39 thoughts on “Maginot Loop”

1. Agent#777 October 1, 2009 at 4:38 pm

   Just being inside Yale doesn’t mean enough…to be the true top of the hood, you should be in the Skull-n-Bones.
2. MalibuRenter October 1, 2009 at 4:43 pm

   The second item from the right is an undersized souvenir Makers Mark bottle. You get to dip your own in wax at the distillery. I have not seen them at retail. To the left of it is a sliced geode. There appear to be a number of rocks and shells as well.
   1. IrvineRenter October 1, 2009 at 5:05 pm

      http://www.mutineermagazine.com/img/blog/makers_mark_bottle.jpg

      I thought it might be a geode too, but it looks smooth like an acrylic with something inside it.

      http://img1.photographersdirect.com/img/17332/wm/pd984461.jpg
3. SanJoseRenter October 1, 2009 at 5:01 pm

   The term “Maginot Line” is often used derisively, but in fact it did provide a good defensive position … if you could also field mechanized armor, and your allies along undefended borders remained so. Oops.

   The wikipedia article cited above is excellent.
   1. tonye October 1, 2009 at 6:38 pm

      Let me see. the Wehrmacht waltzed across the fields of Belgium and flanked the Maginot Line from the Northeast.

      Now, what part of the Maginot Line provided a good defensive position? Attacks from the Swiss north through the Alps and then west through Germany?

      Sorry man… the Maginot Line was a folly. A World War One like artifact that failed to take into account the development of fast mechanized and armored armies being developed in the 1930s.

      I’ve been to houses like this one. The dining room is tiny. That’s why they don’t show it. In fact the whole house is made up of small rooms (not necessarily a bad thing) but that’s the reality of four bedrooms in a 1700sq foot size.
      1. Freetrader October 2, 2009 at 7:03 am

         No, San Jose renter is correct. The Maginot line itself was intended to allow the defensive position to be held by a smaller number of troops so that the mobile troops could concentrade on destroying the German armored formations. However, the “Maginot line” defensive mentality set in, and the French allowed their tactics, training, and morale to plummet. Then they counterattacked in the wrong place — Belgium, not the Ardennes where the Germans actually were. It is the defensive mentality inspired by teh Maginot line, not the position itself, that was the folly.

         Similarly, those inside the Yale loop believe they are somehow not subject to the laws of physics and will be protected from the travails of the outside market. Of course, all of Irvine (or all of California) had this mentality until fairly recently. Now they are fighting on with the Free French (i.e., continuing to pay the mortgage despite being undewater) or have made their very-own Vichy-like pact with the Devil (i.e., foreclosure). As an analogy to Real Estate, it is quite clever.

         Kudos, Irvine Renter.
   2. IrvineRenter October 1, 2009 at 7:38 pm

      “The wikipedia article cited above is excellent.”

      I learned something new today. I followed one of those links to the story of Fort Eben-Emael in Belgium.

      “Eben-Emael was a Belgian fortress between Liège and Maastricht, near the Albert Canal, defending the Belgian-German border. Constructed in 1931–1935, it was reputed to be impregnable. But on 10 May 1940, 78 paratroopers of the German 7th Flieger (later 1st Fallschirmjäger Division) landed on the fortress with gliders (type DFS 230). One day later, they were reinforced by the German 151st Infantry Regiment. At 13:30 h on 11 May, the fortress surrendered. 1200 Belgian soldiers were captured.

      Adolf Hitler himself conceived of a plan to take over the fort by getting men on the fort by using gliders (it would have been difficult and messy to parachute a large number of men into the small area) and utilizing the new top secret shaped charge (also called “hollow charge”) bombs to penetrate the cupolas”

      Taking that fort was the key to flanking the Maginot Line.
4. A Matter Of When October 1, 2009 at 5:08 pm

   “Prices inside the loop have barely budged since the peak”

   http://www.crackthecode.us/images/timebomb.gif
5. CA October 1, 2009 at 5:58 pm

   “We all go through life attaching ourselves to objects. Some appear on our mantles to remind us of times past. What is on your mantle?”

