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Any explanation for why almost everyhome in the Port Streets priced at under $2 million is under contract?
Because the houses in the Port Streets are nice and are on bigger lots than you would typically find in Irvine.
Even though it’s Newport Beach, it’s a welcoming, established family neighborhood with less pretentiousness than you might encounter in the newer Irvine developments.
The schools are good without being uber-competitive, so if your child is smart but not brilliant he still has a chance to do well and not feel like a stupid cast off if he went to an Irvine school.
Compared to the rest of Orange County, the area is safe and virtually crime-fee.
Despite all of the negativity you read hear and other bear blogs, there are still plenty of people with money and good jobs. Not everyone is a HELOC abuser who has to have five new BMWs and Lexus SUVs
Not everyone is a HELOC abuser who has to have five new BMWs and Lexus SUVs, but enough are that I have been able to profile a new one every weekday for the last three years just in Irvine.
It’s easy to find 1000 people with debt problems in a city of over 200,000?
You don’t say, is that shocking?
What portion of that prolific 1000 didn’t even HELOC more than current equity? Half?
“.” post today is a good one, very accurate assessment of Newport / Irvine.
“.” had an even better post on the weekend thread.
What about some updates on current median down payment in Irvine and TIC new home building. Large down payments were supposed to run out by now. Isn’t that right?
Nice sloppy arithmetic PR; assuming that 1000 “households” equals 1000 “people”. Next time you think about forming an analogy please get your units straight.
There’s that word again. As if families are better than the rest of us. Some are, I’m sure, but I have lived near families who should have learned the basics of birth control.
Renters and childless couples are still regarded as shifty losers with a bent for crime, it seems.
I think you have it backwards. While childless couples can certainly fit into a “family neighborhood”, there are definitely neighborhoods where raising a child would be less than ideal. Although, I don’t know why a childless couple would want to live in a house greater than 2,500 sqft.
If anything, there should be no exception to the $417k limit for ‘high-priced’ areas. Why should buyers in ‘lower-priced’ areas subsidize those in ‘higher-priced’ areas? The $417k limit should also be reduced to the national median home price, or very close to it. You could do this in a phased manner of maybe 10% of the move every year for 10 years.
Why should any non-buyer subsidize any buyer? Why single out the “high-priced” areas?
You can argue the merits of whether we should have the GSE’s or not, but you aren’t going to get far. They’re underwriting 90% of all new loans. Republicans in DC can talk about winding them down, but their voters buy and sell houses too. Think about what the market would be like if in 2008/9, the GSE’s stopped buying loans the way the other securitizers did.
‘High-priced’ areas get singled out because they want to be, because they’ve requested higher GSE loan limits.
Using only the national median house price? How then are Californians going to be able to overpay for their houses and crown themselves land barons of their mini feudal societies in the neighboring states? You can’t be serious. Every market is local!
Nevada To See Rare Population Drop
Article here
Highest unemployment rate in the country.
“Our economy is very depressed”
Seems to me that all signs continue to point to declining rents. Also seems risky to be looking for reliable renters in such an environment.
Not to mention that there is more sales volume now than there was during the bubble. Just like the bubble most of those LV transactions are non owner occupied. Last time I checked LV unemployment was as bad as Detorit. Population decline is the most difficult deflationary force to deal with. Detroit’s decline started in similar fashion.
The current market does seem to be heavily gamed by investors playing around. IrvineRenter even came out last week and closed a blog post after 1 day due to fear that it would tip off more investors. Strikes me as the same mania type of mentality that we saw during the bubble.
I am not seeing where all of these new buyers and well-to-do renters are going to come from. Perhaps the media is just overly cynical?
This article is so funny, and the people who make their funny comments. Let’s face it. Greed is human nature and these greedy people are getting what they deserve. See, there is a God.
But which god…
The Judeo-Christian God would let them get foreclosed, BK, confess their sins and be forgiven.
The Muslim God would cut off one or both of their hands for stealing and have them publicly flogged. Bankers would be executed.
Some days I would rather be a Muslim, although I don’t think I could get on the ground an pray several times a day.
My facts are real, you are the one who is assuming an interpretation. What’s your point, finding 1000 should be difficult?
You are comparing 1000 HELOC abusing house debtors to 200,000 individuals who may or may not even have a mortgage. You have to distill that 200,000 down to the total number of Irvine house debtors if you want a real comparison.
What you said is no different than saying it’s easy to find 1000 women in a men’s prison because there are 200,000 inmates. Once you distill that 200,000 to the 50 gals who work for the prison, finding 1000 suddenly doesn’t seem so easy.
If you are going to present facts, please keep them intellectually honest. Thanks.
I’m not comparing anything, I’m stating the facts. You are projecting something I never said.
Some of those HELOC abusers are single occupants, some are families, and some are non owner occupants. What’s more is a good portion of what has been profiled didn’t even HELOC over current value so no matter how you look at it 1000 is a number that is not difficult or impressive given the total landscape.
Las Vegas you’d be profiling a lot of empty houses, not even people.
In the mean time building continues in Irvine and the median down payment is over 20%.
Hey, if the Government wants to keep eating losses each time an Irvine house debtor misses a check well then have at it.
I do find your 20% downpayment cheerleading comical. Do you assume that 20% was the result of some kind of disciplined savings plan? Likely, it is the result of a ‘90’s buyer who sold his prior house at 2003 prices to a sucker buyer at the lower end in the current market. How many of these buyers do you think are first timers? That’s all you need to know in order to realize that it is not sustainable. Unless the Fed manages to get the inflation bomb they keep trying to blow up.
20% down payment for many people living in Irvine is easily doable. There are thousands of residents in Irvine that make over $100,000 a year, combine that with 2 incomes in the same household, and saving money isn’t very hard.
What you fail to see is that there is a huge chasm of those who can afford to buy and live, and those who cannot…namely, people living in scorching deserts making far less than they need to in order to buy and own a home while also having a family. The elite that can afford, and will be able to continue to afford high priced homes, will not move to uninhabitable desert. That type of living is for us “po’ folks”.
At the end, you also disparage anyone who has previously bought. You need to include all the people who sold and made stupid profits…but but that would be bad and against your free market capitalism mindset. You can’t have it both ways.
The system was scammed from the top, the losers were the U.S. taxpayers, the winners were the international banking cartels that have manipulated the U.S. from the beginning, now get out there and blame your neighbor, those scumbags are in your house that you deserve to own at $50,000!
Dear Planet Reality:
This blog started out, and continues to serve, as a warning to people considering purchasing a home in adverse market conditions. If you were to ready the early posts, before the housing crash even occurred, IrvineReader states his assumptions, his calculations, and what his predictions for the housing market.
For me, his calculations put a mathematical context on the “hinky” feeling that I was having about the market. This is why I continue to read this blog.
If think the contents of this blog are laugable, then fine. I would suggest that you start flipping houses immediately and make your fortune.
Actually the blog has been quite bullish on house flipping for about a year now. So bullish that it even organized a fund to flip houses with in Las Vegas. PR actually looks like the bear on here now, which I might add feels very strange to say.