http://lansner.freedomblogging.com/2008/01/11/unpaid-oc-property-taxes-soar-48/#comment-44025
Bored Says:
"Marcia is fascianated by the sun coming up in the morning. We are about to see the mother of all bailouts. And Marica, you will pony up too! ROFLMAO. Every one of you will pay for the excesses of others. Fantastic. Karma is a real life bitch."
Certainly second stage, quickly moving into third.
This is pretty funny. Looks like she may have been caught posting the same thing under multiple names (or else there is a funny person out there who decided to re-post the exact same thing under another name):
# property bulgaria Says:
May 8th, 2008 at 5:04 am
Blood, why did you twist my posts? Vehicle sales ARE down, no doubt about it. However, MORE are being financed. This is not “made up” by me, these are facts that are easily verifiable. As for my supposed claim of “credit card debt is becoming increasingly plentiful for the masses”: poppycock! I said NO SUCH THING. I said “I” get plentiful offers. Stop the distortions!
# OC Native Says:
May 8th, 2008 at 9:36 am
Thoughtful:
I may not be the sharpest crayon in the box, but since property bulgaria’s post responds to bloodinthestreets’ post directed to you, I assume you are also posting as property bulgaria. What gives?
Owning a depreciating asset is not a good thing. If you are talking about owning something “worth XXX,XXX”. Then chances are its going to be worth several thousand dollars LESS next month continuing for 1-2 years more than that. Good idea? Not really, you will eventually recover that money, but it will be YEARS later as well as your cost of opportunity will be tremendous.
And Vaseline, i know the feeling about being the bad guy. I’m suppose to let people stay in the apartments endlessly for next to no cost because they have “fallen on hard times”....
Arguing simple math she can’t reconsile with the voices in her head:
Homes are not off 21%, they are off 13%. When the last few days of April are counted it will probably be even closer. This is an incredibly big jump that is on track to keep getting bigger.
Insists that the medians are meaningless:
Lee forgot that the median skyrocketed by $45,000 this exact time last year. It was bogus then, and it’s bogus now.
On one thread of more than 30 posts she is responsible for more than half of them. Diary of a Mad Woman.
Girlfriend promptly blows a gasket. It’s worth a read, about twenty posts down.
That poor tormented thing. I really do feel bad for her.
I think she has a crush on you…
If you mean that she would like to toss me into one of those industrail cardboard bailers (the type you find behind grocery stores and big box retailers), I agree.
Somebody hand me a the straw, the razorblade, and a mirror…....
I’d agree with the “real estate I watch has stabilized at this level” part. Prices in Irvine have traded sideways for months now.
Would you agree if speaking only of the VoC?
If I looked at my relatively small sample of data, I’d say yes. My gut says “oh no, prices are cratering there”. 41 Desert Willow sold for $902K in Feb. 28 Desert Willow is the same plan I believe, closed in May for $920K. Qualifies as sideways.
Those same plans have dropped list into the $800s (maybe even one at $799K) now though so they will close considerably below those comps in the near future.
I never picked up on why we all believe the author of these posts (most recently “provider”) is female. It’s an assumption I have made while reading the posts over the last year, but what exactly makes everyone so sure this is a female? Anyone else read Pete Viles and noticed the disappearance of “lefty”.
Opening comments from the conference call (hat tip Brian):
“You will recall, by way of background, that even though our second quarter books closed on June 30, subsequent events factor in, and in fact, heavily weight our outlook and our expectations going forward. And those events in July loom significantly in that calculus. That week of July 7 was one of the worst Fannie Mae has experienced in the debt and equity markets. The Treasury-fed backstop plan that was announced on July 13 calmed the market somewhat, and the passage of the Housing bill on the 26th of July added more certainty. But on the downside, July was a tough month for our credit performance. We experienced higher defaults and higher loan loss severities in the markets that were experiencing the steepest home price declines. And that gave us higher charge-offs than we had experienced in any month in the second quarter, and higher than we had expected. We also saw a higher proportion of foreclosures coming from states and products with higher loan balances, which increases the absolute dollar losses. In terms of severity, the loss that we experienced when a loan defaults also increased from 19 basis points in the first quarter to 23 basis points in the second quarter. And that rose again in July to 27 basis points. We are now seeing average initial charge off severities of 40% for loans in California. Home prices have cratered in certain markets since the peak—Cape Coral, Florida, down 50%; Las Vegas, down 35%; northern Virginia, down 30%; and in California, Modesto, and Stockton, down 50%; Riverside, down 40%. The list goes on. Alt-A foreclosures have doubled in southern California. Our average serious delinquency rate in Florida increased in June to over 3%—four times the average on our total book of business last year. Almost 2% of the loans in our Florida book are now referred to foreclosure. So, the housing market has returned to earth fast and hard. Some signs do offer rays of positive light. Foreclosures actually fell in Michigan . Same-period home sales were up in California . And as the GSEs provide most of the liquidity to the primary market, that market is functioning, and a safe center of credit risk pricing and product is being restored. All told however, that story all put together led us to again revise our credit loss estimate upward from the year, from 13 to 17 basis points to 23 to 26 basis points. And that, as you will note, commensurately drives our addition to loss reserves of almost $4 billion.“
*emphasis added*
See the previous post from Tanta on Fannie Mae Push Backs. Alt-A lenders are probably pretty nervous.
You need to cut your ears off with a straight razor and then bury your head in a 5 gallon bucket of quick dry concrete to ignore this. Yet it continues.
Seems loddly similar to post .com blowout equity market chatter…....
