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Anyone have any information about Chula Vista? It sure is close to Mexico. There must be as many hispanics living there as there are asians living in Irvine.
]]>As house prices have declined, many borrowers now find themselves “under water” on their mortgages—perhaps as many as 15 to 20 percent by some estimates. In addition, as the economy has slowed and unemployment has risen, more households are finding it difficult to make their mortgage payments. About 4-1/2 percent of all first-lien mortgages are now more than 90 days past due or in foreclosure, and one in ten near-prime mortgages in alt-A pools and more than one in five subprime mortgages are seriously delinquent. Lenders appear to be on track to initiate 2-1/4 million foreclosures in 2008, up from an average annual pace of less than 1 million during the pre-crisis period.
]]>http://www.signonsandiego.com/uniontrib/20081128/news_1n28credit.htm
Matt Sauer, a young, single mortgage broker, planned to get rich quick after graduating from college. By age 28, he owned properties in Pacific Beach, Las Vegas and Florida. To save money, Sauer, now 30, cut back on dining out and moved in with three roommates. He also has re-evaluated his views on debt.
Mark Miller, a San Diego bankruptcy lawyer, is seeing the fallout. His offices are buzzing with young couples, many facing foreclosure and some owing as much as $200,000 on credit cards. “We have finally gotten over the concept that debt equals wealth,” Miller said. “I’d get guys coming in with their arms crossed, saying, ‘I’m only here because my wife dragged me in.‘ Now I am seeing capitulation.” Alger and his wife bought a one-bedroom condo in Mission Valley as newlyweds. A few years later, they turned it into a rental property and bought a three-bedroom condo nearby, where they planned to raise their two young children. Money was tight on his $32-an-hour job as a sheet metal worker, especially after his wife quit working as an aesthetician and went back to nursing school. It didn’t take long for their financial house of cards to collapse. When their interest rates adjusted, the Algers used a home equity line of credit to pay their property taxes. This spring, Dan Alger lost his job. The Algers defaulted on both mortgages in a matter of months.
Too bad they don’t find religion before the greed/problems set in.
]]>Short Sales In Long Beach are 26.6% of the market
Here is a story from a local LB realtor’s blog. He never gets responses or comments, but keeps plugging along….
]]>And here’s the LA Times breakdown
check out the volume in lancaster and palmdale, and the lack of it in tons of 20K+ la county zipcodes.
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