I was wondering about the people presently entering into preforeclosure. Using tax rolls, last sale date and loan amount I was able to uncover the following examples from nearby Somis:
5883 LA CUMBRE RD
SOMIS, CA 93066
Assessed Value $436406
Loan Amount $780000
Loan Date 10/13/2005
5187 DODSON ST
SOMIS, CA 93066
Assessed Value $227304
Loan Amount $584000
Loan Date 09/08/2006
4200 ASPEN LN
SOMIS, CA 93066
Assessed Value $361192
Loan Amount $750000
Loan Date 12/20/2005
We need a new term for this behavior. As the Fed chart indicates lots of this equity extraction went right back into the property bubble. These people doubled down on a losing margin position and now it's margin call time. These poor loosers effectively re-bought their own properties at the top of the market.
17 comments:
"We need a new term for this behavior"
The FIRST term that comes to my mind is "stupid". Other versions of the "Really F##king Stupid" and "ah... durr..." come to mind as well.
None of those are original though.
On the bright side - the idiots who pulled out cash from the home ATM and bought big old honk'n SUV's can now live in them. That's a plus...
When they said "Acquisition of Assets and Other", does that mean investment in a non-RE class or is it a euphemism for consumption?
The first first 2 are on the market as short sales and both are in the contingent phase according to redfin. I showed the first one to the horse girl I know and she just laughed, 1 acre horse prop for 700+ is not worth it. Personally I would not touch either one for the price they want but I have been watching them for a while and if they get off the wishing price ...
Isn't "repayment of non-mortgage debt" the same thing as "personal consumption"?
I mean seriously, "I ran up my credit cards, time to refi" is just personal consumption. The only difference between those two is if you spend the money before or after you refi.
Honest, I expect some of the LaCumbre mini acres to go for taxes before this is over.
When they said "Acquisition of Assets and Other", does that mean investment in a non-RE class or is it a euphemism for consumption?
Fun bags and a trip to Cançun to show them off and break them in.
Fun bag alert:
http://www.celebritysmackblog.com/wp-content/uploads/2007/07/coco0938425.jpg
Ick. Is there any part of her that isn't plastic?
I think the bobble head is real ;)
Given the PC nature of Hollywood types I suspect the dress is renewable hemp sewn by Mt. Holyoke grad students in wymn's studies.
"We need a new term for this behavior"
OK - Betting heavily on real estate and losing BADLY. We could call it:
Serinading? Serindipity?
A change of heart
Check the listing history on this one. Very professional marketing. I imagine the local Realtor in charge made a phone call and said "get your price up and support this neighborhood!" "After the property that bank sold the last thing we need is another low comp." Note the inventory of the Realtor in charge. Also, the Realtor in charge just got a contract on the Tuscan Estate across the street listed for $3,200,000.
Interesting that the bank listing that was on Redfin shows no sales record 3 months after closing.
Rob, please compare your celebrity siliconoid with this sweet flower in need of pollination
W - Bravo.
That is a prime example of "yummy".
w said...
Rob, please compare your celebrity siliconoid with this sweet flower in need of pollination
Always glad to please. I swear to gawd that's my old college library (keep in mind that narrows it down to about 11) and if it weren't that the picture is digital I'd also swear I knew them. er, those, er her. Yeah I meant her. Maybe I knew her mom which is also just too weird and I don't want to go there. Well it isn't that I don't want to go there. Oh hell. You know what I mean.
What is it about every Library in the UC/CSU system that they are all huge glass, steel and concrete behemoths. UCSD is interesting as it looks like a space ship on some sort of docking station. The John Spore Broom library at CSUCI has such a curious name (Spore) that it evokes consideration as some type of an ode to space opera. Cal Poly SLO is just plain utilitarian and ugly. Maybe best regarded as a setting for a Phillip K Dick novel.
Yeah, but check out the University Research Library at UCLA. Go inside and there's a huge plaque on the wall, beloved to all undergraduates, as it commemorates librarian Hugh G. Dick.
NR
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