|
|
|
|||
|
code
|
|
from 06
|
|
from ’06
|
|
92602
|
$850,000
|
10.4%
|
19
|
-38.7%
|
|
92603
|
$865,000
|
-17.6%
|
32
|
-5.9%
|
|
92604
|
$630,000
|
-3.8%
|
24
|
20.0%
|
|
92606
|
$727,500
|
-3.0%
|
20
|
-4.8%
|
|
92612
|
$685,000
|
3.4%
|
43
|
79.2%
|
|
92614
|
$531,000
|
-11.5%
|
11
|
-62.1%
|
|
92618
|
$590,000
|
-3.7%
|
22
|
22.2%
|
|
92620
|
$750,000
|
-9.0%
|
58
|
-1.7%
|
I know there’s still a lot of willing dumb-dumbs out there that really have no idea how bad it is, and what’s ultimately going to happen. Too bad the mortgage industry has finally said, NO MAS … no can do (LoL). And since we know that Irvine real estate doesn’t participate in the conforming loan limits, it looks like the showdown has heightened.
Meanwhile, us in the real world, watch the inevitable: https://www.youtube.com/watch?v=ClSC0ItNxVs
BTW, not to get off subject here, but I have friend that works for a BMW dealership. He reported to me that “things aren’t good”. He said that there probably is “no better time to buy a BMW than right now”, especially a “pre-owned BMW”. He expects all the local OC BMW dealerships to start laying people off in the coming weeks.
—–
Of the homes that did sell, and close, I wonder how many were bought by folks who need to sell their present residence? And how many home that have sold recently, and haven’t closed yet, are sold on contingency of the buyers home selling. I would like a little butter on my popcorn, please.
Where exactly is 92614? How many months of 10 or 11 sales can it handle? July has 10. August has 11. June had 22ish.
I’m a Florida real estate lawyer & have been for 30 years. Never
seen anything like this, not when rates were so high, not when the S&Ls went bust. Luckily I do other stuff. Now lenders, even Countrywide won’t give loans to people who have excellent credit
ratings and who are buying houses that are already heavily discounted.
I’m no fan of saving people who were idiots, but I do think that something should be done. We’re talking depression here, not recession. If something could have been done in August or Sept of
1929, so the mkt could have had a soft landing, don’t most people think it should have been done, even tho undeserving speculators would have lost less? Only did 2 closings last month. One was all cash, and
with the other, the buyer who had 20% to put down, had not one but
TWO institutions the broker had placed her with go bust.
My bankrupcy buddy down the hall needed new secretaries and hired them from title companies. Other small business owners, in non real estate endeavors, that I know are very slow. Restaurants are still full.
When they empty out, then we all will know we are in for it. Large numbers of high rises are still being build. I know people who have not
missed a payment yet who plan to let the house go because there is no
equity. The crest of the wave is not even close.
The bankruptcy buddy wiped out a secured second mtg by getting an appraisal which showed that there was no equity–the house had
devalued 20%. The owner kept the house, and will just pay the
1st mtg. We have something called “homestead” here which probably
facilitated this. Don’t know if you could keep the house out there.
$35,000 worth of supposed secured debt just wiped out. By California
standards, I suppose that isn’t much, but when it is added up, as the
word gets around that you can do this, the securitized mtg holders
may see losing 90 cents on the dollar.
Don’t know if there is enough money in the world to do it, but people
with adjustibles could have their adjustments delayed for a couple of
years. Money owed could be tacked onto the end of a loan. Anybody
more than 15 days late should be dragged in and the loan holder and
the borrower be forced to talk to each other. It is far better to leave
at least some of these borrowers in place than let the houses go into
forclosure where they will sit unsold while the lenders refuse to acknowlege reality. Meanwhile, the houses will deteriorate and destroy the values of nearby homes, lender typically not taking care
of the empty houses.
It’s better than an endless downward spiral. But I suspect that even
if we had a Roosevelt or a Truman, or an Abraham Lincoln, or a Jefferson, rather than the dope we have, and the equally clueless
congress, it might not be possible to avoil the death spiral.
By the way, I owe only $2500, yes, I didn’t leave out a zero, on my
house, and it will be paid off in December.
Always do the opposite of what everyone else does, and you won’t
lose all your money. I sold some shares of stock at a nice profit and
have others for sale.
Imitating my grandad who sold his butter-and-egg business in 1928.
Answered my own question, it’s the south half of Woodbridge and Westpark. Big chunk of West Park with the large detached SFRs between Culver & Jamboree, Alton and 405.
