The Tea Party wants more foreclosures, deny renters right to vote

Mar 4th, 2011  
by IrvineRenter  in Library News

The Tea Party is a right-wing political movement with some common sense views on foreclosure I can embrace, and some nutty ideas about renters I can't.

 

Irvine Home Address ... 15 PONTE Irvine, CA 92606
Resale Home Price ...... $1,075,000

She said save me
Save me

When there is no truth,
let's end this lie tonight.
This is easy to understand,
without your best eyes.

The Tea Party -- Save Me   

The political left has consistently been wrong on the foreclosure issue. There is a populist issue for the left to embrace: affordability. instead, they are choosing to pander to distressed homeowners. The robo-signer scandal only gained traction because the political left kept pandering to the false belief that people were wrongly foreclosed upon. 

I found today's featured articles interesting because they are articles from the left lampooning the beliefs of the Tea Party. This represents a consistent narrative for the left, yet I find myself totally agreeing with the Tea Party about foreclosures and disagreeing with some stupid comments they made about renters. 

Tea Party on Foreclosure: “They Bought Houses They Couldn’t Afford”

By Ilyce Glink -- Jan 26, 2011

We already know some Tea Party members don’t believe renters should vote.

But how do they feel about foreclosure? And, where does the Tea Party stand on the real estate crisis that has almost brought the American financial system to a standstill?

CNBC’s Rick Santelli’s now famous rant is credited with  kick-started the Tea Party movement, even though Santelli has denied he is a part of the party and that his comment was anything other than spontaneous combustion (i.e., great TV).

Rick Santelli was right: "The government is promoting bad behavior... do we really want to subsidize the losers' mortgages... This is America! How many of you people want to pay for your neighbor's mortgage? President Obama are you listening? How about we all stop paying our mortgage! It's a moral hazard"

Santelli yelled: “Why don’t you put up a website to have people vote on the Internet as a referendum to see if we really want to subsidize the losers’ mortgages. Or would we like to at least buy cars and buy houses in foreclosure and give them to people that might have a chance to actually prosper down the road, and reward people that could carry the water instead of drink the water?”

But it turns out that kicking folks out of their homes is a core tenet of the Tea Party movement. In an exchange with Stephen Colbert, Freedomworks leader Brendan Steinhauser admitted that bailing out anybody, from banks to homeowners with bad mortgages is unfair. He also believes that most folks facing foreclosure bought homes they couldn’t afford.

Good for him. Mr. Steinhauser is right. Bailing out anybody is a bad idea because it is unfair to those who are not being bailed out.

(What about folks who could afford their homes with the jobs they had at the time, only to lose them in the worst recession since the Great Depression?)

Well, those people received unemployment benefits and ample opportunities to obtain a loan modification. Responsible homeowners are not losing their homes. And while we are all shedding tears for unemployed homeowners, what about unemployed renters?

She writes as if we have a national homeowner entitlement to subsidized housing in a recession. If we are going to subsidize loan owners with squatting privileges, why don't we do the same for renters? Where is the renter's Bill of Rights (and free handouts)? In my opinion, the political left would be wiser to pander to renters and side with affordability advocates, traditional supporters of the left.

It looks like 2011 is going to be the worst year on record for foreclosures, according to Rick Sharga, of RealtyTrac (I’ll post the latest numbers tomorrow).

TeaParty.org cares enough about foreclosures to run the press release on its website. With 5 million homeowners behind in their mortgage payments, foreclosures have hit just about every community in this country, with near-misses for millions more, including Tea Party candidate Christine O’Donnell.

With that daily does of sensationalism, we will leave behind the intelligent ideas of the Tea Party on go on to some foolish comments made by one of its leaders.

Tea Party: Don’t Let Renters Vote

By Ilyce Glink -- Dec 1, 2010 

What to know what the Tea Party says about foreclosures and the housing crisis?

Nearly two years to go until the next Presdential Election and already the Tea Party is deciding how to slice and dice voters.

Here’s a new Tea Party plank: Don’t let renters vote.

