Mr Mortgage May CA Foreclosure Report
Mortgage Lender Implode-O-Meter
This guy speaks the truth. Take the time to listen.
BTW, who is going to win the US Open?
Mr Mortgage May CA Foreclosure Report
Mortgage Lender Implode-O-Meter
This guy speaks the truth. Take the time to listen.
BTW, who is going to win the US Open?
“Its a real super problem!”
I think that about sums the market up.
US Open? Who watches tennis? Go Lakers!!
It’s the golf US Open and the Flakers won’t win the series.
Tiger still looks pretty good to win the US Open!
and yes… It’s US Open Golf Championship!
i love the site. i read it every morning. even though i bought in 2007. (it wasn’t the kool-aid i was drinking, it was just that opportunity + necessity made it the right time)
so, i was wondering, could you actually do a week of “organic” sales. five houses or condos that actually have sold, regardless of price. i know what you’re site is about, but perhaps there are some places that have sold and people have won a little. i think it would help as a balancing effect. it gets a little hard to get the bagel and coffee down each morning reading nothing but gloom and doom.
thanks.
as for the u.s. open, you saw tiger yesterday, would you bet against him? but he could easily slip and make a mistake. i like a sleeper or two. i like that DLIII is playing well. i like adam scott, he can’t play any worse. but mostly, i like how geoff ogilvy is hanging around. that’s how he won a couple of years ago. he knows how to do this.
either way, the course looks great and the players are bunched together. as gene wilder said in willie wonka, “the tension is excruciating, i hope it lasts.”
The 3000sf+, $1M barrier has been broken in Northpark… 14 Mar Vista closed for $990K, an early 2004 rollback. It’s been a good four years since one could acquire a 3000sf property there for under $1M.
http://www.ipoplaya.com
ipo:
Are you holding steady or changing game plan?
Rent for a year or two, sell my place, and see where the market goes…
I was at the US Open yesterday and saw Tiger’s approach on the 614 yard, uphill 13th hole. He really is better than everybody else. It’s freaky.
On the US Open, I’d go with the odds – Tiger to win by 3 shots. Final score -5.
Very interesting analysis.
Take a look at 21 Grape Arbor, why the listing price is just $525,000 (listed more than 900,000 before).
I don’t see 21 Grape Arbor listed on Redfin. Can you post a link?
I suspect that the sellers have only put up an enticing list price to generate offers on their property and hope to create some kind of bidding war to drive up the price. Just remember, just because they receive an offer, doesn’t mean they have to (or even plan to) accept it. This is one of the oldest tricks in the book.
There’s a Google Maps/MLS mashup that lists homes for sale across the nation along with pictures of the home. It’s been very useful.
A “leader” price that far off reality pissed me off. I don’t appreciate beeing lead astray, getting excited for a few moments then looking at the comps. Tells me the “agent” who set the price is a jerk, assumes buyers are idiots. I will not waste my time dealing with him/her.
I think any time that that happens – where it is just a fishy listing with a jerk agent, should be posted to this blog as a warning to others.
Game players and sneaks should be outted.
“89.77% of NOD’s turned into trustee sales. A record high. These can be “cured” by refinancing or borrowing money from relatives, etc. But no one is “curing” these NOD’s. I wonder why? BECAUSE YOU’RE UNDER WATER BY 200,000 THAT’S WHY!!!”
LOL!!!
This is playing out exactly as I predicted… it will be getting far, far worse than people think…
The Washington Compost is beginning a series on the housing bust; this is the first installment, which describes the giddiness of the $(&#$(& assholes behind the bubble and practices such as lending $500K to a McDonald’s employee who made $35K and hiring a busboy to be a loan officer:
http://tinyurl.com/4l74sk
If you go to the page for the overall series, the Calculated Risk blog gets mentioned right underneath the Fed as a resource.
Times are changing.
“The Washington Compost is beginning a series on the housing bust…”
Yeah, now that the housing bust is over with and the foreclosures and sinking real estate values are done, the economy is back to normal and everybody is solvent, it’s time to reflect back on the history of the housing bubble.
I don’t think so. The Compost will have plenty more opportunities to write about the bust and its causes for years to come.
I also find it curious that WaPo doesn’t finger the media (like itself) as a culprit in the bubble. Why didn’t outlets like the WaPo bother to expose those crazy loans WHEN THEY WERE HAPPENING? Because they’re numbskulls, that’s why.