   A piggy bank. I wonder if I will ever be as optimist on life as I once was, only to become a curmudgeoned hoarder always waiting for things to improve.
6. Mcdonna1980 October 1, 2009 at 6:20 pm

   My Mantle:

   Two dead english ivy toparies. Pretty sad site since the tag reads “hardiest houseplant”.This is my third set I’ve killed so I think it is time get a new mantle piece.
7. cara October 1, 2009 at 6:44 pm

   My Mantle:

   1) Shell collections glued into shadow boxes or mini-sculptures in photo-cubes or just filling large jam jars
   2) “Decorative” beer glasses, i.e. the ones we don’t want to have fade in the dishwasher and don’t have space for in the cabinets anyway.
8. Gindy51 October 1, 2009 at 7:12 pm

   My mantles? Nothing in on them as I hate moving things to dust. All the crap is in cabinets.
9. IrvineRenter October 1, 2009 at 7:42 pm

   The bubble rally is back on:

   U.S. Economy: Home Prices Increase by Most Since 2005

   Sept. 29 (Bloomberg) — Home values in 20 U.S. cities climbed in July by the most in almost four years, helping stem the record plunge in household wealth that’s depressed spending.

   The S&P/Case-Shiller home-price index rose 1.2 percent in July from the prior month, the biggest gain since October 2005, the group said today in New York. Another report showed consumer confidence unexpectedly fell in September, while holding above the record low reached earlier this year.

   Home values are rebounding as low borrowing costs and government tax credits lift home sales. Combined with rising stock prices, the gains will begin to restore the $13 trillion plunge in net worth caused by the worst financial crisis since the Great Depression, a process that economists such as Brian Bethune say will take years to complete.

   Home prices are “a major, major turning point for the economy,” said Bethune, chief financial economist at IHS Global Insight in Lexington, Massachusetts. “We are eating away at the problem of household balance sheets.”

   The New York-based Conference Board’s consumer confidence index fell to 53.1 in September from 54.5 the prior month, the private research group said today, amid growing concern over the lack of jobs. The gauge sank to 25.3 in February, the lowest level in data going back to 1967.

   The Standard & Poor’s 500 Index dropped after the confidence report, erasing earlier gains, and closed down 0.2 percent at 1,060.61 in New York. The yield on the benchmark 10- year Treasury note was little changed at 5:15 p.m. in New York from 3.28 percent late yesterday.
   1. Walter October 1, 2009 at 8:02 pm

      Anyone know where I can get an option-arm?
      1. IrvineRenter October 1, 2009 at 9:50 pm

         Check out this real email I just got:

         Stated Income (VOE) is back!

         Here are the program Highlights:

         **VOE only** (no self employed without 2 year VOE)

         2 year written verification of employment only is required. No paystubs, no W-2’s. Income based on VOE for qualifying purposes.

         **Loans to $729,500**

         **15 & 30 year fixed rates**

         **Up to 80% financing**
         Borrower’s can qualify with just 20% down. Purchase, rate and term and cash out OK.

         **620+ FICO OK!**
         620+ for purchase and rate/term. 660 for cash out.

         **SFR, PUD, 2-4 Unit & Condo OK!**
         Must be FNMA approved condo complex.
         1. tonye October 1, 2009 at 11:49 pm

            So, does VOE also verify job title or just the fact that you collect a paycheck?

            Would they believe an engineer making $1MIL a year? ;-D

            Bring it on baby, my wife and I are ready to buy Hannu Reddy’s chateau high up Turtle Ridge.

            Maybe I can do a cash out and fill the wine cellar… let me see… 4000 bottles of Two Buck Chuck will fill it out nicely, huh?
            1. tenmagnet October 2, 2009 at 12:09 am

               What about that Alpine Chalet in Tahoe on 10 acres?
               C’mon focus!
            2. tonye October 2, 2009 at 1:56 am

               I was thinking of Big Bear… but yeah, now I think about it, why waste my time with SoCal? Think Big.

