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Calif Home Prices Going Into the Toilet

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Calif Home Prices Going Into the Toilet

Old 03-25-2009, 02:42 PM
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Default Calif Home Prices Going Into the Toilet

California Home Prices Decline 41% on Foreclosures

March 26, 2009

California home prices dropped 41 percent last month from a year earlier, more than double the U.S. decline, as surging foreclosures drove down values, the state Association of Realtors said today.

http://www.bloomberg.com/apps/news?p...efer=australia
Old 03-25-2009, 04:22 PM
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They surged at an accelerated rate, so it makes sense that they became more overpriced and are falling faster and further than most markets.
Old 03-25-2009, 05:31 PM
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I'm thinking a higher percentage of the population are illegal criminal aliens -- the root of all evil.
Old 03-25-2009, 06:55 PM
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Originally Posted by Eyeball View Post
I'm thinking a higher percentage of the population are illegal criminal aliens -- the root of all evil.
Old 03-25-2009, 08:02 PM
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Anyone see that MSNBC special a few weeks ago - I don't recall the name, but it was a sympathy piece on the home mortgage crisis that discussed a few case histories of folks that were losing their homes. Naturally, there was a black, an hispanic, a white, and an Asian in the mix.

The Hispanic guy was barely literate, probably worked construction under the table, but had bought a relatively large contemporary in a new development and as he put it he was living the American Dream. It is the same guy that 10 years ago would have been washing dishes for $10 an hour somewhere, but because of the artificial housing boom had a termporarily inflated salary probably three times what it would be in a normal market.

The easy money building boom created construction jobs, which created home buyers, which created demand for homes, which created the building boom, which created construction jobs..... and so on. It was a massive Ponzi scheme, and the more the home prices went up from people who had no long term income earning potential, the harder they were sure to fall. The thirty million illegally domiciled and illegally paid aliens were a huge part of the bubble, as were the urban welfare bums.

Home prices are still above a reasonable historical equilibrium in California, which gives you an idea just how inflated this whole game made them.
Old 03-25-2009, 09:09 PM
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You might not believe this but in some areas of SoCal the prices are going up. My wife is trying to find a house for a client in the middle of Orange County. She is looking in the 280k range, which is really a good value for SoCal and Orange County.

Each foreclosure that goes on the market has up to 15 offers in the first week and the offers that are being accepted are the ones where the buyer is paying more than the listing price. The market she is working is highly competitive at the moment. Now, the million dollar house market is another story altogether.
Old 03-25-2009, 10:38 PM
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Originally Posted by joenew61 View Post

The thirty million illegally domiciled and illegally paid aliens were a huge part of the bubble, as were the urban welfare bums.

A couple of towns now in bankrupt California re considering denying routine medical care for illegal criminal aliens -- costs too much. It is estimated that in the populated areas of California, over 50% of a county's cost for routine medical care for low income folks is for illegal criminal aliens. They are a drowning stone around our neck.

Note: "routine" medical care is non-emergency services. Of course, anyone that requires "emergency" medical care gets it, no questions asked.

Lets see, we talked before about how the illegal criminal aliens contributed significantly to the housing bubble problem. We talked about how they are a burden on the justice system (1 in 3 in fed prison are illegal criminal aliens; 1 out of 2 in Calif state prison are illegal criminal aliens). Now we talked about how they are a drain on the medical/health system. Oh, did I mention how they are dragging our public schools into the toilet -- cost a billions of dollars for wasted attempts to educate?!? And there is the drug problem coming over the border ...

So, the new Ford trucks are made in Mexico?!? Don't buy one. I'm now adding 'Mexico' next to 'China' as the source of products I will avoid.
Old 03-26-2009, 02:53 AM
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Originally Posted by Frank007 View Post
They surged at an accelerated rate, so it makes sense that they became more overpriced and are falling faster and further than most markets.