Gawker reported that Judson Phillips, president of prominent Tea Party group Tea Party Nation, has a terrific idea: “The Founding Fathers… put certain restrictions on… the right to vote… you had to be a property owner. And that makes a lot of sense.”

Beyond the inflammatory nature of that remark it is also completely thoughtless.

First, what exactly is a property owner? As I noted in Money Rentership: Housing and the New American Dream, the founding fathers didn't have encumbrances on their land. If you worked the land, it was yours. Once a property is encumbered with a mortgage, the person on title isn't really an owner any longer in many ways that matter.

Second, if we are excluding renters, do we also exclude loan owners with no equity? The don't really own anything despite being on title. Are we limiting the right to vote to only those landowners who have fee-simple title with no encumbrances?

What stops someone from forming a corporation, buying property in that corporation, and selling shares to anyone who wanted to vote? If you owned shares in the corporation, you owned land.

Here’s the full quote, from Tea Party Nation Radio:

“The Founding Fathers originally said, they put certain restrictions on who gets the right to vote. It wasn’t you were just a citizen and you got to vote. Some of the restrictions, you know, you obviously would not think about today. But one of those was you had to be a property owner. And that makes a lot of sense, because if you’re a property owner you actually have a vested stake in the community. If you’re not a property owner, you know, I’m sorry but property owners have a little bit more of a vested interest in the community than non-property owners.”

Republicans have always had a fondness for the past. But, do we really want to jump right back to the Middle Ages?

The notion that only owners can have a vested interest in the community is nonsense. Many renters don't bother to get involved, and many homeowners don't either. Many renters do take an active role in the communities in which they live. Ownership does not define belonging.

The HELOC was too much debt

Yesterday i wrote about the need for a home equity lockbox. Today is another example of Ponzi owners who consistently used their house as an ATM only to lose it in foreclosure.

  • This property was purchased on 2/20/2003 for $695,000. The owners used a $556,000 first mortgage and a $139,000 down payment.
  • On 2/6/2003 they refinanced with a $550,000 first mortgage, and repeated this refinancing three times over the next 6 months moving from lender to lender.
  • On 4/9/2004 they refinanced with a $556,000 first mortgage.
  • On 6/21/2004 they opened a $120,000 HELOC.
  • On 8/23/2004 they obtained a $199,500 HELOC.
  • On 12/14/2004 they refinanced with a $750,000 first mortgage.
  • On 1/6/2005 they obtained a stand-alone second for $28,518.
  • On 1/18/2005 they got a HELOC for $120,000.
  • On 6/7/2005 they obtained a $200,000 HELOC.
  • On 1/23/2006 they obtained a $257,000 HELOC.
  • Total property debt is $1,007,000.
  • Total mortgage equity withdrawal is $457,000 including their down payment.
  • They quit paying the first mortgage sometime last year.

Foreclosure Record
Recording Date: 01/26/2011
Document Type: Notice of Default 

One of these days, I will run out of HELOC abuse posts. We haven't had any mortgage equity withdrawal for the last several years, so eventually, I should run out of Ponzis. 

 

Irvine Home Address ... 15 PONTE Irvine, CA 92606   

Resale Home Price ... $1,075,000

Home Purchase Price … $695,000 
Home Purchase Date .... 9/27/02

Net Gain (Loss) .......... $315,500 
Percent Change .......... 45.4%
Annual Appreciation … 5.2%

Cost of Ownership
-------------------------------------------------
$1,075,000 .......... Asking Price
$215,000 .......... 20% Down Conventional
4.88% ............... Mortgage Interest Rate
$860,000 .......... 30-Year Mortgage
$219,558 .......... Income Requirement

$4,554 .......... Monthly Mortgage Payment

$932 .......... Property Tax
$240 .......... Special Taxes and Levies (Mello Roos)
$179 .......... Homeowners Insurance
$47 .......... Homeowners Association Fees
============================================
$5,952 .......... Monthly Cash Outlays

