Irvine Housing Blog

According to Redfin, it’s in Pending state.

IR, you seem to move houses quite effectively on this blog. I guess potential buyers are looking at IHB for the next house to bid on

Recent sales show 2 on that block selling at ridiculous prices.Is that correct?

Irvine foreclosure are going to save the world.

It only Mother Teresa was here to support the cause.

That MEW is also tax free, so the “real” amount is closer to $1.5m if a full $1.0m was MEW’d

Everyone quotes Scarface, but I prefer the original kick ass “White Heat” with James Cagney. “I’m on top of the world, Mama!” as he machine guns the cops below.

My .02c

Soylent Green Is People

Let foreclosures to drive the national economic recovery is the correct way to do, but you can tell let Obama is taking another approach. He is taking a much fast and more popular solution: printing more and more money and with 0% rate he is loaning more money from future to drive the recovery.
Since China, India and other growing countries can always give us cheap labors and absorb the money we are printed, so it is not a problem to drive the recovery quickly, the problem is what type of recovery we are looking for and if this is a good and real recovery for long term. If this jobless recovery and debt driven recovery then I don’t think it is a recovery or good recovery.

Bottom line, foreclosures-driven recovery is abounded after April 2009 when Obama announce the bail out of Wall Street and big bankers and shred the rates to 0%.

Thank you IrvineRenter for the service you provide. We see the world as it is through your words, warts and all. Not the world the mainstream press wants us to see.

In the 1999 film The Matrix, A hacker named Morpheus offers a choice to the film’s protagonist, Neo, to take the blue pill, where “the story ends, you wake up in your bed and believe whatever you want to believe”, or to take the red pill, where “you stay in wonderland, and I show you how deep the rabbithole goes.”

Look at all the people taking the blue pills.

“Barry has a clear understanding of the situation ...”

What is the fastest way to cure a headache? Beheading. Clearly, and it is what Barry offers. Massive bank failures may almost shutdown international trade.

Government prefers economic suicide by poisoning. “Too big to fail” companies have competitive advantage based on their size and revenue, but not productivity or efficiency. The results are predictable.

The pressure to re-inflate the economy was not just for all those that abused it. This is the double edged sword that many ignore. The mental good feelings for those that felt rich also pushed this economy into heavy spending which fueled many excesses in buying.

Such as second homes, repairing your home, buying/repairing/teardown homes to flip them also fueled the frenzy.

In many areas this new construction improved the neighborhoods, in some they over spent and built the mansion sticking out like a sore thumb among the normal sized homes.

It was like all of the sudden everyone jumped into real estate the feeling of being rich in your home was the most intoxicating feel good drug the government could of invented.

Some say it was to support the spending of Iraq or to distract us from it?

One thing our government learned was the masses must spend and spend we must.

The amount of fraud from every class and state is truly the most mind boggling.

I really don’t know how with such rampant theft of equity that will never be paid back how we will ever come down to reality in pricing. How can any one of us buy knowing we are buying someone’s debt.

Not the true value of the home.

An unintended consequence of this whole thing is that many boomers will be working and paying taxes well into their 60’s and 70’s.  This could go a long way to squelch gripes and complaints about the steep cuts in medicare and social security that are being planned.

Today’s idea of balanced reporting is having 3 well place mouthpieces and one dull half wit representing the other side.  Not really balanced but just making the claim of balanced journalism.  I liked it better when the cities had two newspapers—Demo and Repub.  Now there may be 3 newspapers, but only one side is given. 

Balanced is when both sides are presented and letting the chips fall where they may.  The journalists should let the other side have some time, but should also call them on misrepresentations, falsehood, etc.  I’ve not seen that happen very many times in the mainstream news.  IrvineRenter is actually more balanced than the mainstream news.  He had examined and presented the different views and says one side is morally wrong or foolish and gives his reasoning in reaching that conclusion.

StockInvestor gives his reason for the bailout.  If they bailout the bank with nationalization and removal of the banksters, the money will be flowing and the cycle would have been broken.  We just in another inflate one sector, i.e., wealth transfer and getting someone else to be left holding the bag.

Excellent jawdropping level of HELOC abuse there.  How many trips to Hawai’I would that have been I wonder?

After 12 months of blue pill reporting and “OMG, BUT THEY’RE TOO BIG TO FAIL!”, when will people start addressing some of the points made by Simon Johnson along the lines of “too big to save”?
Are bank failures such an awful thing?  Would not smaller, more stable banks rise up and take the market share of the vanquished?
It’s like, we must stop foreclosures because they’re bad!  We can’t allow banks to fail because economically it would hurt us too much!

Would it?

I’m asking because on an emergency room pain scale of 1 to 10, economically we’re probably at an 8 anyway….. and the bones haven’t even been set yet.

I wish the blue pill was morphine. Maybe it is.

Does anyone know how much it typically costs a bank to foreclose on a home in CA?  Has their been any posts on that before?  I read an article a while back that said it was like $60k.