I like weathermen/meteorologists. They actually try to predict the future and do an OK job at it. Everyone else reports the past and wants you to think they’re a genius. Even Shiller when he wrote a book warning about a housing bubble, the media barely mentioned it, before moving on and directing you to advertisements for NINJA loans, realtwhores, homebuilders, etc.
Too few people realize what a bunch of whores the media are. Do they question the GDP, retail sales, and inflation numbers? Does it occur to them how phony the 0.6-0.9% GDP growth rates are? How curious is it that energy and food costs are skyrocketing, which increases transaction values for those goods, yet the inflation adjustment doesn’t consider food or gas, so it registers as an increase in sales and GDP. How ridiculous is that? The result is literally that all you have to do is raise the cost of gasoline, and all other things being equal this will result in an increase in reported inflation-adjusted retail sales and GDP.
It’s an old story what whores and c___ts the media are and how they never admit it. I have lived in DC way too goddamn long, been around the Compost way too goddamn long, and in 2000 it blew 2 stories with its cheerleader coverage: the “rise” of the dotscums in the DC area (MicroStrategy, anybody?) and the arrival of Michael Jordan to supposedly rescue the Wizards. There was page after page of despicable stories on how the two events showed how hip DC was becoming and endless photos of Ted Turner hugging Steve Case and Jerry Levin. I also remember a very flattering profile of Henry Blodget, the later-disgraced stock analyst.
All of that ended in tears, but the Compost *never looked back.* Just like it ran stories in the mid-2000s hailing the appreciation of real estate in the DC area.
Newspapers are ad-selling whores. You can derive some facts out of them, but they show their shallowness and lack of education in their inability to see obvious, screaming bubbles.
The problem, Zoiks, is that you aren’t going to see any serious articles on the housing bust right now. The advertising money is still too thick, with the “There’s never been a better time to buy” ads, to take a chance on pissing off said real estate advertisers and thereby losing what little ad money is still coming in. Right now, a lot of papers are depending upon real estate and political advertising money as their one hope against bankruptcy, so they’re not going to run anything critical. (For instance, the Dallas Morning News is now only acknowledging that housing values in Texas are starting to drop, but the paper’s still running lots of “Oh, North Texas isn’t anywhere near as bad as the rest of the country” articles to reassure their big real estate customers. Never mind that the paper used to push, very actively, for getting single women to buy houses on their own in the Dallas area…and those very women who drank the Kool-Aid are some of the hardest hit by ARM mortgages resetting right now.)
Now, that’s not to say that there won’t be big articles on the bust in the near future. However, that all depends upon what new ad client comes along, in repo purchasing by way of example, that can offset the money lost by pissing off the realtors. I’m of the attitude that there’s nothing to be lost by pissing them off anyway, considering the number of them around the country that have gone back to whatever other get-rich-quick scheme they had running before housing prices took off.
Mish (globaleconomicanalysis.blogspot.com) had an interesting graph on his June 11, 2008 post, “Things That Have Not Yet Happened.” It’s a graph of future Option ARM resets. Part of the graph (from Credit Suisse) charts “Recast Schedule Based On Current Negative.” It shows that recasts already starting to happen in April 2008. According to the graph we’re already in the first stages of this fresh wave of foreclosures — the Option ARM Implosion. Unless I’m reading the graph incorrectly.
IrvineRenter recently said 2009 will be the last year of Denial, and I agree with him. My sister-in-law and her husband bought a 50+ year old home in the Bay Area for $572 sq/ft six months before the peak of the market, with a 10-year Interest Only loan. They are still drinking the Kool Aid and apparently have no idea what kind of trouble they are in. A neighbor’s home is now for sale for $387 sq/ft, which will obviously shatter comps in their neighborhood. Keep up the good work IrvineRenter.
I just spent the last hour looking over all of Mr. Mortgage’s (scary) information. To think the Fed will raise rates with a tsunami of REOs and foreclosures coming is mind boggling.
What if the $800,000 house is only worth $450,000 next year and I still can’t afford it?
Thank you, everybody. So far whatever I found on this blog is very informative. Thanks for everybody’s (esp. IR’s) effort in restoring the sanity into this market filled with insanity.
On the issues of Irvine housing, The Oak Creek/Quail Hill areas seem to be doing very well, at least according this Todd from the area. If you can point your browser to his web site,www.toddm.com, you’ll see what I’m referring to.
Is this real? There seems to be no gloom and doom there. He can still sell houses, one after another.
Very puzzling!