-$1240 .......... Tax Savings (% of Interest and Property Tax)
-$1056 .......... Equity Hidden in Payment
$404 .......... Lost Income to Down Payment (net of taxes)
$134 .......... Maintenance and Replacement Reserves
============================================
$4,193 .......... Monthly Cost of Ownership

Cash Acquisition Demands
------------------------------------------------------------------------------
$10,750 .......... Furnishing and Move In @1%
$10,750 .......... Closing Costs @1%
$8,600 ............ Interest Points @1% of Loan
$215,000 .......... Down Payment
============================================
$245,100 .......... Total Cash Costs
$59,900 ............ Emergency Cash Reserves
============================================
$305,000 .......... Total Savings Needed

Property Details for 15 PONTE Irvine, CA 92606  
------------------------------------------------------------------------------
Beds: 4
Baths: 3
Sq. Ft.: 3000
$358/SF
Lot Size: 5,435 Sq. Ft.
Property Type: Residential, Single Family
Style: Two Level, Mediterranean
Year Built: 1997
Community: Westpark
County: Orange
MLS#: S648056
Source: SoCalMLS
Status: Backup Offers Accepted
On Redfin: 14 days
------------------------------------------------------------------------------

Trieste Plan A in a quiet cul de sac location. Upgraded marble, maple wood and cherry wood laminate flooring all thru out. Remodeled bathrooms with granite/marble/mosaic tiles and walk-in closet. Maple kitchen cabinets w/ granite counter/island/full backsplash and breakfast nook. French doors, high cathedral ceiling, inside laundry and full size driveway. Main floor suite w/ one bedroom, full bath and retreat/den. Large backyard w/ covered patio, brick planters and hardscaped front yard w/ Palm trees. Upstairs loft area and bonus room. Walk to Plaza Vista school, pools, tennis and parks.   

 

 

Thank you for reading the Irvine Housing Blog.

Astutely observing the housing market and combating California Kool-Aid since 2006.

Have a great weekend,

Irvine Renter

   


Astute Observations

Astute Observation by rkp
2011-03-04 06:56 AM

Are there that many MLS searchers who know the plans of properties they are looking for?  Why do agents spell out the plan or model as if its something so important?

I wish MLS had better rules and checks.  There are fields for builder and plan but they are rarely used.

Astute Observation by Planet Reality
2011-03-04 08:10 AM

Go to talkirvine.com.

These people know the plans.  If they knew where the 2014 collection TIC plans were currently held, they would go into secret ops mod to find them.  If you give them a plan name they may be able to tell you what the neighboring plans are, bordering on savant talent.

They may try to get their genius dorky violin playing 9 year old (aka your future kid boss) to remote view the Irvine new building plans.

Astute Observation by Planet Surreality
2011-03-04 10:48 PM

You should see the endless crowds of parents and their genius violin player children all frolicking like it’s Christmas and Fat Tuesday every night at the IRVINE SPECTRUM! Wave after wave of FCB’s with genius violin-playing offspring are frantically throwing all-cash offers at Irvine real estate, so you’d better hurry before prices start making irreversible quantum leaps. Did I mention it’s like a combination of Easter Sunday and the 4th of July EVERY DAY at the IRVINE SPECTRUM? Don’t delay, or your genius Ph.D. engineer boss will be playing you a sad violin concerto while you fetch his coffee before you can say “priced out”.

Astute Observation by awgee
2011-03-05 07:40 AM

Are all the parents of the genius violin playing offspring receiving 10% salary increases every month like you?

Astute Observation by irvine_home_owner
2011-03-04 09:33 AM

@rkp:

I take it you’re not a house hunter.

When spending that much money, what plan or model is often just as important as location and price because it can help you determine what floorplan it is.

And the fields for builder, tract and plan are very much used (at least in Irvine MLS listings). They are important to many MLS searchers as square footage, bed/bath count and pictures are not enough.

That’s like shopping for a computer without looking at the specs.

Astute Observation by rkp
2011-03-04 12:57 PM

I am a very active house hunter and even have the brochures and floorplans of every SFH that was built in Irvine in the last 5 years. 

