Classic....skinheads and meth lol....desert shitholes lol.... CA does have its problems, if I were not a surfer I would definitely move from here...well I have family, friends, bands I play in as well as solid business contacts here too. Not to mention I do live in Malibu and pay 1350./mo. for a studio apartment 20 steps from the beach. It's not too bad really but when I consider that 1350. can pay the mortgage on a decent house in some states....it makes me want to quit surfing and maybe take up wakeboarding instead! It's either that or buy a 1 + 1 mobile home in Paradise Cove for 400K plus space rent lol...at least right now, I don't know if prices are going to recede much in this high end market but home sales have totaled an average of around 300 units in Malibu for the past few years, closing this first quarter '07 there have been only 33 homes sold here according to an article in the local paper. However, they claim that the prices have held strong, and I haven't seen much of any kind of depreciation yet, from scanning through local RE ads. We shall see...
It's always the USUAL SUSPECT spamming Real Estate Horror Stories. Yawn... 1,000,000 times. Meanwhile, back in reality... The analysis below explains... 14% of US mortgages are "subprime"... And of these 13% are > 30 days overdue. So 1.8% of US residential mortgages... Are "subprime" and > 30 days overdue. Even if it gets worse... Big Deal. Find something else to scare people with. http://www.realclearpolitics.com/articles/2007/03/revisiting_the_panic_of_1907.html
You're a moron my dear. Another idiot calling it the "subprime" problem. You really haven't read a damn thing about this have you? Didn't think so. Your statistics are silly too...did you get them from stock_trad3r? Come back if you ever read anything on the topic kid.
C'mon HD. If you're going to debate let's do it fairly, with accurate numbers. Subprime is 15%, and Alt-A is another 10%. There's your 25%. Aside from fewer real estate, mortgage, construction, title insurance, and lumber yard jobs generated by a shrinkage in 25% of the housing market... ...people that want to sell their homes to the subprime and Alt-A borrowers are stuck now, too, aren't they? I mean, they can't move and upgrade/downgrade until they unload their existing home. Do you know why I sound so confident about this? I have condos and homes I have built and am trying to sell, but the people who are ready and willing to buy them can't sell their existing homes. I've had dozens of deals fall right through for this very reason. Did you really think the low end wouldn't affect the mid-range, and that the mid-range wouldn't have repercussions for the entry level higher end stuff?
BuyLo, your statistics are low too if you're talking about recent loans. In 2005 and 06, which were essentially the same, Alt-A loans were about 45% of loans give or take. Much of that has to do with bubble areas...but it's a huge percentage. HD's numbers were bullshit. He was stock_trad3rs slighly more articulate brother...but I think they both shun intelligent dialog.
Very much agreed. No sympathy for CA, FL or NY. All the warnings were there and all of them were being mentioned even at the start of the RE boom.
the warnings were there and yet prices continued to go up which in the end is what moves people.....they preyed on that greed and now someone has got to pay the piper...