Irvine Housing Blog

285K?  10K more than the 2002 price?  What were these going for in Jan 09?

Is anyone keep track of short sales in irvine?  How long are they taking to close and how close is final price to the usually ultra low asking price?

What are chances of this really going for under 300k?

We put a low 900k offer on a VoC huge SFH short sale with current “tenants” having paid 1.45M in 2006. Bank took almost 3 months to come back at 1.1M.  Agent said bank would meet in middle at 999K but we didn’t want to go that high.

There are many political reason why the govt will not move to 20% down and 28% DSTI (debt service to income).  If that’s the requirement, the fees collected by the bankers and RE agents will drop dramatically.  The house price will drop to what people can afford and RE price will drop and so will local RE taxes.  Those in power want the Ponzi scheme to keep going and going as long as they benefit and the taxpayers will cover the bad loan lost.  If the govt had claw backs, reform or a change of govt will occur.

I was puzzle by the low unemployment figures and was wondering where are all the new jobs.  At:  http://www.calculatedriskblog.com/2011/03/more-on-labor-force-participation-rate.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+CalculatedRisk+(Calculated+Risk)
has some interesting figures on ~20,833 jobs are need for the youth entering the job market.  But most interesting is the reducing of the current work force (and unemployed) by going into the permantly disabled (SSI).  Smart move for BO.  I bet GB or JB (Jorge Bush) would of not been smart enought to do that slight of hand.  Another way to stick it to the wage earners, since is by SSI.

I took a look at the Vista property.  For sale sign not in front of the condo, but behind the inner gate without sale literature.  It looks like the “owners” are really trying hard to short sale the property. ;}

How many personal involvement to semi-involvement stories (like rkp above) are out there from IR & readers?  A home next to my in-laws and my parents selling for WTF prices in 06/07 and then crashing clued me into something being wrong in South Florida.  Now my in-laws previous home is on the market as a short-sale.  Listed now for $530k.  Sold for $490k in 2003. Has $840k in outstanding mortgage debt, but seems to be current.  They might be using the 2nd to make payments on both 1st and 2nd which would last a while.  The house also looks terrible from the listing pics - lots of Tiki bar decorating all over.  Guy also owns another home on the market for $435k since 5/2009, w/$280k in debt that sold for $154k in 2000.  Heloc & cash-out refis contributed to the debt overhang on these two properties.

Mobile home owners are close in their status to renters. A mobile home is relatively cheap, but you have to pay for the leased land.

For example, you can buy a mobile house in Newport Beach for $50,000. But the city has plans to get rid of the “eyesore”.

IR-everything ok?  No new post today?