ALways thought CA home prices were VERY INFLATED and you know what they say, "what goes up must come down"

I have a couple of friends that live in CA and I was shocked at the housing costs they were telling me about
Old 03-26-2009, 02:55 AM
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Don't worry Obama and Pelosi will bail them out as well and my kids and grandkids will end up paying this bill like we will with Social Security
Old 03-26-2009, 03:36 AM
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Who cares what happens in CA? They made their bed, let them sleep in it.
Old 03-26-2009, 07:41 AM
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Ditto DrJim!!!
Old 03-26-2009, 07:54 AM
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"Talkin bout a revolution..."
Old 03-26-2009, 07:55 AM
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Say it ain't so, why can't all of those $10 an hour workers live in a McMansion, are they entitled to it?
Old 03-26-2009, 08:10 AM
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Yea. it was illegal aliens and wellfare bums that were buying the million dollar homes....

Eyeball seems to consistently get the best crack on THT. Whoever he is getting his drugs from, I would like to buy a pound.

Same thing happened here in South Florida - to a lesser scale. And it is the condos that took the major hit. And the same crack smokers are saying the same thing. Blah blah Mexicans blah blah wellfare bums.

And we all know people on food stamps were the ones speculating on luxury condos, which started at no less than 1/2 million bucks. And for that 1/2 million, you got an OK place - but the really nice places were at least 3/4 million and up.

Do you guys really believe that it was low income people that were at the root of the problem, or is that just what you hear on the radio? Do you take the time to stop and think, or do you just do what a lot of other "free thinkers" do and just agree 100% with everything you hear on radio shows?

Of course, town homes also took a hit down here. In the southern part of Miami-Dade County (Homestead area) there are a lot of homes in foreclosure, and people who own units are finding them hard to sell. but there was a massive building boom. Town homes were going up as fast as they could build them. Many places were 100% sold before construction was finished. And yes, a lot of the people who moved in were lower income families.

But did they cause the foreclosures?

The answer is I do not know. At least some of the units were bought up by speculators - people who had money. The idea was to buy them up at pre-sale prices, then rent for a year or two - then sell. The assumption was that values would keep climbing.

Well the bottom falls out, people lose jobs, renters move out, speculators are stuck with units that they do not live in, can not rent for a profit, and can not sell. So they simply walk. They allow units to foreclose.

After all - they do not live there.

The families that did buy now get a double wammy. The units are worth less than what they paid - so good luck getting refinanced. The ARM, which was a good way to go with dropping rates, defaults to a higher rate than a fixed would be (and you still can not get refinanced no matterr what your credit is because you owe more than the place is worth). And now - you get to pay more in homeowner association fees because your neighbor defaulted!

So families that could afford to pay get priced out, and have to move. Which lowers the values even more, and spreads the association fees over fewer people.

How many defaults were caused by speculators who never intended to live in the building? Got me. I do not know. But I am sure it is a good part of the mess.

But I know. It is more fun to blame welfare and illegals. People who were likely to be RENTING and not buying.
Old 03-26-2009, 08:15 AM
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Had a real smart and spffy reply all done up. Then the new website software chose to un-sign me in. All gone lost, wonder where those post go. I guess to the island of lost post to live into eternity unread. Pittyfull, pittyfull, pittyfull.

Houses were over priced to begin with. The CA homeowner has no one to blame but himself. Paying inflated prices is just one way to keep driving the price up. Paying "asking price plus", bidding wars, you name it them idiots done it. Guess what happens if you don't pay an inflated price, sooner or later that price comes down. Greed, keeping up with the Joneses, profiteering, the housing industry had it all.

No some body is going to have to explain what in the world a Mexican illegal alien has to do with the housing collapse. Them guys built the houses for the multi-millionaire developer/contractors, then developer/contractors is the ones that walked away with the gold.
Old 03-26-2009, 08:33 AM
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Originally Posted by twentynine View Post
No some body is going to have to explain what in the world a Mexican illegal alien has to do with the housing collapse. Them guys built the houses for the multi-millionaire developer/contractors, then developer/contractors is the ones that walked away with the gold.
I agree with you on the Mexican part, but if you think developers and contractors walked away with gold, you are wrong. The only people who got rich and are staying rich are the wallstreet guys. A lot of builders/ contractors have gone bankrupt, closed up shop, or struggling to survive.
Old 03-26-2009, 10:41 AM
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Originally Posted by twentynine View Post

No some body is going to have to explain what in the world a Mexican illegal alien has to do with the housing collapse.
The illegal criminal aliens are a huge hit to the economy as a whole. The crapping economy is what brought the housing market to its knees. Some of the first victims were the homeowners least able to afford their homes. An overwhelmingly disproportionate segment of those folks were illegal criminal aliens. That further exacerbated the whole process -- didn't 'cause' it, 'exacerbated' it. Attempts to quantify their impact resulted in an estimated 1 in 4 houses in the initial round of foreclosures, perhaps more, were owned by illegal criminal aliens.

