Tuesday, December 16, 2008

Falling knives.


Ventura County:
2007: 516 $521,250
2008: 729 $355,000 -31.90%

31.90% year over year. Who in their right mind bought in Nov 2006? We know the people who couldn't afford $630,000 a year previous. DQNews has the details.

$166,250 over 12 months. Worse, the median home is smaller. $13,000 per month is more than $400 per day in lost equity in addition to payments of at least $200 per day. Just what does $600/day buy you? The world renowned Ojai Valley Spa is only $300/night.

11 comments:

Santa Flipper Clause said...

Ho Ho Ho - It's Santa Flipper Clause

This would appear to be a band that Casey follows as a groupie.

Murst?

Santa F. Clause

Casey Serin said...

Who in their right mind bought in Nov 2006?

I was dumb enough to buy multiple properties in 2006. On the other hand, I was smart enough to anticipate zero consequences from defrauding at least 10 banks out of over $3,000,000 between mortgages and credit cards...

But that's neither here nor there. Back to sleep after another hard day of doing nothing! :-P

Edgar Alpo said...

I haven't been to DQ in quite awhile. A quote:

La Jolla, CA.--The number of mortgage default notices filed against California homeowners fell last quarter for the first time in three years as a change in the state's formal foreclosure process took effect. If that procedural change hadn't kicked in during early September, indications are that third-quarter default filings would have been about the same as the record number filed in this year's second quarter, a real estate information service reported.

Mortgage servicers recorded 94,240 "notices of default" on homes during the July-through-September period. That was down 22.5 percent from a revised record of 121,673 in this year's second quarter, and up 29.9 percent from 72,571 in third-quarter 2007, according to MDA DataQuick. The San Diego-based firm's default statistics begin in 1992.

The last time default filings fell from one quarter to the next was in the second quarter of 2005.

This year default filings totaled about 40,000 for each month from March to August. In September the number dropped to 14,995 filings as a new state law took effect early that month. It requires that in many instances lenders must try to contact homeowners delinquent on their mortgage payments, then wait 30 days before filing a default notice...


Good grief, I remember thinking we would hit 50k/q for a year or two, this is ridiculous.

PS: My sister liked the pic.

Mr. Outspoken said...

My coworkers were pleased to hear that the sheriff had instructed his staff not to serve any evictions into the midwest cold. Meanwhile my rent went up another 5%, and I'm still cutting the check.

w said...

The funny thing is that I have two friends that both just sold their homes in Ventura. They both had a lot of equity and decided to sell now and rent because they assume the market is going to get a lot worse. Then they will move up.

Lost Cause said...

What a drag.

Rob Dawg said...

Yeah, if you need your equity out in the next 5-8 years best to get it now. Especially with the drop in conforming loans coming.

Mrs. Dawg was laughing at the sold section of the paper. She read down the list, a couple in the $500s, a few in the $400s and most $300s and lower. Then she read the for sales; $3.5m, $2.1m, lots at $1.2m. She remarked; "Can't they read?"

Bill in NC said...

What, no comment on today's front page WSJ article on CALPERS disastrous investments in real estate (including raw, undeveloped land)?

Looks like everyone participating will have to cough up another 5% of payroll to make up the losses.

dwr said...

"But that's neither here nor there. Back to sleep after another hard day of doing nothing! :-P"

Hey Casey,
Where are you sleeping these days? In a car or under a freeway?

Mike said...

Hey Rob, want to give your wife a real laugh? Go over to Zillow and take then zoom in on the Ventura Keys/Pierpont area. Basically, all of the homes on the ocean side of the freeway from the Ventura harbor on up to where they end at the park. Take a look at the number of active homes for sale and their prices. Now switch over to the mode where you view the number of recent sales. Change the scope to view the last 3 months. That, sir, is funny.

Casey Serin said...

Hey Casey, Where are you sleeping these days? In a car or under a freeway?

Hah, you wish...!! Nope, I sleep in my nice cozy bed at my parents' house, only vaguely aware that I've helped to destroy the global economy and haven't suffered an iota of real punishment for it.

I think that Mommy and Daddy have concluded that I'm mentally challenged or mentally ill, and have decided to take care of me in perpetuity without demanding anything of me in return. I just need to wait another 5 years or so until my foreclosures and credit card defaults fall off my credit report, so that I can start applying for more juicy credit lines again. Sweet!!!