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September 03, 2006
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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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42 comments:
Is there a correlation between illegal immigrants and the red/orange states?
I think there's a high correlation between idiots and the red states
Are the illegals idiots?
On housing front, it's beginning to get ugly
Builders send danger signals; concessions may mask real price drops
http://www.msnbc.msn.com/
id/14608814/
It looks like all those shallow wannabes on the left coast are gonna get squashed. The uneducated country bumpkins in the flyover states didn't go for those sucker loans.
U.S. Existing-Home Sales Plunge to a Two-Year Low in July
“The end of the housing boom has come quickly and taken many homeowners who had anticipated an easy sale by surprise,”
http://www.homefront.com/
index.php/archives/article/
us_existing_home_sales_
plunge_to_a_two_year_
low_in_july/
July pending home sales fall 7 percent
National Association of Realtors' index is down 16 percent from last July.
Pending sales of U.S. homes plunged 7 percent in July to their lowest level in more than THREE years, a trade association said on Friday.
The National Association of Realtors' Pending Home Sales Index, based on contracts signed in July, fell to a seasonally adjusted 105.6 in July from a downwardly revised 113.5 in June.
http://money.cnn.com/2006/
09/01/news/economy/
nar.reut/index.htm?
section=money_topstories
The illegal aliens DO get subsidized loans in California, to include a special program for 'two family' homes, i.e. letting them team up to qualify for their no-doc loans. I didn't believe it until I met a real estate broker (Mexican) in Los Angeles who specializes in these things. He hires pretty Latinas to go into the barrios and hand out flyers selling homes and then getting them into these loans.
Note that these illegals do NOT pay taxes, they get free health care, free education, free dentistry, a lot of freebies.
I have seen them in their two-family homes obtained with these mortgages, and they drywall in additional rooms (particians, really) and rent them out to 10 or 15 illegals for $200 per month per person. This is not rare, it is COMMON. Many of these homes are making inroads into what used to be nice suburbs.
The hard working middle class is going to lose its ass, but most have no idea how the illegal aliens have not only teamed up, but have willing helpers in the California government who have helped them become the MOST influential sector in all of California.
Taxpayers...you have become slaves, since you have to support this madness. These Mexicans are breeding eight or 10 kids per woman. How many are you producing, dear American?
I would not even consider looking at any houses unless the owner is willing to starting offer of 50% less of 2005 price. I will not close at that price, it wil be crtainly less than that. I will consider spending my valuable time to look a it....As a buyer my time is too valuable to waste on these foolish high price pushers....
I live in Santa Rosa Ca., and am in no way surprised to see that we have nearly the highest percentage of toxic loans. Rents and incomes are in an entirely different universe than our ridiculous home prices.
Homeowners I have spoken to believe prices will pull back 5-10% this year and the market will stabilize in 2007(5-10% increase yearly increase for next 7-10 years).When I bring up the fact that the majority of arm resets will occur in summer of 2007 they admit that they are unfamiliar with what that even means, and quickly reassure me that everyone wants to live here.
Denial and ignorance is still alive in Sonoma county, but not for long.
Accurate estimate of California More idiots per capita than any other state!
It is true, we(California) are no longer just the land of fruits and nuts, we're quickly gaining notoriety for our brain dead vegetables.
California is going to implode..should be a good place in a year or 2 to store all our depleated Uranium.
It was hard believing that lenders were giving loans to illegal aliens.
But after doing some research, the following article seems to support your story in Los Angles and the Option ARM loan chart of what were taking place in Salinas, California.
The housing crush has caused workers to make risky plays for the few ownership opportunities that come up. In March, real-estate agent Frank Bellafiore says he sold a house to a Mexican immigrant field-worker who had been renting a room for his family for seven years in another family's home. The home -- a 1,013-square-foot house built in 1954 -- cost $490,000. The monthly mortgage payment of $3,000 represented about 70 percent of the fieldworker's income.
The five-member family of Gabriela Alvarado, for example, has shared a tiny two-bedroom rented house with two fieldworkers. "It's the only way we can afford to live here," says Mrs. Alvarado, whose husband came to Salinas 18 years ago to work in the lettuce fields. The Alvarados charged two fieldworkers $150 a month each to board with them.
http://www.post-
gazette.com/pg/06240/
716985-28.stm
Norcal bubblebastard:
You're right about the denial thing. The longer they deny it, the difficult it will become. They'll be the last to get out, that is if they can.
California will take the whole country down with it
Maybe the San Andreas will take care of the problem - everyone listen up - synchronize watches and start jumping up and down simultaneously - up, down, up, down, up......
Yes, Poor California. . .