               Profession: engineer
               Yearly take home income: $2.4M per year

               I cant’ wait to get my Hummer.
         2. Lee in Irvine October 2, 2009 at 3:15 am

            Though I know most people disagree with me, I believe there is a valid need stated income loans for truly self-employed people. I might increase the down payment to 25% – 30% for these loans, but I’d allow them with a fico north of 720. I know I do everything I possibly can to reduce my income, and therefore reduce my tax liability. Every self-employed person I know does this.

            The problem started happening when the banks (idiots) allowed teachers, cops, etc to start stating their income at levels that made no sense, with little to no money down.
            1. Walter October 2, 2009 at 7:45 pm

               The issue is do they require 2 years tax returns. Then what you are saying makes sense. No tax returns required, not so much. My SI loan required no tax returns. Don’t worry about me, it was a 15 year and now the LTV is about 30%.
            2. AVRenter October 2, 2009 at 8:02 pm

               Here’s your cake, sir. And you can eat it too!
   2. Eat that! October 1, 2009 at 9:32 pm

      The question I have is: Is this a sustainable rally? Without the liar loans are home prices going to once again become completely detacted from fundamentals (they’re not even attached now!). I would like to purchase a home but I can’t stomach the thought of buying a home that is dependant on low interest rates for it’s high value. Patience is virtue but my patience is running thin.
      1. IrvineRenter October 1, 2009 at 9:52 pm

         Prices are getting close to fundamentals, but it has happened because the FED engineered an unsustainable increase in fundamentals through lower interest rates. It is very unlikely this rally will be sustained.
10. John October 1, 2009 at 8:17 pm

    With all the talk recently about owners who’ve stopped paying their mortgages, I’ve been wondering about the status of their real estate taxes. Are these homeowners still paying their taxes, or are the banks picking up the tab? And if neither is making payments, could the county force the foreclosure issue by taking the property to auction for non-payment? Is that in any way a possible outcome of this mess? Any insight from those of you with more knowledge would be appreciated.
    1. MalibuRenter October 1, 2009 at 9:54 pm

       The property taxes are a very slowly ticking bomb. It takes six years from the default to the auction. Even in good years, a number of people get quite close to having their home auctioned. Then, they almost invariably have paid the property taxes or sold the home. Thus, intact homes almost never go to property tax auctions. Most of it is vacant land. There are a few commercial structures at a typical auction.

       There is an interesting feature to property tax auctions. If a home actually is auctioned, it wipes out most other liens, including mortgages.

       I suspect we will get some actual intact homes going to property tax auctions. They will likely be owned by lenders, especially lenders with bad data systems, especially if the lender has had lots of mergers and acquisitions. Given the timing of the crash, this won’t happen before 2013. Might be a lot of it by 2015.
11. Sue in Irvine October 1, 2009 at 8:27 pm

    This house is UGLY. It looks like 1985 when it was built. IR..I’m offended by your inside the loop rant. It certainly does not describe me and my little condo/townhouse neighborhood at Greenbough/Thicket/Misty Run. Not all of us are wannabes inside the loop. And as I remember, you are over it. Right?
    1. IrvineRenter October 2, 2009 at 12:02 am

       That rant was from early 2007, so my perspective has changed since then. I remember when I first wrote that, it was in reaction to real conversations with residents.
12. Geotpf October 1, 2009 at 9:09 pm

    My mantle:

    I don’t have a fireplace. Why the hell do you need one in Southern California?
    1. HydroCabron October 1, 2009 at 9:57 pm

       During the six years I was a homedebtor, I never used the thing. Yes, there were 5-6 weeks per year that it was cold enough to warrant a fire – I speak of Ventura County – but the fireplace was poorly placed to heat more than the dining room and kitchen: meanwhile, the damned heat had to be on, anyway, so that the upstairs and living room would not freeze.

       Many times I wondered what I could have done with the space where the fireplace sat, had it been omitted by the developer.