The zip area is bounded by 55, 405, Alton and Jeffrey.
lawyerliz – It seems most folks have a compassionate place in their heart for others who might or will lose their homes. I am not convinced that compassion and a desire to do something are helpful in a macro sense. I think we are experiencing the beginnings of a credit contraction which is the inevitable result of the previous credit/debt expansion, which many have mislabeled and misperceived as a housing bubble. The only fixes are based on extending credit or issuing more credit to individuals, corporations, banks, and country which is insolvent. This is not a liquidity crisis as is propagated in the MSM. It is a solvency crisis. The US and many countries have borrowed themselves into a facade of prosperity. Sooner or later the debts must be paid, and it seems the piper is beginning to extract his due.
What is it about equating BMWs with the pinacle of success? People are so full of crap. And here’s someone that is extra full:
Seither invested – unwisely it turns out – in expensive Clearwater waterfront property at the peak of the recent boom. Lenders are after her for millions of dollars in debts. After juggling 15 calls from debtors, creditors and clients, Seither lays the phones aside and delivers a pep talk to herself. “I’m not a real estate bum,” the president of Executive Preferred Properties announces. “I wear diamonds, Rolexes and necklaces. I’m a classy Realtor.”
http://tinyurl.com/2pjhon
” If something could have been done in August or Sept of
1929, so the mkt could have had a soft landing, don’t most people think it should have been done, even tho undeserving speculators would have lost less?”
Three main thoughts:
1. The governments did try to prevent and improve the situation, they made it worse.
2. The cause of the depression is still debated among economists.
3. Bernake, is of the opinion the depression was debt-deflation caused. People carried too much debt to have automobiles, houses and stuff. (sound familiar).
(1) Interest rates have to come down at least 1%.
(2) A bit of inflation needs to seep in to lower the real cost of the house. Sure it may devalue the dollar but I think the Europeans are gonna have to do the same.
(3) The tax code on RE gains needs to be modified to match equities. Short term gains should be tax very high to prevent speculators from affecting the market.
(4) City planners need to be responsible when they approve nothing but t McMansions. They should ensure a proper mix of housing. Tax laws should be passed so that if the median exceeds some threshold, then extra RE taxes go to the State, not the City. This will remove local greed.
(5) Some means of delaying readjustment for credit worth owners is a great idea.,
(6) Loan underwriting rules need to be tightened considerably. PMI MUST come back.
(7) The conforming loan threshold needs to take into account regional variations.. currently it only handles Hawaii and Alaska -which is odd as California and New York… etc… are more expensive. In California, a conforming loan should go up to $625K with 20% down or 10%/5% with PMI.
A lot of Bimmers/Benzes/Lexii were LEASED by a lpeople buying McMansions on those teaser rates.
It’s the look…..
It looks like 92603 is settling down now that the Turtle Ridge new homes no longer skew the numbers.
Sales are not down so much and the median price is close to what you’d expect in Turtle Rock. I wonder what the mix is…. Most SFHs will go for around 900 and up. There’s a fair bunch of townhomes too.
I didn’t see many “for sale” signs this summer. I guess most folks are just staying put. It’s a nice neighborhood to begin with and people holding back on sales is a good sign going forward because it means that most people did not HELOC themselves to death.
OTOH, TRidge…. Ay Caramba! At the rate their going, soon there will be a “for sale” sign for the guard shacks at the entry gates too.
92603 – Even Shady Canyon is feeling the pinch! Those folks at TRidge need to lower their price – all those homes for sale and no one wants to be the first to slash their price. But their time will come. The TRidge and Quail Hill developments are awfully well located. But when their turn comes, I predict a beating.
http://www.sptimes.com/2007/09/01/Worldandnation/Bush_offers_housing_h.shtml
The most important piece of Bush’s plan, which will take effect immediately, is a new program under the Federal Housing Administration that allows families with adjustable rate mortgages to refinance under more favorable terms.
It is limited to homeowners who have a mortgage with an interest rate that either did or will reset between June 2005 and December 2009. The borrowers must have a history of on-time payments before their initial low teaser rate reset, at least 3 percent cash or equity in the home, a sustained history of employment and sufficient income to make the mortgage payment. The limit on an FHA loan for a single-family home in the Tampa Bay area is $222,300.
…
About 240,000 families would qualify for the program, according to the administration’s analysis, though some groups estimate as many as 2-million households face potential foreclosure.
