Comments on: Real Homes of Genius: Calabasas million dollar foreclosure and multiple foreclosures on La Mirada block with shadow inventory. Home sellers competing with invisible sellers. $500,000 and $2 million home purchases with 100 percent financing deals.

By: Johng

Johng — Thu, 10 Jun 2010 21:55:44 +0000

Re 91411…………

Thats interesting because MLS listings have spiked big time in that area, and a number of homes are currently being renovated.

However, I haven’t seen anything sell since April.

By: polo

polo — Thu, 10 Jun 2010 19:32:53 +0000

Don’t worry, by this time next year the oil spill will have contaminated all beachfront properties from the Gulf Coast to the eastern seaboard. And it will get continuously worse. (sigh) Millions will need to relocate, some will have big bucks, and California will be their destination. Of course their wealth will be mostly destroyed by trying to offload their toxic property, so it’s now like they can sell out and invest here. I only hope I’m wrong, but I fear that things are all lining up is such a way that I now no longer scoff at those who called for end times in 2012.

By: LA-Architect

LA-Architect — Thu, 10 Jun 2010 17:25:55 +0000

Had coffee with a friend who was telling me that houses in our old neighborhood of Van Nuys 91411 are selling like hotcakes at high prices again…..

Yeahhhhh right…. So in a couple of years when these new buyers are underwater, do the prudent have to bail them out again?

Seriously, I just want to live in a frickin’ tent on a beach…. oh yeah, BP is making sure that that option is not on the table!

By: compass rose

compass rose — Thu, 10 Jun 2010 16:22:56 +0000

Wow, this makes my teeth ache.
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The failure of all the statistical/quantitative models is something we’re up against here, though it’s hard to make an argument of that sort, since most people can’t even calculate a 10% tip without using a calculator.
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In other words, there was a glory time when people with a little arithmetical or mathematical acumen could game the system for profits. But that gaming has run the whole system into a wall. Particularly since more and more people learned to do that gaming, and then even automated it with computers.
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Google “Wolpert’s theorem” (inside any universe, quantities exist that cannot be inferred by someone in that system, no matter how much they know about the system), Godel’s incompleteness theorem, and Turing’s halting problem.
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The problems we face derive from economists and banksters and other numbers crunchers having serious limits in their counting models that are part conceptual, and part the nature of any complex system. On this we gamble life on earth and our own survival. Crazy.
~
rose

By: Steve Sailer

Steve Sailer — Thu, 10 Jun 2010 06:38:51 +0000

Matt says: “The economy will not recover until housing costs are only a third of your monthly take home pay after taxes.”

We can look at the government statistics and see that 2010 prices in SoCal are way above 3x times reported income. I guess the question is: How much higher are actual incomes than what people report to the government? Also, how much wealth sloshes into SoCal from other parts of the world?