I agree that its a very important to know the model but I dont think majority of searchers know what the model means as their is no central database.  Esp for older homes, its hard to find any details on a website as the builder probably didnt have a site with floorplans in 1997.

Any way, I guess there are more house nerds than I thought…

Astute Observation by irvine_home_owner
2011-03-04 01:03 PM

Actually… I have a software subscription that gives me a database of all Orange County floorplans.

And most realtors have the same service and can provide those floorplans for their customers (some have them online).

So yes… I am a housing nerd too.

Astute Observation by AZDavidPhx
2011-03-04 03:04 PM

No life, huh?  Spend more time at the Irvine Spectrum with PR.

Astute Observation by irvine_home_owner
2011-03-04 03:12 PM

Speaking of the Spectrum, went to Souplantation with the family last night… packed to the gills couldn’t even get in to eat (and this is a place that is basically a $9.99 soup and salad bar). Went over to the Jamboree center off of the 405 (not the Diamond/FCB/85º one) to eat at CPK, couldn’t find parking for 15 minutes.

Stupid recession.

Astute Observation by Corner Office
2011-03-04 03:19 PM

No one pays full price at Souplantation!!!  Check out their coupons!  Family of 4 can eat for $20 with the discounts they are shelling out right now. 

All the ice cream the kids can hold down.  The wife and I love it.

Astute Observation by AZDavidPhx
2011-03-04 03:23 PM

The good folks of Irvine were lining up for soup?  How ironic.

Astute Observation by bigmoneysalsa
2011-03-04 03:34 PM

We’re not in a recession. What’s your point?

Astute Observation by leforded
2011-03-08 12:38 AM

No, it’s called a Depression. Look around.

Astute Observation by matt138
2011-03-04 07:32 AM

Not letting renters vote?  Insanity.  We might as well disallow the private sector as well.  This way the voting populace will be comprised of underwater homeowners and those that collect a check from the government.

here’s a gem:

http://www.youtube.com/watch?v=2af69xt0VKE

Astute Observation by Anonymous
2011-03-04 02:12 PM

What kind of rationalization is it to say if the founding fathers didn’t let renters vote then, then renters should not vote now?

With that logic, then modern day voters should be like they were in 1660.  Oh, wait a minute, then all the voters would be pretty much the Tea Party Demographic (rich white males).  As Arsineo Hall would say .... that’s a thing that makes you go hmm ....

The voting lists of the 1660s use the term “freeman,” anyone not a servant, and “freeholder,” anyone owning property, almost interchangeably. Excluded from voting were women, Indians, blacks, ex-convicts, and usually servants. Often in many communities Quakers, Jews and Catholics were excluded
(http://www.historiography101.blogspot.com/2003_10_12_archive.html)

Astute Observation by adeptic
2011-03-04 07:33 AM

I notice that the payment is calculated based on a 4.25% mortgage rate.

Did the rates truly drop to 4.25% from the ~5% or is it a typo?

Astute Observation by IrvineRenter
2011-03-04 08:55 AM

That was a typo. I have updated the post. Thanks.

Astute Observation by Dave Kinkade
2011-03-04 07:59 AM

That is ridiculous to say renters should not vote.  That being said, ill-informed people should not be allowed to nullify the vote of people who have taken the time to actually learn the issues.  Our country is suffering mightily because people were so busy FEELING instead of actually thinking last time around.  I’m not saying the other candidate was better but the damage to our system would likely not be as significant.

Astute Observation by ripcord
2011-03-04 12:59 PM

The trouble with your suggestion is simple this: who gets to decide who is ill-informed?  Because more people disagreed with you than agreed with you in the last election you maintain they were FEELING while you were actually thinking?  The implications you are making are distasteful to say the least.

I keep hearing about all the damage Obama has done, yet it seems to me my taxes are lower than ever and most of the things that went wrong horribly went wrong before the election.  Sure, you can argue that continuing the bailouts that Bush II started was wrong, but I can’t imagine that McCain would have done any differently given the enormous pressure he would have been under by the financial interests (where, of course, the real power is).