Those most vulnerable may benefit little from the administration’s offer.
“You’re talking about helping people who have relatively good credit and that’s not the problem,” said Scott Brown, senior economist at Raymond James & Associates in St. Petersburg.
The highest foreclosure rates have been among borrowers with “subprime” credit and investors who bought houses and condos expecting to resell them quickly at a profit.
Investors are a huge part of the problem in Florida, where about a fourth of the investors with good credit are in default. They wouldn’t get a bailout from Bush.
A friend of mine that works for a local OC Toyota dealership is reporting low sales too. The Spring season was not good.
On the other side a coworker’s wife in 2005 took cash from their house embedded ATM and bought a pick up for her brother.
Any relationship between both events is an accidental coincidence…NOT!
Yes.. going forward TRidge will come to the TR norm. A number of homes will be higher because of the views but remember that TR lots are larger. And there are very few 3 car garage properties in those McMansions.
Quail Hill is really, REALLY cruisin’ for a bruisin’. It’s location is not so good.
Like most people I believed that the depression started with the stock market crash. If you read Dr. Housing bubble’s “lessons from the great depression” (posted earlier in August) you will see the seeds of the depression were sown in a mania for property and easy credit (sound familiar)? Substitute 5bdrm 6baths for farms and you have a history lesson repeated. Except perhaps there are few 4th and 5th mortgages on mcmansions.
How do we construct a “bailout” that does not include serial refinancers, failed flippers, and those who lied on their applications? After you subtract these people who is left? Anyone remaining probably has a good case for a lawsuit against a broker or lender. I thought that was the purpose of our legal system.
If every possible bailout measure is used we will repeat the Japanese experience of a 16 year recession. Americans like action and that means more pain over a shorter period. Responsible people still have some money and vote. At some point they will wake up and and realized they are being robbed by inflation and demand a stop to the bailout.
Can the Mortgage Crisis Swallow a Town?
http://www.nytimes.com/2007/09/02/business/yourmoney/02village.html?pagewanted=1&_r=3&adxnnl=0&ref=business&adxnnlx=1188734448-1JWUw+5neth+tWT5Trvu0g
Sales are expected to PLUNGE. Fidelity National Financial (the parent of Fidelity National Title, LSI, etc) just handed out massive numbers of pink slips on Friday to Orange County employees. They informed employees that the expected plunge (their words, not mine) in real estate sales will deeply affect their title, escrow and servicing business. They are the largest title insurance company in the US so maybe they have a bit more insight on what’s going on then your local Realtor.
Wow, did anyone else just feel that small earthquare a minute ago? That was scary.
I rent in the least expensive condo development (probably built around the 80’s so it’s not new) in Turtle Rock and there are several for sale in here. On one street 3 in a row have been for sale for several months. My neighbor a few doors down had his on the market all summer (2 BR – $679K!) and finally took it off as he couldn’t get the price he wanted.
Rentals abound as well in this development. Just next door to mine the only tenant to be found was a family with !4! small children in a 3 BR. Luckily I hear the screaming fights of the parents only occasionally.
So if trends move from the bottom to the top in neighborhoods this doesn’t bode well for the rest of Turtle Rock.
Anyone else just feel that small earthquake? (Yes, I mean a real earthquake – not a real estate earthquake.)
Yes, although I thought it was my upstairs neighbors for a second, but then realized it’s vacant. Hopefully it wasn’t a preview of a bigger one later.
I did.
It was a 4.7.
OC auto sales are down 10.2% YOY and they are down near 6% even from 2005. I’ll see if I can find when the last time they dropped like this. Maybe in 2000 but I don’t think it was that bad.
Auto sales are one of the first signs of a recession coming. The other sign is retail. Retail jobs are down YOY for June and July. The last time that happened was 1993.
I’m a housing bear but I remember the recession of the 90s too well. These are not good signs and I take no joy in posting them but I took off the rose covered glasses for a reason.
People should stay away from the BMW dealerships, unless they can go in and write one single check for the entire amount. I wonder how many recent home buyers from Irvine can do that.
Comment by tonye Subscribed to comments via email
2007-09-02 08:13:01
I’m as liberal as it comes… Yes Gay Marriege is fine with me and I want FREE healtcare but your suggestions are bordering on unbeleivable!
(1) Interest rates have to come down at least 1%.
Low interest rates are the root of our problem. We would not have this RE balloon with a higher interest rates.
