Housing Bubble, credit bubble, public planning, land use, zoning and transportation in the exurban environment. Specific criticism of smart growth, neotradtional, forms based, new urbanism and other top down planner schemes to increase urban extent and density. Ventura County, California specific examples.
I wonder how the Moises are doing? Some people really stretched themselves to go after the "dream"; what will they do when they find they are under water????
There's a foreclosed house down the street from me, actually quite a few and I got curious about what the back story was behind the foreclosure, so I asked the next door neighbor who is also the guy who cleans my pool...What's up with that.
Liar loan, people taking maximum out of the property on second loans. No job loss, just too much debt to pay for too many toys and now they can't sell/flip it, let the bank take it.
I'd really like to see a study of what the real back stories are. I think the story would be very similar to the one above.
Liar loan, people taking maximum out of the property on second loans. No job loss, just too much debt to pay for too many toys and now they can't sell/flip it, let the bank take it.
We have had a few flushed out in my neighborhood as well. These were people who were obviously low-income apartment dwellers. They lasted less than a year. I doubt they could afford the first payment.
Nothing wrong with being an apartment dweller or making a low income. I've done both. But when I was in that situation it never occurred to me to go out and buy a house.
Very few of the people losing houses now are real victims. A guy who had to HELOC in order to pay for experimental cancer treatment for his kid and now he's about to lose the house? I have sympathy. But 90% of these foreclosures were sold to people who shouldn't have been there in the first place.
Seems to be a little panic in the high rent district. Price reductions keep coming. Houses sitting as contingent on the MLS instead of coming off as sold.
Some houses I swear I have been watching for over 2 years. Others finally pulled. Why didn't these people just sell and put the money to work?
I think it was the head of NAR in St. Paul that said a number of the homes that sold in North Minneapolis never paid one mortgage payment. Others made 1 to 2 months payments and stopped. Most importantly, everyone in foreclosure (or already foreclosured) stopped paying even before their rates rose.
I forget what else he said but that they were starting to become aware of the situation maybe like a year or so ago, but it was too late.
Anyways, he was against a bailout (or said it wouldn't have helped these people, nor should we).
APRIL is the cruellest month, breeding Lilacs out of the dead land, mixing Memory and desire, stirring Dull roots with spring rain. Winter kept us warm, covering Earth in forgetful snow, feeding A little life with dried tubers. Summer surprised us, coming over the Starnbergersee With a shower of rain; we stopped in the colonnade, And went on in sunlight, into the Hofgarten, And drank coffee, and talked for an hour. Bin gar keine Russin, stamm' aus Litauen, echt deutsch. And when we were children, staying at the archduke's, My cousin's, he took me out on a sled, And I was frightened. He said, Marie, Marie, hold on tight. And down we went. In the mountains, there you feel free. I read, much of the night, and go south in the winter.
What are the roots that clutch, what branches grow Out of this stony rubbish? Son of man, You cannot say, or guess, for you know only A heap of broken images, where the sun beats, And the dead tree gives no shelter, the cricket no relief, And the dry stone no sound of water. Only There is shadow under this red rock, (Come in under the shadow of this red rock), And I will show you something different from either Your shadow at morning striding behind you Or your shadow at evening rising to meet you; I will show you fear in a handful of dust.
Frisch weht der Wind Der Heimat zu. Mein Irisch Kind, Wo weilest du? 'You gave me hyacinths first a year ago; 'They called me the hyacinth girl.' —Yet when we came back, late, from the Hyacinth garden, Your arms full, and your hair wet, I could not Speak, and my eyes failed, I was neither Living nor dead, and I knew nothing, Looking into the heart of light, the silence. Od' und leer das Meer.
Madame Sosostris, famous clairvoyante, Had a bad cold, nevertheless Is known to be the wisest woman in Europe, With a wicked pack of cards. Here, said she, Is your card, the drowned Phoenician Sailor, (Those are pearls that were his eyes. Look!) Here is Belladonna, the Lady of the Rocks, The lady of situations. Here is the man with three staves, and here the Wheel, And here is the one-eyed merchant, and this card, Which is blank, is something he carries on his back, Which I am forbidden to see. I do not find The Hanged Man. Fear death by water. I see crowds of people, walking round in a ring. Thank you. If you see dear Mrs. Equitone, Tell her I bring the horoscope myself: One must be so careful these days.
