Agreed. He's a douchebag of the highest order. Looks like he contracted some parasitic-condition. Bill, the porno moustache is played.
Whats unbelievable is how much air time he gets to talk his book/credibility he's given to hype his positions. I think even Cramer doesn't front run the public
In sherman oaks (91423) average house hold income is $120,000 with no liabilities (no car payments, no credit card payments, no child support) and without down payment, with a normal 30 year fixed loan average house price should be $375-400K.
You really can't make an assumption of affordability without knowing household net worth. Many high priced locales are fueled by former entrepreneurs who cashed out, kids who just got a good inheritance ect. While I would agree there's also many who reach in quest of the California hi-life, by and large I think the best neighborhoods in SoCal will always have a decent bid underneath. At least relative and based more on competing asset prices than traditional yardsticks like wages.
Q: Can it get worse than a 534% increase in foreclosures the first six months of 2008? A: Yes. http://www.azcentral.com/community/phoenix/articles/2008/07/24/20080724phx-foreclosures0725.html Foreclosures: Worst still to come 18 comments by Michael Clancy - Jul. 24, 2008 10:54 AM The Arizona Republic Phoenix had a staggering 534 percent increase in foreclosures in the first half of 2008, and it appears the worst may be yet to come. The percentage gain represents an increase of about 5,000 homes foreclosed from year to year, according to data provided by Information Market. "This is not surprising," said Phoenix City Councilman Claude Mattox, who represents the hardest-hit areas of the city. "We're well aware of the problem, and we are doing all we can to mitigate it." The real tidal wave may be yet to come. Phoenix had 12,573 foreclosure notices for the first half of the year, and experts say more than half of them are likely to become foreclosures. The hardest-hit parts of town were the west and southwest sides, where increases of 700 percent or more were common. Only one other area, the eastern portion of northeast Phoenix's Desert Ridge, had a similar increase, but it had far fewer foreclosures. Mattox, who represents portions of Maryvale and west Phoenix, said that because much of the housing in the area is inexpensive, it attracted first-time buyers who could not afford to buy elsewhere. Many of them, he said, were "upside-down before they walked in the front door." Upside-down describes the situation when more is owed on a house than it is worth. A wide swatch of central Phoenix, from the far west side to the eastern city border, had foreclosure increases of 600 percent or more. Even the city's most prosperous areas - North Central, Arcadia and Desert Ridge - showed huge percentage increases in foreclosure numbers. Those numbers help explain why the city of Phoenix has put together a variety of resources to help those who have lost their homes, those who are in danger of losing their homes and those whose neighborhoods have been impacted by vacant houses. David J. Ramirez, spokesman for the Neighborhood Services Department, said the foreclosure Web pages on the city's Web site have had 5,000 visitors since they were posted on June 30. The highest number of foreclosures in the city took place in 85037, on Phoenix's far west side. There, 526 homeowners lost their homes. The same ZIP code had the highest number of foreclosure notices, with 1,081. The highest percentage increase in foreclosures from year to year took place in neighboring 85035, where the numbers jumped from 18 in the first half of 2007 to 261 in the first half of 2008, a jump of 1,350 percent. The greatest increase in foreclosure notices was 512 percent in 85087, which includes the west side of Anthem. The number of notices there climbed from 17 to 104. NE Phoenix down, but not as bad Foreclosures have leaped in northeast Phoenix as the effects of a souring economy begin to affect the entire city, not just the outlying areas that previously were the most heavily affected. Notices of foreclosure also have jumped throughout the area. The numbers were compiled by Information Market, which compared numbers from the first half of 2007 and the first half of 2008. With the exception of a single ZIP code, the area has held up better than most parts of town. Only one of the six ZIPs in northeast Phoenix - from the Phoenix Mountain Preserve north to the city limits and from Cave Creek Road east to the Scottsdale line - saw an increase exceeding that of the citywide leap of 534 percent. In addition, the northeast area had the ZIP with the smallest percentage increase in foreclosures. ZIP 85028, at the north end of the Dreamy Draw, saw foreclosures climb from 10 to 18, an increase of 80 percent. That area had a foreclosure notice increase of 100 percent, doubling from 31 to 62. By contrast, 85032, just north of that area, saw the numbers grow from 47 foreclosures to 201, an increase of 328 percent. Notices in that area leapt from 159 to 471, a 196 percent jump. In the other ZIPS: ââ¬Â¢ 85050, which includes the west side of Desert Ridge, jumped from 14 to 67 foreclosures, for a 379 percent hike. Notices went from 39 to 159, a 308 percent increase. ââ¬Â¢ 85054, which includes the east side of Desert Ridge, went from two foreclosures to 16, a jump of 700 percent. Notices climbed from seven to 36, a 414 percent increase. ââ¬Â¢ 85254, which includes the Kierland area, had 89 foreclosures, up from 17, for an increase of 424 percent. Notices rose from 91 to 239, for a 163 percent jump. ââ¬Â¢ 85331, which includes Tatum Ranch and Cave Creek, rose from 22 to 58, a rise of 164 percent. Notices jumped 67 to 180, up 169 percent.
Prices in my area of San Diego aren't budging either, except for condos. Still takes a half million for a shack here in Pacific Beach. The homes east of here are probably going for 60% of what they were a few years ago however. At least the new ones anyway. Very cheap by Cal standards.
Fab's was great but the owner sold out..excellent pizza..place is being remodeled... I actually like Hoagies and Wings' hoagies and wings. THey are overpriced, but pretty decent, though it's hard to find good wings on the west coast.. Sushi Mac is decent.. La Frite fucking sucks so bad and it's the poorest excuse for French food in this city... Hungarian place? None in Sherman oaks...I would have been there...are you talking about Hortobagy in Studio City? That place closed down...
In the real world, price to income ratios are different in every market: This was from the Barron's article citing Karl Case's research that housing is approaching a bottom. Alright the 4 states are going to be problems for some time but the rest of the country isn't that bad.