(2) A bit of inflation needs to seep in to lower the real cost of the house. Sure it may devalue the dollar but I think the Europeans are gonna have to do the same.
The “real inflation” is already in access of 15% per yr.
(3) The tax code on RE gains needs to be modified to match equities. Short term gains should be tax very high to prevent speculators from affecting the market.
Short term gains are fully taxable already.
(4) City planners need to be responsible when they approve nothing but t McMansions. They should ensure a proper mix of housing. Tax laws should be passed so that if the median exceeds some threshold, then extra RE taxes go to the State, not the City. This will remove local greed.
City planners approve what people desire.
(5) Some means of delaying readjustment for credit worth owners is a great idea.,
You should not mass with private business. What’s next? You can produce square donuts only? Besides, I’d like to see those idiots default as soon as possible. Flush them out.
(6) Loan underwriting rules need to be tightened considerably. PMI MUST come back.
Trust me, you couldn’t get a mrtg any longer without docs and high scores.
(7) The conforming loan threshold needs to take into account regional variations.. currently it only handles Hawaii and Alaska -which is odd as California and New York… etc… are more expensive. In California, a conforming loan should go up to $625K with 20% down or 10%/5% with PMI.
Absolute rubbish. The market is overpriced (as of TODAY) by at least 50%. Rasing the Jumbo limit would nothing but preserve an inflated price structure.
Was it an earthquake or a sonic boom?
(1) Won’t happen. I recommend reading the entire recent speech of Bernanke’s including the history lesson of the mortgage market. http://www.federalreserve.gov/boarddocs/speeches/2007/20070831/default.htm
I also recommend reading the references cited as they provide backup to this not happening.
(2) This would only make things worse. Currently exports are increasing which is significantly contributing to the GDP. If the dollar gets weaker combined with housing and the general slowdown GDP will be down below 2% and inflation will be through the roof.
(3) Short term capital gains are the same for all investments. The 2 year exclusion of $250k/$500k isn’t for “investments” and being over 2 years would make it a long term cap gain just like a stock or any other investment.
(4) OC’s housing mix is 50% detached about the same as LA. Riverside and San Berdo is more like 60%-70% detached. So I’m not sure how much more of mix you think OC needs. I do think your point on taxes is interesting but I trust the state even less than the local.
(5) People who buy homes are adults and they knew what they were getting into. If they made a mistake they need to learn a lesson and some will be the hard way. The faster we get this over with the better. The longer it drags on the more it will hurt over the long run.
(6) They already have. PMI never went away.
(7) Honestly what good will this do? If people were qualified on an ALT-A or subprime loan they certainly won’t qualify for FNMA with tighter underwriting standards even if the loan limit was $1mil. Jumbo rates from portfolio lenders for A paper borrowers are still in the mid-6% range.
I’m curious why do you fight so hard against a crash? I’m a homeowner and my home is probably down about 15%-20% from the peak and if the two across the way ever sell add at least another 10%. I honestly could see it dropping down to what I bought it for in 2002 in real dollar terms. Maybe even more if the job market continues to be weak. I plan on taking advantage of it rather than fight it.
Just did a little temperature experiment to see what temperature various areas have around here to test the usual real estate claims that close to the water is better. Here is the current temps according to weather.com
92603 (Quail Hill/Shady Canyon/Turtle Rock/Turtle ridge) – 92
92618 (Portolla springs) – 92
Newport Beach – 89
Anaheim – 102
Riverside – 104
We are in Irvine and we felt the earthquake – husband ran to hold up the flat-screen TV. Priorities!
So maybe I’ll buy my 2008 M3 with no mark-up then? Fantastic 😀
I can. But my cars are running great. No need to.
lol. good stuff.
I’ve been tracking my home market of Washoe County (Reno). It looks like SFR sales will be down somewhere on the magnitude of 40% August / July 2007. No joke.
I’m not concerned about a housing crash. I’ve owned my house for 20 years and when I refi’d, five years ago I had a ton of equity. My 30 yr fixed is at 6 1/8 so I’m set. My RE tax is ridiculously low,and my house is 7 years old because we rebuilt it.
So, RE, I’m fine.
What I’m really worried is that the housing crash will result in an economic depression.
I’m concerned about our 401Ks, about our commercial RE -which in our case has a nice 40 LTV right now and generating great income- and over all the health of the economy.
Look at it this way…. about 3% of the population went on a money drug binge, and now ALL of us are on the hook for their recovery.
So, yeah… I’m willing to put up with a little bit of gov. intervention to help the best of the bad bunch.