Let me ask you this.  What should have Obama done that he didn’t do?

Astute Observation by Dave Kinkade
2011-03-04 02:47 PM

Rip, I seriously doubt anything anyone tells you will persuade you that Obama wasn’t Mr. Right.  I’m not even going to try.  To answer your question about what he should have done that he didn’t do would take ten paragraphs.  Not even worth the energy.

Astute Observation by ripcord
2011-03-04 02:55 PM

First off, Dave, I don’t think Obama is Mr. Right.  Just because I don’t believe he deserves all the disdain he gets doesn’t make me a fan of his.  I think for myself.

I just don’t get it.  Banks get huge bailouts.  Taxes stay low.  He continues two foreign wars.  Yet somehow he’s a socialist?

Was Bush II a socialist?

Astute Observation by AZDavidPhx
2011-03-04 04:04 PM

Exactly right.  Not one thing has changed even though that is was what “the voters” supposedly wanted.

People wanted Obama to come in and take a stand for the common man, stand up to Wall Street, stop interfering in the middle east, etc.  Instead, what they got was a continuation of the previous administration along with a mandate to force everybody to buy a health insurance policy.

This is why voting is a waste of time.  The corporations do the real voting and the common man gets the pick.

The table is tilted, the game is rigged.  Yet nobody seems to notice, nobody seems to care…

Astute Observation by Anonymous
2011-03-04 02:18 PM

Sometimes I wonder what would happen if they made the following election rules changes:
1. No TV or radio ads allowed
2. All ads have to be either written on the Internet, or 5 pages or less and included in a pamphlet distributed to all voters.

That way, the amount of money you had to spend on a campaign would be irrelevant, because the cost of campaigning would be cheap.  The only way you could win would be to have the best written arguments.  There would be no reason to have to take millions and millions of dollars from special interest groups to run for office.

I suspect that the quality of candidates in office would increase substantially.

Astute Observation by AZDavidPhx
2011-03-04 03:09 PM

Anyone who votes is just stroking themselves anyway.  If you think that your vote actually makes one bit of difference then you are a moron.

We definitely don’t need to cram more ignorant selfish voters into voting booths.  The idea that all the peasants get a vote is a cute idea, but we all know deep down that it is meaningless.

Don’t want renters to vote?  Doesn’t bother me!  I could not care less.  Let the property owners call the shots - it’s not as though the results can get any worse than what we presently have.

Astute Observation by irvine_home_owner
2011-03-04 03:23 PM

If you think that your vote actually makes one bit of difference then you are a moron.

AZDave just jumped the shark.

Astute Observation by AZDavidPhx
2011-03-04 03:31 PM

Not at all, I have always maintained that voting is a waste of time.  The folks who do the real voting are the corporations. 

The proletariat vote second.  If you think otherwise then you are kidding yourself.  Just look at Obama who was supposed to be the champion of the common man and bring the country back from the grip of the crooked business interests.  DOH!

Astute Observation by Chris
2011-03-04 08:30 PM

They might as well suggest that only college grads from accredited institutions (none of those Devry crapo degrees) can vote.

Stupid…..

Astute Observation by IndieDev
2011-03-04 08:06 AM

This guy didn’t get an F? He pulled nearly half a million in HELOC money and is now going to squat for two years while the banks find a way to not realize this on their books. The only thing missing is an S-Class Mercedes on his driveway.

Astute Observation by AZDavidPhx
2011-03-04 03:11 PM

Jealousy.  I agree with PR on this one - next time, don’t forget to join the party.

Astute Observation by lee in irvine
2011-03-04 08:41 AM

The OC is well into the next step down.

