Irvine Housing Blog

This is such a valid point. I keep wondering how it is that my lender only offers me about 12 grand in HELOC, while I read about people taking out 100 percent of the value of their homes. Not that I want to undertake HELOC abuse, but I want to understand how this theft occurs.

Is it about finding the right appraiser, who will overvalue my home?

If I max out the current HELOC, will that cause my lender (or other lenders) to offer me even more credit (ala credit cards)?

I recall a recent post here about some people who took out a half million and walked away. That floors me. I just can’t get my head around what seems like plain, old fashioned theft. And I wonder how it’s done…

Any guidance would be appreciated.

Price

I read somewhere in the last couple days (unfortunately no link) that banks were “ramping up” there loss mitigation depts in an effort to go after borrowers defaulting on recourse loans.  You would think this would be worth the effort if there’s no recession and/or a shallow/short recession because many borrowers still have jobs.

[Flipper]“One hundred dollar bills? No, that’s too much trouble. Just wire to my Cayman Island Account will do.”

Lexus dealers are discounting $7000-$10000 off MSRP ($68k - $73k) on 2008 LS460.

That makes no sense to me either. They won’t originate toxic loans, but they will actually take a subordinate positions to them.

And the award for the most useless photo on the MLS goes to….
At least when there is a picture of a garage door you assume they will leave that behind when they leave.  Or are these boots being left as a buyers incentive, kind of like 3 months HOA fees.

Nice observation! By the by ... listing says “mountain view”. Hmm.
Stretching it a bit methinks.  Sure on the 10 clear days a month you will see Saddleback Mtn. but it’s not like QH is in the foothills or anything.

Again, with spin and the truth stretched to failure point is it any wonder this country is gurgling down the tubes?

In the next few years they’ll finish the development east of Irvine Blvd all the way to Bee Cyn (aka the dump).  The developer will call it Landefille Meadows and crow about proximity to “sustainable recycling activity”.  Gack.

Yes, the Bush Administration is 100% responsible for inflated Irvine prices.  It’s just too bad he was able to get the Dems to rollover in order to pass his Stimulus Package despite their strong opposition.

I read a book by Kim Stanley Robinson (a near future sci-fi) about global warming…Anyway, a scientist lost his house in a flood, and was left with only a job and a mini-van.  He ended up putting a mattress in the mini-van, and joining a health club.  Sounded like a pretty good idea—access to showers, a safe storage locker for any real valuables, and a place to stretch out and sleep.  You can even get an adapter so you can plug in a hotplate or a mini-fridge. 24 hour fitness is only $25/month! Could get pretty hot in the summer, though, depending on where you live, but you can always hang out for the evening at the health club. (He also built a treehouse in a large, deserted public park, but that’s not as feasable).  I’m totally doing that if I ever end up homeless—except with a VW bus.

I gotta say ochomehunter, Bush is just one man.  But Greenspan, I think he’s actually a billion men.  A monkey will prefer cocaine to food until it kills him.  If you want to thank someone, thank Alan for the multi-decade liquidity party that we all binged on.  If Bernanke decided to channel Volcker for a few years, he knows the avalanche of misery it would create (sobriety is a b!tch) would become his legacy, so he’s trying to take us down slowly.  Unfortunately for him (read: US), now he’s got an inflation hurricane coming so he’ll have no choice but to start tightening up the hatches.  With no more bubbles to blow (of any real significance) and countries hotly debating the much belated depeg from the dollar we could be in for a giant margin call that we’re not able to make. 

Result:  Audios, standard of living.  Hola, hard work and savings. 

Did we really think we could all get and stay rich selling each other cheeseburgers and foriegn made pergraniteel ?

Don’t just blame Bush for this.  Yes he’s a monkey, but all politicians are.  And oh by the way, so are we.

Very astute. I keep thinking along the same lines ... the crime rate is about to sky rocket.  When everyone is fat, dumb and happy no one’s trying to put one over on the next guy.  With belts tightening and desperation setting in, desperate acts follow.