I’m also concerned that Bernanke is too much of an academician and not enough of a pragmatist banker.
would anyone else here be interested in seeing an occasional ‘rental market’ update for SF homes in Irvine. we have been looking this weekend and although it seems there is slightly more available in the 3 br offerings than last year, they still seem to pretty much suck in the $2,700 and under price range (i never realized that so many rentals are basically junk in Irvine! there are some really worn out, filthy homes in the older areas, very surprising). thanks IrvineRenter if you can post an occasional story on this part of the market.
Most of the european cars are leased, not bought.
The german cars, in particular, have proven to be so unreliable in tfhe last seven years that the only way to “own” one is to lease it while it’s under warranty and under one of those “free” maintenance programs.
The are great driving cars, but hellish ownership experiences. Not as bad as the Alfa Romeo of my youth, but up there with pain.
Only the Lexus, Infiniti and Acura brands make any sense when contemplating a purchase.
There got the sale prices in Lake Elsinore….. we felt it like a jolt in TR, but because of our clay substrate we survived it.
Hey…. we should put that in our RE sales brochures:
“This magnificent Turtle Rock Home can withstand earthquakes far better than those in the ground liquefaction flatlands. Indeed, this exquisite property is impervious to anything under a 7.0 and to price reductions like Northwood Pointe”. 😉
At 11:30 AM , it was 100 in Laguna Niguel and 86 at Harpoon’s Henry at the Dana Point marina.
It was 84 in Laguna Beach by the PCH at 1:00PM.
TR right now, by the UCI side, is only 89. Quail Hill is inland and hotter.
“The are great driving cars, but hellish ownership experiences. Not as bad as the Alfa Romeo of my youth, but up there with pain.”
Funny I remember as a kid my Dad in the mid-late 70s getting an Alfa Romeo. Man it was a cool unique car, but it was always in the shop!
My friend at the BMW dealership said things have changed considerably in the last 3-4 weeks. He didn’t give me an actual figure, but from his apparent concern, it sounds like more than 10.2%.
I wonder how this is impacting less expensive brands like Honda & Toyota.
Foreclosure wave slams Southland
Crisis has builders, mortgage brokers, appraisers seeking higher ground
http://www.dailybulletin.com/business/ci_6781201
Steve Thomas, owner of Rancho-Cucamonga-based CIG Property Management and Investment, recently had a job advertisement published for a part-time assistant property management position with his company. It pays $15 an hour.
“I’m getting severely overqualified people turning their applications in … vying for this entry-level position,” Thomas said. “Some of them look like they have fairly good experience.”
Thomas has a wide range of job candidates to choose from: loan processors, loan officers, brokers and several applicants with various bachelor’s and master’s degrees.
It’s a good example of the plethora of jobs that sprung forth from the recent housing boom, only to be extinguished by the market’s downward spiral, Thomas said.
“People who didn’t know anything about (real estate) were jumping into it,” he said. “It means the plane was just about to go down.”
lee in irvine – most people don’t even go into a honda dealership and buy with a single check. i think your point is to buy/finance/lease what one can truly afford.
i think that one of the last model homes in quail hill in the development vicara went for $2.1M but had an asking price of $2.5M . this was a single level home at ~2,900 sq ft.
currently there are several (albeit larger) that are listed near the $2.5M mark and they have been sitting.
as sellers in quail hill and turtle ridge start dropping their prices, we may see stats that will still not truly reflect the true direction of these areas.
QH is already taking a beating as far as prices go. I’ve been watching that area for the past few months..prices are dropping. Not all sellers are doing it but the numbers are definitely going down. Don’t really agree with your opinion that the location (with respect to Quail Hill) is not so good. I think the location is great fine. Great access to the 405, 5 and 133 without it being in your backyard as it is over in TR.
i second that, lol…
Housing and the Business Cycle
by Edward Learner, UCLA
Presented at Jackson Hole, WY
http://blog.inman.com/LeamerHousingandBusinessCycle.pdf
The hot weather in Irvine has been keeping me up..
I’ve been reading this blog and the comments posted by the readers – the content is amazing..! It’s great to know of such an Irvine “community” that I can read about/relate to.
Went to Irvine for school, stayed for work. Rented from like three IAC apartments during these 5 years..I’ve been on most of the properties, when I was hunting. Thinking that I’ll be here for a few more years – thinking about purchasing a place in Irvine.. any thoughts??
(A small small place, of course..)