Per DataQuick, median single family home sales:

2010 Monthly
$490,000 = Jan
$490,000 = Feb
$515,000 = Mar
$505,000 = Apr
$515,000 = May
$515,000 = Jun
$517,500 = Jul
$530,000 = Aug
$525,000 = Sep
$500,000 = Oct
$500,000 = Nov
$470,000 = Dec

2011 Weekly/Monthly
$480,000 = Jan
$475,000 = Feb 8
$465,000 = Feb 15

Astute Observation by Planet Reality
2011-03-04 08:54 AM

Why did you leave out the part when it was at $418,500 in January 2009 when the world was coming to an end?

When will we get back to that?  It’s still the bottom.

Astute Observation by IrvineRenter
2011-03-04 08:59 AM

I guess you missed the chart in Wednesday’s post that clearly showed that early 2009 was NOT the bottom in real estate prices. In case you missed it, you can find it here.

http://www.irvinehousingblog.com/images/uploads/01 2011 03 Posts/Irvine_double-dip.png

Astute Observation by Planet Reality
2011-03-04 09:06 AM

I guess you missed this was about Orange County.  Prices are definitely still higher than Jan 2009 in Irvine.  The ppsf doesn’t capture that, but the mix is lower right now.

Astute Observation by Planet Reality
2011-03-04 09:15 AM

Find Irvine transactions in Jan 2009.

So far that has been by far the best time to buy.

There was panic in the streets.

It will take similar panic to get back there, possible we shall see.

Astute Observation by tenmagnet
2011-03-04 09:38 AM

Exactly, in the meantime buyer demand is strong so it’s build baby build!

Astute Observation by lee in irvine
2011-03-04 10:08 AM

Fear was much higher in 2009 than it is now, mainly because the crash in equities.

Now this could be just me, but it feels like we’re recycling the 2007/08 run-up in commodities, as housing rolls over, and the VIX starts to rise, only to end in oil & equities crashing.  We shall see.

Astute Observation by irvine_home_owner
2011-03-04 10:16 AM

Are you calling a triple dip?

Astute Observation by lee in irvine
2011-03-04 10:31 AM

I never believed that we were out of the initial dip.  Since the 2008 crash, any positive economic data released was either a result of govt/Fed spending, or manipulation.  That doesn’t make me a cynical person, just someone paying attention.

Astute Observation by Planet Reality
2011-03-04 10:45 AM

Lee I agree, it’s possible we are re-tracing the 2007
run up and we will re visit the 2009 fears which would mean we get back to the 2009 bottom.

It’s also possible that this time inflation is for real.

2007 was fueled by debt speculation, now it’s mostly fueled by cash.  That’s the major difference.

Astute Observation by lee in irvine
2011-03-04 11:19 AM

“2007 was fueled by debt speculation, now it’s mostly fueled by cash.”

I disagree.  The Fed loans money to the banks @ 0%, they leverage the money then buy US Treasuries or they speculate in equities/commodities. 

“It’s also possible that this time inflation is for real.”

We can’t have the “real inflation” that your referring to with unemployment at 8.9% and underemployment in the high teens.

The only inflation I see is rising commodities, and this is in my opinion, speculation.  However, oil is also rising because of tensions in the middle-east.

Astute Observation by lee in irvine
2011-03-04 10:03 AM

2008 Monthly
$583,250 = Jan
$575.000 = Feb
$570,000 = Mar
$555,000 = Apr
$537,000 = May
$550,000 = Jun
$515,000 = Jul
$500,000 = Aug
$480,000 = Sep
$480,000 = Oct
$430,000 = Nov
$425,000 = Dec

2009 Monthly
$418,250 = Jan
$434,500 = Feb
$431,500 = Mar
$430,000 = Apr
$475,000 = May
$485,000 = June
$490,000 = July
$500,000 = Aug
$500,000 = Sep
$489,000 = Oct
$500,000 = Nov
$500,000 = Dec

2010 Monthly
$490,000 = Jan
$490,000 = Feb
$515,000 = Mar
$505,000 = Apr
$515,000 = May
$515,000 = Jun
$517,500 = Jul
$530,000 = Aug
$525,000 = Sep
$500,000 = Oct
$500,000 = Nov
$470,000 = Dec

2011 Weekly/Monthly
$480,000 = Jan
$475,000 = Feb 8
$465,000 = Feb 15

Astute Observation by irvine_home_owner
2011-03-04 10:06 AM

The problem with median pricing and even average $/sft is that it’s not entirely accurate.