The illegal criminal alien population has a tremendous negative effect on every segment of our economy. California has one of the largest populations of illegal criminal aliens. They contributed greatly to this econo-mess -- and still are. Like I said above, a drowning stone. Thinking differently is just foolish.



Well over 50 percent of the home foreclosures in 2008 occurred in 35 counties located in just a few locations/quadrants of America. 35 Counties, 12 states, and 1.5 MILLION FORECLOSURES...

In over 650 counties nation wide, foreclosures from 2006 through 2008 ACTUALLY DECREASED while these Illegal Alien HOT BED AREAS roiled in foreclosures. REalty Trac's numbers are impressive, but there is need to go to the next logical area of research...what SEGMENT of American Society caused the Nationwide Real Estate crash?


http://washingtonscandal.blogspot.co...ns-in-six.html
Old 03-26-2009, 02:11 PM
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You still ain't proved that one of those folks that gave up-walked away from- lost their homes was an illegal alien.

Biggest problem were the speculators, people buying a home as an investment rather than a roof over their heads. Paying an inflated price for a house then getting all the cash out of it they could, hoping to reap a huge profit. Sooner or later the pyramid falls.
Old 03-26-2009, 03:06 PM
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Originally Posted by twentynine View Post

You still ain't proved that one of those folks that gave up-walked away from- lost their homes was an illegal alien.

I can't find the full quote of what the Dept of Housing and Urban Dev said. Last Oct there was a flap over the number being reported by KFYI that 5-million homes of illegal criminal aliens was foreclosed on. HUD responded, said it was "not possible -- only 2.3-million legal and illegal criminal aliens own homes" in the US.

I can find that quote. What I can't find is the next line, where HUD says either 1.2-million or 1.3-million of those homes owned by legal and illegal criminal aliens were into foreclosure in the early part of the real estate meltdown.

That's the info, maybe your Google skills are better than mine.




KFYI stated in a subsequent article that "a person from Housing and Urban Development contacted KFYI to tell us the number [5-million] was inaccurate, that there were only 2.3 million mortgages held by immigrants, so there was no way that 5 million illegals could have mortgages."

http://mediamatters.org/items/200810100018


It's the line after that with the number of homes owned by "immigrants" in foreclosure.


But there's one villain that has slipped notice: how illegal immigration, crime-enabling banks and open-borders Bush policies fueled the mortgage crisis. It's no coincidence that the areas hardest hit by the foreclosure wave - Loudoun County, Va., California's Inland Empire, Stockton and San Joaquin Valley, and Las Vegas and Phoenix - also happen to be some of the nation's largest illegal alien sanctuaries. Half of the mortgages to Hispanics are subprime. A quarter of all those subprime loans are in default and foreclosure.


http://www.nypost.com/seven/09242008...ess_130482.htm




So, are thinking all of those homes foreclosed on in illegal criminal alien sanctuaries were legal Hispanic residents losing their homes?!? ;?

Are you thinking it has no affect on the housing bubble and the subsequent popping of that bubble? ;?

.
Old 05-18-2009, 08:29 PM
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Originally Posted by joenew61 View Post
The easy money building boom created construction jobs, which created home buyers, which created demand for homes, which created the building boom, which created construction jobs..... and so on. It was a massive Ponzi scheme, and the more the home prices went up from people who had no long term income earning potential, the harder they were sure to fall. The thirty million illegally domiciled and illegally paid aliens were a huge part of the bubble, as were the urban welfare bums.

Home prices are still above a reasonable historical equilibrium in California, which gives you an idea just how inflated this whole game made them.
Yep buying a home in the inflated real estate market of the past few years was like investing with Bernie Madoff. Everyone who bought a home thought the value would just keep going up, just like Madoff's investers thought the value of their investmentw would keep going up. In both cases there was no real value there!

I thought it was ironic that Madoff's Rybovich was named "BULL" Maybe that is because that was what he was feeding his investors! LOL

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