Unreal City, Under the brown fog of a winter dawn, A crowd flowed over London Bridge, so many, I had not thought death had undone so many. Sighs, short and infrequent, were exhaled, And each man fixed his eyes before his feet. Flowed up the hill and down King William Street, To where Saint Mary Woolnoth kept the hours With a dead sound on the final stroke of nine. There I saw one I knew, and stopped him, crying 'Stetson! 'You who were with me in the ships at Mylae! 'That corpse you planted last year in your garden, 'Has it begun to sprout? Will it bloom this year? 'Or has the sudden frost disturbed its bed? 'Oh keep the Dog far hence, that's friend to men, 'Or with his nails he'll dig it up again! 'You! hypocrite lecteur!—mon semblable,—mon frère
When I came home last night I had a migraine. My daughter was distracting me to watch her ride her bike while I was getting out of the truck and I was on the phone with a customer. I forogt to put my iPod out of sight and left the door unlocked.
I got up this morning and the Ipod was gone, my stuff in the central console was all over the floor and my half eaten sandwich was in the center console.
This is the 5th time we have had a car broken into in the 9 years I have lived in *beautiful* Ventura. The other 4 times it was my wife's car. She came from a small town where they never locked a door in their life. She is over that now.
It is creepy. The one night I don't go through my routine and I get robbed.
I feel like Will Smith's character in I am Legend. Follow the routine...until you don't, and BAM...they hit you.
I live in a *great* neighborhood with outstanding schools. One neighbor on the street had their home broken into and robbed last year. They even stole money out of his kids piggy bank. Someone stole the $50 hose out of my front yard. Another time they took the empty hose reel. I could go on and on.
There's a reason you see 12 foot high block walls topped with broken glass and iron bars over every door and window south of the border.
Most homeowners here in the U.S. of course, would never do the above for aesthetic reasons, which means their property is fair game anytime they leave.
They'd better videotape the property and have a complete up to date inventory for the claims adjuster.
17 comments:
"Back to the bank it goes!" - C. Serin, 2007.
But the NAR says the market will turn back up this summer.
I wonder how the Moises are doing? Some people really stretched themselves to go after the "dream"; what will they do when they find they are under water????
There's a foreclosed house down the street from me, actually quite a few and I got curious about what the back story was behind the foreclosure, so I asked the next door neighbor who is also the guy who cleans my pool...What's up with that.
Liar loan, people taking maximum out of the property on second loans. No job loss, just too much debt to pay for too many toys and now they can't sell/flip it, let the bank take it.
I'd really like to see a study of what the real back stories are. I think the story would be very similar to the one above.
1,000 foreclosures for April? It's in the bag.
Liar loan, people taking maximum out of the property on second loans. No job loss, just too much debt to pay for too many toys and now they can't sell/flip it, let the bank take it.
We have had a few flushed out in my neighborhood as well. These were people who were obviously low-income apartment dwellers. They lasted less than a year. I doubt they could afford the first payment.
Nothing wrong with being an apartment dweller or making a low income. I've done both. But when I was in that situation it never occurred to me to go out and buy a house.
Very few of the people losing houses now are real victims. A guy who had to HELOC in order to pay for experimental cancer treatment for his kid and now he's about to lose the house? I have sympathy. But 90% of these foreclosures were sold to people who shouldn't have been there in the first place.
Seems to be a little panic in the high rent district. Price reductions keep coming. Houses sitting as contingent on the MLS instead of coming off as sold.
Some houses I swear I have been watching for over 2 years. Others finally pulled. Why didn't these people just sell and put the money to work?
I have a cold and I'm not feeling all that well.
Yet I highly suspect Mayor Gavin Newsom is our latest Manchurian Candidate.
I think it was the head of NAR in St. Paul that said a number of the homes that sold in North Minneapolis never paid one mortgage payment. Others made 1 to 2 months payments and stopped. Most importantly, everyone in foreclosure (or already foreclosured) stopped paying even before their rates rose.
I forget what else he said but that they were starting to become aware of the situation maybe like a year or so ago, but it was too late.
Anyways, he was against a bailout (or said it wouldn't have helped these people, nor should we).
APRIL is the cruellest month, breeding
Lilacs out of the dead land, mixing
Memory and desire, stirring
Dull roots with spring rain.
Winter kept us warm, covering
Earth in forgetful snow, feeding
A little life with dried tubers.
Summer surprised us, coming over the Starnbergersee
With a shower of rain; we stopped in the colonnade,
And went on in sunlight, into the Hofgarten,
And drank coffee, and talked for an hour.
Bin gar keine Russin, stamm' aus Litauen, echt deutsch.