For all we know, one month sold more condos than large SFRs (and they actually counter each other, smaller homes will result in lower median pricing, but higher $/sft).

Maybe if that data is segmented into different categories, it will be more clear.

Astute Observation by Planet Reality
2011-03-04 10:10 AM

That’s median SFR, which is much better than median price or median ppsf.

It’s worth while to look at and jan 2009 is still the bottom.

Astute Observation by lee in irvine
2011-03-04 10:13 AM

I agree ... however the median is the most common used instrument to show the big picture of what is generally happening with housing prices.  It’s not absolute, and it can be deceiving, HOWEVER, what’s not deceiving is that OC prices are going down as I type this note.

Astute Observation by bigmoneysalsa
2011-03-04 10:39 AM

There was a local minimum in prices in early 2009. No doubt about it. But it remains to be seen whether that was in fact the bottom. Prices have started falling once again going by both the median and the Case-Shiller index. We are not far from the early 2009 lows and extrapolating current trends we could easily zoom right past them this year.
Some people like to talk as if they’ve already been proven right, when in fact the jury is still very much out.

Astute Observation by AZDavidPhx
2011-03-04 03:44 PM

Ask PR about how all that premium real estate in “Shady Canyon” is doing.  I assume he bought multiple properties there in Jan 2009.

Astute Observation by Walter
2011-03-04 09:15 AM

“What stops someone from forming a corporation, buying property in that corporation, and selling shares to anyone who wanted to vote? If you owned shares in the corporation, you owned land.”

Buy REIT shares before the Tea Party takes over? If you own one share of a REIT, you own land. That should do the trick.

Astute Observation by irvine_home_owner
2011-03-04 09:41 AM

Does it amaze anyone that these Westpark II homes are still trading for $1mil? This one is already in back up and a home in the same tract sold for $965k.

These homes were $700k in the early 2000s and were $400k in the late 90s.

Where is the 1999 pricing? We need it for the children!

Astute Observation by Planet Reality
2011-03-04 10:01 AM

Didn’t you get the ppsf memo?  These homes are selling less, not more than jan 2009 LOL.

Astute Observation by lee in irvine
2011-03-04 10:21 AM

PR ... you have strong nature to want to be right.  It’s part of who we are as humans ... we want to protect our identity to be right.

That’s who we are.

Astute Observation by AZDavidPhx
2011-03-04 03:36 PM

PR is always right.  He nailed the interest rate predictions last year and his predictions of 2% interest rates that continue to break record lows is unfolding as we speak.  Head over to Irvine Spectrum and raise a glass.

Astute Observation by tenmagnet
2011-03-04 10:10 AM

Those deep discounts and 1999 roll backs can certainly be found elsewhere.
You can get more for more your money buying in lower “quality” areas.
In Irvine, you have multiple offers, bidding wars, all cash buyers and FCBs to contend with.

Astute Observation by rkp
2011-03-04 01:01 PM

Thats not true…I am seeing discounts in northpark and VoC right now.  Even QH is coming up in my searches when it hadnt in years.  Point is that parts of irvine arent moving as fast as other parts.

Astute Observation by tenmagnet
2011-03-04 03:04 PM

Yeah, I meant to say it’s competitive in the premium areas.
There’s a lot of money chasing properties in the well located areas of Irvine.
VOC = secondary market.

Astute Observation by AZDavidPhx
2011-03-04 03:46 PM

Premium areas like “Shady Canyon”?

Astute Observation by Squareround
2011-03-04 05:06 PM

What I sensed in Irvine is this: Crashing imminent in every community.

Astute Observation by AZDavidPhx
2011-03-04 03:00 PM

Where is the 1999 pricing? We need it for the children!

Why do the children need 1999 pricing?

