Tuesday, November 18, 2008

I'm posting on the local fishwrap website concerning the latest Dataquick report:
"Posted by greengamer: Bought my house in January of '07 for $525k. Just checked the estimated value, $410k."

Not bloody likely. Zillow has been consistently 10-20% too high for more than a year. $525k in Jan ''07 was a tad below the median. The new median is $375k so you are looking at $350k maybe.

" I'm not happy. 28 years old and living check to check to pay for this house."

And? No, seriously, AND? Did you file a police report about the gun that was held to your head when you bought 6 months after the bubble burst?

"Has nothing to do with getting into a loan that wasn't right for me."

Sure it does. 20 month default is a sure sign you got the wrong loan.

"It has to do with this horrible economy."

Sniff. No, it has to do with irresponsible borrowing and lending. Unless you were making $200k/yr as a commission salesperson both you and your lender were irresponsible. Don't blame your taking an option on home price appreciation gamble on either the casino or dealer.

"I work in the sales department and commissions are my sole source of income. Someone buy something already!!!"

Wht? Your $200k/yr commissionsare cut in half and you can't meet an 80% $430k at a fixed 6.1% mortgage? Your whine doesn't even come close to passing the sniff test for credibility.

Tell you what. I'll help. Here's what we'll do. You post your 2006 income taxes and the page of the loan application where you claimed you income for 2006. If the latter is larger you can go to prison for loan fraud. If they match I'll contribute to bailing you out.

I'm pissed.

30 comments:

Lou Minatti said...

I will be first to call this guy an asshole.

Rob Dawg said...

Go to the Star discussion. There's another just like him whining just above this one.

Lou, you know adversity. When I read crap like these two jerks it pains me to recall what good and decent people go through to do the right thing.

Sweet Cashback said...

A working link would be greatly and murstly appreciated....

Rob Dawg said...

Sweet, sorry, fixed, I'm an idjit.

Sweet Cashback said...

It's the stress of parenting all these whining morons.....

Tyrone said...

I wonder how the Moise's are doing?
(Ventura County Star, Dec '07)

Families finding struggle to stay in pricey state

They had to have it. Clip those coupons, but it ain't gonna help.

Rob Dawg said...

And what does that 1962 tract home except with updates now go for?

http://www.redfin.com/CA/Camarillo/1520-Burnley-St-93010/home/4470658

$351k. Ouch.

Akubi said...

Obviously giving trillions to CDOs is the solution.
Trickle Down Are's Us.

Akubi said...

Dawg,
Yes, KC is an A-hole who I would never bail out until hell freezes over – and then some, but loosers™ like him are a drop in the bucket when compared to the Paulson crowd of super-duper-a-holes responsible for the downfall of this country unless he and ilk (or elk?) are eradicated like rats. I hope they enjoy shoving TARP up their ass.
Thanks for listening.

Lou Minatti said...

Rob,

Those comments were very amusing. Greengamer seems to be cowed. Maybe you should suggest that he haul ass to Texas. I am seeing lots of California plates on the freeways.

I am torn by this. On one hand, these people are douchebags who committed fraud. OTOH, I want to see the idiots who lent them the money lose everything.

It would be nice if we had a taste of the mania. I bought my house in 1995 and the appraised value has only kept up with the inflation rate, same as almost every other area in this part of the state. Not even $145 oil could inflate prices. I DEMAND A MANIA SO I CAN GET RICH BY SITTING ON MY ASS LIKE GREENGAMER.

Monica said...

Casey is basically a nice guy. His last ebook "business" was pathetic. I got mad at him for having pretended to have a business plan and wasting money on hotels just to produce something so obviously worthless that ended up being discarded. But that only shows how desperate for money he must be. Although, even for Casey, betting his remaining resources on some Internet ebook was unbelievably stupid, and I was amazed, since I thought he was smarter than that.

I'm worried for him. I can picture him homeless, the poor guy. I have lost my faith in his "genius", but I still care about his well-being. And I kind of miss him, but during the last few days, truecasey had become boring.

Lou Minatti said...

I'm worried for him. I can picture him homeless, the poor guy.

Casey won't be homeless in the near future, I think. He will have meals provided for free and a cot to sleep in every night. Plus free medical care and job training.

Monica said...

What do you mean, a cot? You mean, he'll be in jail? I don't want Casey to go to jail!

Mr. Outspoken said...

That article about the Moises was really sad. Fortunately California's economy "might be revised down a little bit, but it's nowhere near a recession,". Plus it's a good thing the stiffening economy in the second half of 2008 should bail them out.

Aaron said...

what a bunch of loosers these folks are! many of the bank stocks are going for fresh lows this am. C, GS.

I have one play left in this market and it's worked out terrific the past 2 days. up 100% :)
Of course I am only up 20% overall in it. If you are into pharmaceuticals check out IDMI. do your own DD. It's got plenty of running left in her.

any word on CS as of late?

w said...

Good post Rob, but there is nothing left to discuss. You nailed it all.

I bought that bank property. I expect the neighbors to be a little pissed when we move.

Property Flopper said...

Can't waste tears on idiots like this guy. Buying the whole line of "real estate never goes down" is simply stupid - too many instances out there where it has in the past.

