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Latest REOs
- $349,900 :: 10 Greenleaf 16, Irvine CA, 92604
- $439,900 :: 61 Olivehurst, Irvine CA, 92602
- $889,900 :: 14 Upland, Irvine CA, 92602
- $429,900 :: 56 Great Lawn, Irvine CA, 92620
- $465,000 :: 212 Garden Gate Ln, Irvine CA, 92620
- $329,000 :: 1006 Terra Bella, Irvine CA, 92602
- $199,000 :: 3125 Watermarke Pl, Irvine CA, 92612
- $579,900 :: 8 Star Thistle, Irvine CA, 92604
- $458,500 :: 3 Ultimo Dr, Irvine CA, 92620
- $398,900 :: 191 Lockford, Irvine CA, 92602
The question is “Who are they counting”? Folks that bought in 2006-2009 would probably be in that group. Are they just counting those delinquent in payments, those in the foreclosure process, those that are still current?
“This single story home has an open floor plan….”
the only way a 3 bd/ 2 ba less than 1400 sq ft home can be considered “open” is if the home has no interior walls.
3 years? The banks are really bent on bleeding out slowly, while U.S taxpayers continue to donate blood through Obama-nomics to keep them alive.
The pretender party continues to roll.
Nice quip. And, I agree… our president is dangerously incompetent. WE must find a way to reverse this ... it is a cancer. Prudent people cannot be asked to pay for the mistakes of others. Why would Germans work to 65 or 70 to pay for Greeks that retire at 50? How long will US renters be asked to subsidize loan owners??
We are very much like the EU but, instead of having Greece, and Portugal and Ireland and Italy we have NY, CA, IL, and NJ. Do you really think people that live in the MidWest are going to feel good about sending their tax dollars to bailout the profligate welfare states??
And, BTW, do you notice a theme here??? Countries with socialist policies and states that have solcialist policies… Hmmmmmm
BD
The bailout of our PIIGS will be next. Responsible people asked to help NY, NJ, CA and IL. It will come.. and then the crisis will be how mutch bad paper do our banks own on the state and municipal level? Will we let Chicago or LA or one of these states go down if BofA owns a ton of their bonds???
We must change the entitlement mentality.
BD
You fail to understand that the states you mention, get the LEAST amount of Federal dollars?
States Receiving Least in Federal Spending Per Dollar of Federal Taxes Paid:
1. New Jersey ($0.62)
2. Connecticut ($0.64)
3. New Hampshire ($0.68)
4. Nevada ($0.73)
5. Illinois ($0.77)
6. Minnesota ($0.77)
7. Colorado ($0.79)
8. Massachusetts ($0.79)
9. California ($0.81)
10. New York ($0.81)
In fact, the states that vote BLUE, pay more than they receive. Imagine that, democrats states paying more into the system than republican states.
Who is on welfare?
We aren’t there yet.
$350/sf, no updating in 35 years, backs to a busy 6 lane road.
and did I mention Fugly?
Agreed. The listing is marked pending.
Obama-nomics is amking buyers to buy with all cash or historically low rates at inflated prices.
Almost all FHA borrowers will be under water due to the 3.5% down and 8% cost to sell. The questions are:
1. How much underwater and
2. How many in each percent underwater?
Irvine Co.: Largest U.S. real estate fortune
http://lansner.ocregister.com/2011/09/29/irvine-co-largest-u-s-real-estate-fortune/125553/
The author states above: During the rally of the housing bubble, houses were like a third wage earner in the family.
If that isn’t world class economic analysis prose, then there isn’t any. Were Helocs that common, AND used as a source of tax free overboard spending in Orange County? I don’t hang around anyone who discusses such topics or seemed to spend overboard without matching non-home-originated cash flow, so it is a bit alien (my friend who is a bankruptcy lawyer, says you cannot believe some people’s spend-spend-spend habits). Years ago, a California native told me that people were so leveraged in California, and so broke, “they had to charge breakfast” even while driving a leased Mercedes. (Note: how are your car dealers doing there in fantasy land, lots of repo’s now that the homes are not a source of cash?)
You guys remember 3 posts back I was talking about Irvine being Plan B. Well this dude could be living in Irvine…or Australia or Vancouver right now.
http://www.minyanville.com/dailyfeed/2011/09/29/chinese-business-owners-disappearing-as/?camp=syndication&medium=portals&from=yahoo
Some funny slogans
Non-beige homes approved in Irvine
http://www.ocregister.com/news/irvine-319425-fivepoint-city.html
Thanks, I may use that one for a post.
“Irvine: We Have 62 Different Words for Beige,” one commenter suggested.
“Where Bland is in Demand,” another offered.
“Sixteen Zip Codes, Six Floor Plans,” a third said.
“Sorry, I Thought This Was My House,” yet another reader replied.
Of course, Irvinites will tell everybody who will listen that that’s a good thing and why $600,000 for a tract home is a deal.
I dispute IR’s contention that foreclosure is the only savior. People with incomes adequate to pay their loans and still paying them this late into 2011 are probably going to continue to pay them. Further, if this administration would forcefully convince all parties that mortgage loans are private contracts and it is up to the parties to those contracts to handle them as they see fit, we might begin to see modifications that fit the market realities. Right now lenders clearly are still hoping that there will be a jolt of money coming from Washington to get their bad loans better on somebody else’s dime. If correct, they’d be fools not to wait to cut their own deals to stem defaults. But with no prospects of that, the tension between pretending on the balance sheet and having crap cash flow might start being resolved in favor of cash flow concerns.
Not true. A buddy of mine bought a condo for $450k at the peak (Oct 2006) with an ARM. It is now worth $275k. He has plenty of income to keep paying, but why? It is set to recast this year (5/1 ARM), increasing his payments by ~$500/mo.
He tried to modify his mortgage to a lower fixed rate with the lender for 2 years. No luck. He’ll be defaulting in November.
He used to feel a moral obligation to pay until I explained to him that the mortgage was a simple contract. If you pay, you get the house. If you don’t pay, then the bank gets it.
So, I asked him: “do you want this condo?” “No,” he answered. “Then why keep paying?”
Since he purchased with 100% financing, he is happy to walk away.
For the $3500/mo he will be paying for PITI and HOA after the recast he can buy a nice home in a good area. The hit to his credit score will be minimal and recover to 800 within 2 years since all his other credit cards and investment mortgages are current.
Buying at the peak was foolish. But, carrying a huge debt for the next 25 to 30 years based on a foolish error is idiotic. Just let it go!
“The hit to his credit score will be minimal and recover to 800 within 2 years…” Interesting. Do you know something creditors and FICO do not?
I knew it all along; Americans are NOT ONLY War Criminals, Financial Fraudsters, Torturers, Oversexed Perverts and Murderers. You’re ALSO DEADBEATS.
Enjoy
Hey, just walk away…...save 1000’s per month. Save your loot an in a few years—by the time they get around to you, you’ll have saved a bunch of loot and can get back in on the hamster wheel!
Meanwhile , pickup a nice Audi or BMW on the cheap and start enjoying your life again.
I feel pity for all the poor fools who continute to pay on their overpriced real estate. If they only grasped the simple idea of opportunity cost—they’d see that the 100’s, even 1000’s they’re pissing away each month are going to cost them and their families HUGE in the coming years. It might be the difference between retiring at 61 or 71!!
Wake up. Tune in, turn on, drop out (of your mortgage!)
Redfin’s new RE agent look up tool
http://www.redfin.com/real-estate-agents/search-scouting-report
Pretty interesting has sales statistics for any RE agent, not just the redfin ones. Can see median price, ranche or prices, average number of reductions and so on.