TR gets the ocean breezes that come up over the hill. We have some nice city views and you can hike up to the hill and get a fantastic view.
QH doesn’t get any of those. It’s situated on a shelf between the 405 and the hills. I always think of QH as the place for the nurses/technicians working at the hospitals and the manservants working in Shady Canyon.
It’s access is also limited. The 405 is a parking lot and otherwise you have to go over the 405 and take Alton… yet another parking lot.
TR, OTOH, has easy FREE access to the NB 73 (via UCI at Bison or at University and McArthur). In fact, I don’t take the 405 at Culver, going instead through the University. I can get to South Coast , the OC Fair and Segestrom Hall by the back way (73 at Paularino. Or easy to Newport Beach by Bonita Canyon to McArthur/Jamboree.
All in all, I think the egress and ingress to TR is far better than QH. And, if I feel like paying money, I can alway hop on the toll road and go down to Dana Point. It’s great when I go to San Diego.
If you work at UCI.. how about the University Properties? I’ve been in a couple and they look quite nice. I guess the school keeps the land and you just buy the house… hence they are quite subsidized.
The location is very good and you get the best schools. TR Elementary, Rancho, Uni and.. (of course) UCI.
I’m trying very hard to convince my son that UCI is where he wants to go. For some reason he thinks he has to go to some fancy private school because many of my neighbors have this idiotic notion that only the most expensive institutions give you a good education.
My daughter, OTOH, wants to go to CowPoly.. hmm…. at least the room and board up in SLO is realistic.
But UCI is sooo much better, easily as good as UCLA and within walking distance of our Chateau. And since my kids are 50% japanese (happa) they’ll fit the demographic. Honda Fits, happas and high IQs…. there you go.
“when the town made its annual assessment on homes for garbage collection last month, receipts came in 15 percent below projections, forcing a 50 percent rate increase.” Hey Ciaravino, did you lay off any high paid union workers? If there is 15% less work…well?
I hate hearing bureaucrats whine about decreasing revenue, everyone is cutting back except municipalities. When my business suffered a 25% downturn beginning in mid-99, we cut back, let go some of the fat and kept productivity high. Why can’t cities (including schools) conform to economic laws?
Reminds me of the last drought in LA, people cut back on usage so much that DWP “had” to raise rates.
Oops – meant to say I graduated from UCI, now working in Huntington Beach.. but decided to stay in Irvine.
I got used the Irvine standard of living.. (which is really sad because I’m from the bay area, so it was a shock coming to Irvine, I called it cultureless and superficial..then eventually got used to it and became sheltered as of a result)
As for your son, UCI is a great school for undergrad.. save the money for the fancy private school for grad school? Basing a good eduation on whether it’s a public vs private school is not a strong justification… Good education alone will not prepare anyone for the real world..!
Yup – definetly the demographics will fit.. UCI is also a big commuter school too.
Hi Toyne,
I am considering a professorship at UCI in the near future. Can you tell me more about the UCI properties you mentioned? I have options at some schools in cheaper regions of the country, or I can stay in industry. Can you tell me about the price/sq-ft of the UCI houses (for professors) vs. the price of houses in the nearby neighborhood? I think the nearest neighborhoods to UCI are University Park and Turtle Rock.
Carl
“I’m a Florida real estate lawyer & have been for 30 years. Never
seen anything like this…” and “Now lenders…won’t give loans to people who have excellent credit ratings and who are buying houses that are already heavily discounted.”
“I’m no fan of saving people who were idiots, but I do think that something should be done. We’re talking depression here, not recession.”
———-
There’s is no shortage of people like lawyerliz who had zero concern for the big picture while the punchbowl of kool-aid was still full. Now that the punchbowl is empty and the masses are in panic mode adn all about the big picture.
Let’s privatize the profits and socialize the risk, right?
Back then, most everyone I knew pointed their smug fingers in my chest as if I was the idiot for exercising caution and now these same folks poke me in the chest like, “So, you want the country to fall into depression just so you can buy a house?” I’ve gone from idiot to jerk just because I hope the Fed keeps rates the same.
My reservoir of schadenfreude remains deep.
Oops, edit in the first paragraph: “Now that the punchbowl is empty and the masses are in panic mode suddenly they are all about the big picture.”
I have no idea. You’d have to check with UCI. Those homes are “captive” to the school.
Tonye,
Its “hapa”
Trust me, I’m one too. 😉
And UCI is an excellent school, I’m an anteater alum and the school has a great academic reputation.