Those whining about it now are (usually) the ones who took the dumbest risks. Personally, I don't want to see any mortgage bailout plan. Those who bought what they can afford are fine, those who didn't lose.

Peripheral Visionary said...

Maybe I'm softening, but I can't help but feel bad for the Moises family, in the link above. They're not in a McMansion, just an ordinary house that was severely overpriced, and they seem to be working very hard to meet the payments. I think there might be a place for loans mods IF the family is current on payments, IF they're on a fixed-rate full-doc loan, IF the house was severely overpriced when purchased, IF a mod would help them survive. That's a lot of IFs, but for the families that meet that criteria, I wouldn't get hung up over an interest rate mod, or even a modest principal deferral.

On the other hand, I think a mod program for delinquent "homeowners" is a disaster in the making. "How to Encourage People to Go Delinquent, Step 1: Offer Mods for Delinquent Homeowners."

Property Flopper said...

Also -

Who ever is posting as "Monica", ya ruined my breakfast. I wanted to puke at the line about Casey's "genius". It can be genius to go against the normal flows. It's just stupid to do it and fail... EVERY time.

Rob -
Fun stuff, could be a top topic if you need one: Cities going bankrupt.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/19/MNHA143FHK.DTL&tsp=1

Anyone who knows this area could have seen this coming - All three cities (Vallejo, Fairfield and Rio Vista) are dumps. Prices rose out there as the po' white trash moved out there to buy McMansions. Not at all surprised prices are returning to where they used to be.

H Simpson said...

This is nothing compared to the 2 pinheads on one those "what is my dump worth?" last night.
1200 sqft ranch on a quarter acre in shitville Fla (eg no Miami,no water view).

Paid 399 for it and tossed in another 40k. Bought on top of the market and now they are miffed when the salesdroid says it is worth 375k (which is wasn't). Has 2 mortgages since they put 0 down.
They were offended because they thought it was worth 550k. Not use if the couple were meth addicts.


I really wish there was a law they had to put the address of each house at the end of an episode so it could be tracked. Well that and we could send postcards calling them idiots.

How log before these shows go from HGTV to the Comedy channel?

With the resets, the best (worst?)have yet to come.

Monica said...

Sorry for ruining your breakfast. The worst part is that not too long ago, I probably would have believed that he is, maybe not a genius, but really talented. What was I thinking?

But finally, he did something that was obvious enough for me. Now, I feel really embarrassed for having praised him so much. In retrospect, that looks stupid. Some of you may say that I am stupid or just believe things too easily, but if so, I didn't have to show it for everybody to see.

Property Flopper said...

Believing Casey when you first encounter him isn't stupid. STILL believing after watching him take the WORST possible path, time and time again, however...

Once you watch for a little while, it's pretty obvious that Casey is not a genius. He is lazy, that's easy to see. He is gullible. Refuses to learn...

A small child comes to mind more than a genius.

Northern Renter said...

Dear Property Flopper,
On behalf of my twin four year old boys, may I say that I resent that last comment of yours.

NR

Property Flopper said...

NR -

Very true. Children do learn and also grow up. Casey is... well, himself.

Jean ValJean said...

Quick Poll!!!

DOW close under 8k today?

it's at 8042 at 3:51 PM ET.

Yay or Nay?

Jean ValJean said...

Too late!

7,997.84
-426.91 (-5.07%)

Property Flopper said...

TIMBERRRRR......

OK, broke the 8k mark. Tomorrow will be interesting - sharply up or sharply down - won't be less than 300 point day.

Predictions on which way it goes?

Icallbs said...

Another moron living off of too much easy money. THAT is why he can't pay his mortgage on a $200K salary/commission.

Rob Dawg said...

Monica,
Welcome to the dark side. Believe it or not your story is not unusual. They vary only in degree not path nor destination. You are about to pleasantly discover "we" are an affable and entertaining group. If you need to vent bile and raise your blood pressure over Flippy™ there are better websites.

To all,
Sorry, I was bust snarking on CR so you didn't see my 7 handle calls around 8100. Some visionary eh? All this tells me is that as suggested 8200 has replaced 8800 as the new attractor. Remember the problem is that each new set point will become progressively weaker. Worse if that's your bag I see 6750 as the next ledge on the cliff. Look even if you are rooting for a new market 6750 soon is not a good thing. Tomorrow 8280 regardless. That's PFs 300 points almost.

WE STILL DON'T HAVE CAPITULATION. That's why the longer this plays out the worse it has to be. And remember, no major home builders have BKd. What's up with that?

Peripheral Visionary said...

Monica, don't feel embarrassed; Casey is talented, it's just that his talents lie in Other Directions (e.g., drawing attention to himself and enraging otherwise sensible people.)

Rob, I'm still puzzling over the lack of home builder BKs. The point about national builders being able to skinny down by dropping their special-purpose business entities (and land options, etc.) is a good one. Still, my feeling is that the banks are keeping them on life support. None of them want to pull the plug, because as soon as they pull the plug the builders go to 0. When something is worth a fractional amount, it's worthwhile to push BK, as you might get something in court; when it's a 0, your only real choice is to hang on and pray for a miracle (a certain gold miner comes to mind.) I suspect that the builders will declare BK before the banks push it on them, though I still don't know when that will be.