O Holy night, the stars are brightly shining
It is the night of our dear Savior’s birth
Long lay the world in sin and error pining
Til He appeared and the soul felt it’s worth
A thrill of hope the weary world rejoices
For yonder breaks a new and glorious morne
Fall on your knees
O hear the angel voices
O night divine!
O night when Christ was born
O night divine!
O night, O night divine!
And in His Name, all oppression shall cease
Sweet hymns of joy in grateful chorus raise we
Let all within us praise his Holy name
Christ is the Lord!
Their name forever praise we
Noel, Noel
O night, O night Divine
Noel, Noel
O night, O night Divine
Noel, Noel
O night, O holy Divine
O Holy Night — Celine Dion
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Asking Price: $524,900
Income Requirement: $131,225
Downpayment Needed: $104,980
Purchase Price: $682,763
Purchase Date: 5/29/2007
Address: 81 Chantilly, Irvine, CA 92620
Beds: 2
Baths: 2.5
Sq. Ft.: 1,824
$/Sq. Ft.: $288
Lot Size: –
Type: Condominium
Style: Other
Year Built: 2005
Stories: Two Levels
Area: Woodbury
County: Orange
MLS#: S515272
Status: Active
On Redfin: 3 days
From Redfin, “Great 2 level condo located in Woodbury!! Very open and spacious with large rooms throughout. Family kitchen, wood and stone tile floors, living room with fireplace, seperate laundry, and private courtyard entry are just some of the features of this home. Close to everything Irvine has to offer!!”
Two exclamation points? I thought three was the standard?
seperate?
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Sales History
Date……………….Price
05/29/2007 $605,032
09/08/2005 $679,000
I assume this is an REO. Interesting that it took them 6 months to list it. If they get their asking price, assuming they originally loaned $679,000 and they pay a 6% commission, the total loss would be $185,594. Notice this asking price is 22.6% off the peak sales price. Yikes!
There is a reason for the credit crunch: lenders are losing money. Lenders don’t like to loan money when people do not pay them back. The more they get burned, the more conservative they become. As they get more conservative, fewer people qualify for loans and loan amounts decline. This in turn puts more people underwater makes refinancing that much more difficult and causes even more bank losses. It is a classic downward spiral. This is why credit will not loosen any time soon. There are people out there who believe the credit crunch is a temporary thing that will pass soon. It isn’t, and it won’t. In fact, it is likely to spread to other forms of borrowing as the situation continues to deteriorate.
So what does all this mean, and how do you prepare for it? Basically, it means borrowed money will not be widely available, and what is made available will be more expensive. If you live a life without credit dependency, the credit crunch will not impact you much. If someone takes away something you do not use, it doesn’t harm you much. However, if you are like most Californians and you are addicted to credit, you are in for some struggles.
The best thing you can do to prepare for the upcoming deepening credit squeeze is to stop using credit. Pay off what you have and stop using it. If you don’t, you might find your interest expense increasing dramatically, and you will find yourself subject to the whims of your creditors. There is no freedom when you have debt. The next thing you can do is to start saving money. Things could get very bad, particularly locally. We have already seen waves of layoffs in the real estate industrial complex, but this could easily trigger a wider slowdown in the economy and put people in related fields out of work. It could be you. Save now, and you will be prepared to weather the storm.
