More updates from the mystery reader
Here is some more stuff that was dug up by the same reader who provided the information from a couple of posts ago. This guy is a wealth of neat links ;) Once again, the copy/paste thing screwed up the font a little.
(sven: this page loaded funny, but the video is on the right, and it's some good material)
Millions of British homebuyers fear the booming housing market is on a crash course for disaster, research revealed today. (click for link)
UBS AG Bank admits 80,000 borrowers are behind on their payments
"We are a bit surprised by how fast this has unraveled,"
2006 is on track to be one of the worst ever for subprime loans, the report said, citing UBS AG. It cited the bank saying that roughly 80,000 subprime borrowers who took out mortgages packaged into securities this year are behind on their payments. (click for link)
http://www.websitetoolbox.com/tool/post/ssgoldstar/vpost?id=1555357
| The History Behind DOMP / Good explanation of Days On Market scam |
http://en.wikipedia.org/w/index.php?title=DOMP&oldid=91914624
(Sven: this one is very good. It pretty much shows how the whole DOM number is basically fictional)
The median selling price fell 3.5 percent from a year earlier to $221,000, the biggest year-over-year decline on record. (click for link)
Oahu median price in November was 4.8 percent below the same month in 2005
http://starbulletin.com/breaking/breaking.php?id=5201
Housing prices falling and More Rents being reduced at the same time.
Rents reduced in San Diego 15 on Aug. 11...............Now Dec. 4 showing 47 reduced ads.
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Reduced rents in O.C. 27......click link to see today's number
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House Loss in Ramona Paid $473,500 in 2004 / Unable to get $449,000 now
The Realtor confirmed that
The Borrowers paid
| 7/07/2004: | $473,500 |
|---|
for this home, and now they are trying to get $449,000 with no bites. We are back to 2003 prices, and going lower. (click for link)
$69,000 for the home in 1980, then borrowed against it, and now owe over $400K
They are trying to get $415,000 for this $150,000 home before the bank forecloses.
Zillow shows, and the salesman verified by phone, that they paid $69,000 for the home in 1980, then borrowed against it, and now owe over $400,000 for it. (click for link)
posted by Sven at
2:02 PM
11 Comments:
Using Word in between fixed most of the formatting issues this time.
By
Sven, at 2:32 PM
rents sure are going down. We've lived on Morrell in a 1 bd room duplex for $900 / mo utils paid for, we are upgrading to a 2 bedroom cottage 3 door down for $1200 (only have to pay for electric).
Why buy a condo in PB when you can rent a 2bd room cottage for $1200!
We thought of moving to UTC but even they can't match the cheap rent in PB.
By
Mike in Pacific Beach, at 2:38 PM
Hi Sven,
Found your blog after you post on my blog. Looks like PB's proximity to the ocean isn't help hold off the bubble.
I'd love to read you blog more, do you have RSS enabled in blogger? If you don't it's a simple check box in blogger...
My blog:
http://sandiegomarketmonitor.blogspot.com/
By
Mr. Brightside, at 7:03 PM
Hey Brightside,
try
pacificbeachbubble.blogspot.com/rss.xml
or
pacificbeachbubble.blogspot.com/atom.xml
By
Sven, at 7:40 PM
The people who bought a house in Santee for $69K remind me of another fellow I know. He bought a house off Foothill in PB for $32K in the early 70s.
He died last year still owing a huge chunk on the mortgage. It amazes me that someone couldn't pay off $32K over 34 years... even with interest, that is only $2K a year.
Or, $166/month. He lived alone in a huge house and could have easily cashed out and bought a smaller place with cash and had plenty left to live a comfortable life. Instead, he lived the life of a pauper in a monstrous home filled with faded furniture and decades-old carpeting.
By
Anonymous, at 7:25 AM
BTW, adsense kinda sucks. I might take down the ads anyway. 2084 impressions, 5 clicks, and 3 queries and I'm only at $2.82. Not worth having it clutter up the blog.
By
Sven, at 10:37 AM
Mike in Pacific Beach,
I also live in PB on Missouri and Ingraham in a 3 bed/1.5 bath house (although there are some units attached in the back). We pay $2,100 per month and I though we were getting a pretty good deal until you mentioned your $1,200 2 bed!!!
As far as rents go, I can only speak from experience with reference to my current house. Our rent was originally $2,055 and was raised by $45 after one year to $2,100 per month. That works out to less than the inflation rate so we weren't bummed. Have you or anyone else seen a lot of 3 bedroom houses for less than $2,100?
By
Craig, at 4:15 PM
$2000 for 3bdrm house (pets ok)
http://sandiego.craigslist.org/
apa/246119094.html
$1350 for 3bdrm apartment
http://sandiego.craigslist.org/
apa/245116281.html
$2200 for 3bdrm 1bath with garage
http://sandiego.craigslist.org/
apa/244759852.html
$2200 for 4bdrm with garage and w/d hookups (pet ok)
http://sandiego.craigslist.org/
apa/244658485.html
$2250 for 3bdrm 1bath with garage (2car) and w/d and pets ok (this looks like a good deal)
http://sandiego.craigslist.org/
apa/244079607.html
OR you could pay a $4500/mo mortgage+prop tax to sweat equity every month. You choose ;)
By
Sven, at 5:10 PM
" they paid $69,000 for the home in 1980, then borrowed against it, and now owe over $400,000 for it."
These are the morons for whom I have no pity. Using your house as an ATM to live beyond your means (and probably rub your friends noses in it) gets these people what they deserve. When they are bankrupt and kicked to the curb by a mortgage company, maybe I'll buy it (for half price) and invite them by to see what they lost due to their foolishness and irresponsible behavior. If their is any schadenfreude to be had, it is at these people's expense. Idiots.
By
irvinerenter, at 5:21 PM
Hey irvinerenter are you one of those Commies?
(cue up patriotic music)
Why these brave homeowners have single handily propped up the US Economy.
Thereby creating a false sense of prosperity for themselves and business owners who themselves poured money into malinvestments.
Now that the Housing ATM is dry who will now willingly sacrifice themselves for the greater good of the US and all humanity?
(cue image of Old Glory waving briskly at sunset)
Fini
By
bub, at 11:05 AM
"Now that the Housing ATM is dry who will now willingly sacrifice themselves for the greater good of the US and all humanity?"
I'll do my part. I will be the one who buys when all the sellers are underwater and crying for someone, anyone to come bail them out. When I bail out some bank or stressed out homeowner, they will thank me for it. How would you like to be the "wise investor" who owns a home that has dropped $200,000 in value and is running a negative cashflow of $3000 a month with no end in sight? Two or three years from now, there will be a great many of them. It will be the patriotic duty of all bubble bloggers to bail out one of these wise investors; of course, it may be at a price that is advantageous to us. But just like Bush told us to shop after 9/11, we can be patriotic by shopping after the housing market collapses.
By
irvinerenter, at 7:54 PM
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