the auction is the easy part… getting serious and getting all the work done before hand is the hard part. It can be a great deal if you do all the work correctly.

SD Realtor

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