       The fireplace is the auto sunroof of the home. Most rarely use it, but manufacturers don’t dare omit it, because that would put them behind their competitors in the buyer’s mind.
       1. Conan October 1, 2009 at 10:43 pm

          The house I rent has a chimney but no fireplace. It was built in the 1870s, so I’m pretty sure the fireplace has just been paneled over.
    2. tonye October 1, 2009 at 11:44 pm

       LOL… the fireplace adds ambiance, that je ne sais pas that makes a home a home, instead of gloomy ground floor apartment in Puyallup, WA during February.

       True, if you run the fire during the spring or fall you have to open the windows to let the heat go out ( been there, done that but, oh!, so pretty).

       Of course, you can always stick a bunch of nice candles in there and make it artsy.

       I once tried a bunch if nice black rocks and let the gas fire burn through. Tout moderne but not homely.. that lasted a year and then I shoveled the stuff out.

       Or, you could go the gas log way too… I have not, that’s too fake, like those fireplaces at the Marquee North Korean Towers.
13. DarthFerret October 1, 2009 at 9:50 pm

    As someone who rents inside Yale Loop, yes, there are some who think that way, but I don’t think it’s endemic. Also, there are LOTS of townhomes and apartments within the loop, and there are also plent of nice, big SFR’s outside the loop.

    The issues with inside-v-outside are very practical.

    1) Inside is easier walking distance to the lakes and Woodbridge Village Center.

    2) Inside is better insulation from freeway noise, and in some cases, noise from arterial streets such as Culver, Jeffrey, and Irvine Center Drive.

    3) Inside gives more convenient access to more parks and trails. (The notable exceptions to this are the 2 swim clubs, which have competition-size swimming pools that are great for swimming laps.)

    Yes, there are pretentious people that make it a prestige issue, but most of the people that I talk to recognize the legitimate advantages and view it in light of added value rather than oneupmanship.

    -Darth
    1. tonye October 1, 2009 at 11:46 pm

       But Woodbridge is still on the wrong side of the 405.
       1. Sue in Irvine October 2, 2009 at 12:39 am

          Tonye..we all can’t live in Turtle Rock.Can’t fit all of Irvine in there. It is a beautiful area and very desired. We actually considered a condo in TR about 15 months ago. It had a great view of Shady Canyon and was extremely private. They were asking $509K and since then the listings have been under $400K.
          1. tonye October 2, 2009 at 2:03 am

             It was in jest. ;-D

             I mean, I’s sure there are snobs at TRidge that look down on the TR ghetto. And the Big Shots looking down at me from the Hill know I live _outside_ the Turtle Rock drive loop (OMG!)….

             What part of TR was that? I think the ones at TR Pointe (overlooking the reservoir) still go higher than that but the ones by the park are really crowded.
14. granite October 1, 2009 at 11:29 pm

    There’s also a “Yale Loop” in Northwood. I guess that makes me an outsider renter. I’d be happy enough owning inside the Tustin Meadows loop.

    Without the pretention.
15. newbie2008 October 2, 2009 at 5:36 am

    How many of the pre-FC and near auction are inside of the loop, non-condo SFU?
    The outer portion of the loop is a traffic buffer. The design of placing commercial building along the major streets are also an indication of good planning while maximizing profits (except along I-405). Commercial building alone 405 would of increased business but detracted from the highway view. Irvine streets are well planned. The structural quality of house construction needs vast improvement.

    IR, on the article of housing recovery
    http://www.bloomberg.com/apps/news?pid=20601087&sid=aiSeuqzVLJWQ, I smell a bear trap.
16. AVRenter October 2, 2009 at 8:39 pm

    I’d like to see toy soldiers and explosions for the Foreclosure Radar map. Or maybe something like those old WWII or communist propaganda films with big arrows and red taking over the map. (I like shiny things to go with my kfc and schadenfreude)
17. caliatty October 2, 2009 at 9:42 pm

    Not for nothing, but it’s “mantel.”

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