I was visting Mission San Diego this afternoon, and an "inspired" idea came to me. . .Return California to Spain!! Not Mexico. . .after all, it was Spain that settled Mexico and California, and built missions up and down the coast, brought agriculture, plants and trees, and made this a better place. . .NOW - if we were returned to Spain, we would be part of the EU, and have a decent currenty (Euro) not a depreciating piece of crap. . .and they would get the Silicon Valley. . .we get rid of Washington (although Brussels is kind of far away), and the EU could assume all those ARMS in the banking system. The Mexicans would be happy because we would speak Spanish, but the Anglos would be happy to be part of Europe again. . .they gays would be happy because they have gay marriage in Spain. . . Nato could take over our nice Navy bases (with compensation of course). . .hmmm maybe I will put it on the ballot!
Why not return Mexifornia to Spain?
Dammit Gary Watts! I want my 15% back!
Last spring the "Home Brochures" in Seattle were full of adverts for lending to non- English speakers:
-No income verification
- 0 down
-interest only
-buy with "friends"
ETC.
It was clear that immigrants, illegal or otherwise, were being targeted.
This was after a Fall and winter of rapidly increasing DOm's and price drops.
My feeling was lenders were getting desperate and needing to start scraping the bottom of the barrel.
This is going to be one heck of a mess.
If native English speakers didn't even understand these loans, how about those who don't even SPEAK English?
The exact percentages for DC, VA, and MD are missing.
"The monthly mortgage payment of $3,000 represented about 70 percent of the fieldworker's income."
Huh? Is this correct? An illegal immigrant fieldworker, who picks lettuce, makes almsot $50K a year?
Check Craigslist for CA homes for sale and see the words "motivated",
"anxious" and other similar type words used in the ads. Many are getting very desperate, and now that summer has ended you just know that retailers are going to get killed this Christmas!
I am not surprised Reno is on the list - so many uncompleted developments, its flipper haven here.
Even surpasses Arizona, wow.
I also live in Santa Rosa, been here for a year, almost bought a house but wised up at the last minute. I'm currently renting a house; up the street from me the same house just sold (1950's 2bd, 1ba, same 50's kitchen and bath) for about 435k, orginal asking price was 465k. I rent for 1300. I figure if the new owner went with a conventional loan 30yrs at 6.5% and 20% down the mortgage should be around 2200/mo before taxes. Prices are going to fall hard here.
I even read in one of the attention getting sales pitch the reads: "OWNERS ARE IN TEARS!"
Anon 3:06:26,
Have you seen that tv infomercial for Century 21, where the guy, I think his name is Matt Tucker (not sure), who welcomed a Chinese couple who just arrived, in Chinese?
I wonder how he will say option ARM in Chinese?
Mark in san diego:
re: Return California to Spain.
Would that mean Al Qaeda will have to have a crash course in Spanish?
Boy that would be tough for that Osama guy to be saying; como estas.
What do you mean, Return Calif. to Spain!
It's already Happened!
Why would Osama Bin Hiden need to learn Californias language,Spanish.He doesn't want to preach to the choir, he wants to spread terror.dirka dirka
Riddle for you
Which year was it wrong to buy a house with an ARM?
Hint:
Most reading this, are to young to rely on memories.
Hint:
Most reading this, are to young to rely on memories.
1979 on thru to 1989..lot of pain there.
if I only knew then what I know now
Osama bin hiden needs to learn Spanish in order for his followers blend in with the crowd and not detected.
"They know they're selling crap, and they're doing it in a way that's very deceiving,"
from businessweek main (mortgage) article.
I think everyone can agree on this.
Hey, how coms San Francisco is not shown? Is it the same as San Jose maybe?
At least the Chinese are civilized. Meet a Chinese in California shopping for a house, he's probaby a doctor or scientist.
As opposed to the illegal aliens, who are savages. Illegals are responsible for 30 percent of the nation's murders, that's about 4,000 per year, more than we're losing in Iraq.
Wake up.
"Meet a Chinese in San Francsico shopping for a house..." Or a restaurant owner.
What do you expect from the illegal aliens from Latin America? Life is very cheap over there. I believe the last 6 police chiefs in Nuevo Laredo have been MURDERED. It's not exactly a small city either. If we have decent border security and a workable immigration system, we could weed out most of the criminals crossing the border and stop the overcrowding in our cities. We already have enough of them here, we don't need to import more savages.
Amen to Anon 6:23 and 7:11!
Are you finally ready to get out of all the fast-money games? Are you finally ready to create a future with a mlm home based business with real products so far ahead of it's time that nothing else even comes close?!?
Very well written! Based on the content of your blog, I think you might enjoy some of the articles at my real estate residential commercial property listings site and hope you will give it a peek.
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