And when we were children, staying at the archduke's,
My cousin's, he took me out on a sled,
And I was frightened. He said, Marie,
Marie, hold on tight. And down we went.
In the mountains, there you feel free.
I read, much of the night, and go south in the winter.
What are the roots that clutch, what branches grow
Out of this stony rubbish? Son of man,
You cannot say, or guess, for you know only
A heap of broken images, where the sun beats,
And the dead tree gives no shelter, the cricket no relief,
And the dry stone no sound of water. Only
There is shadow under this red rock,
(Come in under the shadow of this red rock),
And I will show you something different from either
Your shadow at morning striding behind you
Or your shadow at evening rising to meet you;
I will show you fear in a handful of dust.
Frisch weht der Wind
Der Heimat zu.
Mein Irisch Kind,
Wo weilest du?
'You gave me hyacinths first a year ago;
'They called me the hyacinth girl.'
—Yet when we came back, late, from the Hyacinth garden,
Your arms full, and your hair wet, I could not
Speak, and my eyes failed, I was neither
Living nor dead, and I knew nothing,
Looking into the heart of light, the silence.
Od' und leer das Meer.
Madame Sosostris, famous clairvoyante,
Had a bad cold, nevertheless
Is known to be the wisest woman in Europe,
With a wicked pack of cards. Here, said she,
Is your card, the drowned Phoenician Sailor,
(Those are pearls that were his eyes. Look!)
Here is Belladonna, the Lady of the Rocks,
The lady of situations.
Here is the man with three staves, and here the Wheel,
And here is the one-eyed merchant, and this card,
Which is blank, is something he carries on his back,
Which I am forbidden to see. I do not find
The Hanged Man. Fear death by water.
I see crowds of people, walking round in a ring.
Thank you. If you see dear Mrs. Equitone,
Tell her I bring the horoscope myself:
One must be so careful these days.
Unreal City,
Under the brown fog of a winter dawn,
A crowd flowed over London Bridge, so many,
I had not thought death had undone so many.
Sighs, short and infrequent, were exhaled,
And each man fixed his eyes before his feet.
Flowed up the hill and down King William Street,
To where Saint Mary Woolnoth kept the hours
With a dead sound on the final stroke of nine.
There I saw one I knew, and stopped him, crying 'Stetson!
'You who were with me in the ships at Mylae!
'That corpse you planted last year in your garden,
'Has it begun to sprout? Will it bloom this year?
'Or has the sudden frost disturbed its bed?
'Oh keep the Dog far hence, that's friend to men,
'Or with his nails he'll dig it up again!
'You! hypocrite lecteur!—mon semblable,—mon frère
'That corpse you planted last year in your garden,
'Has it begun to sprout? Will it bloom this year?
We call them Level 3 assets.
Casey was an amateur (as if y'all didn't know). Could have done much more:
http://www.theindychannel.com/news/15838053/detail.html
They got me last night.
When I came home last night I had a migraine. My daughter was distracting me to watch her ride her bike while I was getting out of the truck and I was on the phone with a customer. I forogt to put my iPod out of sight and left the door unlocked.
I got up this morning and the Ipod was gone, my stuff in the central console was all over the floor and my half eaten sandwich was in the center console.
This is the 5th time we have had a car broken into in the 9 years I have lived in *beautiful* Ventura. The other 4 times it was my wife's car. She came from a small town where they never locked a door in their life. She is over that now.
It is creepy. The one night I don't go through my routine and I get robbed.
I feel like Will Smith's character in I am Legend. Follow the routine...until you don't, and BAM...they hit you.
I live in a *great* neighborhood with outstanding schools. One neighbor on the street had their home broken into and robbed last year. They even stole money out of his kids piggy bank. Someone stole the $50 hose out of my front yard. Another time they took the empty hose reel. I could go on and on.
I wonder what it will be like during a recession.
Welcome to Mexifornia.
Of course, it's the same here.
There's a reason you see 12 foot high block walls topped with broken glass and iron bars over every door and window south of the border.
Most homeowners here in the U.S. of course, would never do the above for aesthetic reasons, which means their property is fair game anytime they leave.
They'd better videotape the property and have a complete up to date inventory for the claims adjuster.
The next bubble? Fried Chicken!
For your amusement:
The REO life: Vandalism
I guess you guyz are still working on your taxes but it is fishnet friday. Other goodies included.
We call them Level 3 assets.
Is that like a tri-tip trifecta with tiramisu?
I like the number 3.
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