I thought they just needed those good Irvine schools that have gotten so much better since 1999!

Fundamentals are strong!

Astute Observation by PnL
2011-03-04 10:08 AM

Don’t you know Irvine is the epicenter for FCBs and hedgefund cash?

Astute Observation by Squareround
2011-03-04 01:49 PM

Hi, Irrenter,

Why the total debt is only 1007000. If you add all the HELOCs to the first mortgage it is more than 1.5 million.

Astute Observation by IrvineRenter
2011-03-04 06:23 PM

When they refinance the first mortgage, they consolidate all the loans that came before it. The same is generally true of HELOCs. When figuring out the total property debt, I always look for the final first mortgage plus the last HELOC or second mortgage.

Astute Observation by irvine_home_owner
2011-03-04 03:02 PM

Back on the topic of this house… who puts in granite, new sink fixtures and a stainless steel fridge and hood, but leaves the original… err… “classic” white ovens?

Maybe that’s why the listing didn’t say it was a “gourmet kitchen”.

Astute Observation by AZDavidPhx
2011-03-04 03:18 PM

They are not as classy as you are, Irvine HO.  It’s probably one of the sacrifices that they made so that the children could go to a good school even though it means having to prepare food in a kitchen that is subpar on the Yuppie scale.

Astute Observation by Sue in Irvine
2011-03-04 03:52 PM

That is funny David LOL

Astute Observation by Planet Reality
2011-03-04 05:47 PM

soup lines : great depression : : souplantation : irvine spectrum

Astute Observation by Fossbeck
2011-03-04 09:18 PM

It’s possible that I am just incredibly dense, but I fail to see how Irvine can indefinitely maintain a state of insulated isolationalism that will make it immune to the prolonged economic s**t-hitting-the-fan in neighboring cities (or the County/Region/State). We’ve sadly reached a point (vis a vis the Tea Party non-rental voting, pension wars, etc) where Californians seem to be cannibalizing each other. It’s very unfortunate and super counter-productive to climbing out the current pit in which we’ve found ourselves, IMHO. I hope for prosperity for Irvine, but think it’s inevitable that the pain will spread. How could it not?

Astute Observation by Roger Anderson
2011-03-05 02:20 PM

More than half the voters in America don’t have a clue who they are voting for.  Look who we have for a president; no one in their right mind should have voted for this clown.  We might get a little better chance of electing capitalistic congressmen, senators and especially a president, if we limited the voters to those folks who owned raw land, a mobile home, a condo, a townhome or a single family home. 

The real reason that I am for the idea, is that it would help the real estate industry.  “WANT TO VOTE, THEN BUY A HOUSE.”

Astute Observation by ripcord
2011-03-05 05:02 PM

So, Roger, anyone who doesn’t agree with you “isn’t in their right mind”?  Good debating technique.  Actually I think you were being satirical.  Good show.

Carl

Astute Observation by Roger Anderson
2011-03-05 06:24 PM

Who am I debating?  I want people to buy houses.  There is no way we will go back to the standards of 1791 and require landownership, that is the satirical sentence.  It was meant to be slightly funny and explain the desperation of some realtors.

Numerous demographers have proven that:
25% of the voters are Conservative
25% of the voters are liberal
50% of the voters are independent and vote for the flavor of the month.  In this case, America voted out of guilt (slavery) and political correctness (vote for the negro guy, it’s time). 

This 50% group oftentimes votes by what the extreme radical left main stream media tells them to, or they vote for the best TV ad.  democrats are much better at lying than Republicans are and that is why there are so many democrat politicians.  they have far better ad agencies.

Let’s face it, the president is a marxist, nearly all of his mentors were marxists, nearly all of his czars are marxists, none of whom was vetted, some are really extreme like van jones who is a card carrying communist.  There are others still at the white house who are just as radical.  See RADICAL RULERS.

I am not debating anyone, I am just pointing out some serious concerns for our Country.  I just wish that all Irvine Renters would become Real Estate owners and help out the economy a little bit and also help turn around the double dip.

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