Comments on: California Housing Bottom Callers and the Foreclosure Clones of 2008: Notice of Default Wave Part Two Gearing up for Q4 of 2009 and 2010. U-6 Unemployment and Underemployment Rate for California now at 21 Percent. http://www.doctorhousingbubble.com/california-housing-bottom-callers-and-the-foreclosure-clones-of-2008-notice-of-default-wave-part-two-gearing-up-for-q4-of-2009-and-2010-u-6-unemployment-and-underemployment-rate-for-california-now/ How I Learned to Love Southern California and Forget the Housing Bubble Sat, 31 Jul 2010 22:55:07 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Gab http://www.doctorhousingbubble.com/california-housing-bottom-callers-and-the-foreclosure-clones-of-2008-notice-of-default-wave-part-two-gearing-up-for-q4-of-2009-and-2010-u-6-unemployment-and-underemployment-rate-for-california-now/comment-page-1/#comment-38971 Gab Fri, 21 Aug 2009 16:47:09 +0000 http://www.doctorhousingbubble.com/?p=2207#comment-38971 I need some help. I'm newly married and my husband wants to jump into the market now. With all the reading on this Blog and the discussion of the devaluing of the dollar, I'm afraid to jump into the market now. We did find a home we really love. It's in the Inland Empire around one of its lakes. When first sold it was around 194,000, sold again for $240,000, then jumped up to $600,000, then to $800,000! It is currently on the market for less than half its last sale price. I might add the area has beautiful custom homes, amazing views of the lake, easy access to the freeway and urban creature comforts. The home we're making an offer on I feel could fall more, but the Inland Empire took the hardest hit and it makes me dizzy to think I could get a home that was formally $800,000 for less than half of that value. Also, we plan to grow old in the house and pass it on to the kids. Any thoughts about further falls in the Inland Empire (don't worry I know this isn't investment advice!). Also, just to let you know, the bank is not releasing homes for sale to artificially create a scarcity of homes on the market with the intent of creating bidding wars on properties- and people are falling for it. They say entry level homes may have as many as 40 competing offers! Although I hear homes in the mid- to upper middle income range are less active. I wonder how long the banks can keep this up. I need some help. I’m newly married and my husband wants to jump into the market now. With all the reading on this Blog and the discussion of the devaluing of the dollar, I’m afraid to jump into the market now.

We did find a home we really love. It’s in the Inland Empire around one of its lakes. When first sold it was around 194,000, sold again for $240,000, then jumped up to $600,000, then to $800,000! It is currently on the market for less than half its last sale price. I might add the area has beautiful custom homes, amazing views of the lake, easy access to the freeway and urban creature comforts.

The home we’re making an offer on I feel could fall more, but the Inland Empire took the hardest hit and it makes me dizzy to think I could get a home that was formally $800,000 for less than half of that value. Also, we plan to grow old in the house and pass it on to the kids. Any thoughts about further falls in the Inland Empire (don’t worry I know this isn’t investment advice!).

Also, just to let you know, the bank is not releasing homes for sale to artificially create a scarcity of homes on the market with the intent of creating bidding wars on properties- and people are falling for it. They say entry level homes may have as many as 40 competing offers! Although I hear homes in the mid- to upper middle income range are less active. I wonder how long the banks can keep this up.

]]> By: jessica http://www.doctorhousingbubble.com/california-housing-bottom-callers-and-the-foreclosure-clones-of-2008-notice-of-default-wave-part-two-gearing-up-for-q4-of-2009-and-2010-u-6-unemployment-and-underemployment-rate-for-california-now/comment-page-1/#comment-38965 jessica Fri, 21 Aug 2009 09:07:21 +0000 http://www.doctorhousingbubble.com/?p=2207#comment-38965 Me and my husband are renters. We almost commit to buy a house back in early 2008. Thank God we didn't. We rent a brand new 4-bedroom condos in Monterey Park and lease out 2 other bedrooms. The builder of this 15-condos complex is a Taiwanese who hope to make a big buck during the heat. However, I'm still amazed by these Chinese people who are still buying these 600k condos. Since last Oct I moved in, they have been sold 6 condos already. The neighbor next to me bought the condos in "CASH". I can't believe why do people are buying a 600k condos in "Monterey Park" now!!! Three of my best girlfriends they all own a house or condo. They are my college friends who only start working for 2-5 years. I guess the reason these Chinese people are still buying at this moment is because either they're lack of information due to language barrier (I listen Chinese radio everyday that they broadcast wrongful information about the market) or because of peer pressure I guess. Me and my husband will continue waiting till the housing price becomes reasonable or else we will just move to Texas. Me and my husband are renters. We almost commit to buy a house back in early 2008. Thank God we didn’t. We rent a brand new 4-bedroom condos in Monterey Park and lease out 2 other bedrooms. The builder of this 15-condos complex is a Taiwanese who hope to make a big buck during the heat. However, I’m still amazed by these Chinese people who are still buying these 600k condos. Since last Oct I moved in, they have been sold 6 condos already. The neighbor next to me bought the condos in “CASH”. I can’t believe why do people are buying a 600k condos in “Monterey Park” now!!! Three of my best girlfriends they all own a house or condo. They are my college friends who only start working for 2-5 years.

I guess the reason these Chinese people are still buying at this moment is because either they’re lack of information due to language barrier (I listen Chinese radio everyday that they broadcast wrongful information about the market) or because of peer pressure I guess.

Me and my husband will continue waiting till the housing price becomes reasonable or else we will just move to Texas.

]]> By: Frank http://www.doctorhousingbubble.com/california-housing-bottom-callers-and-the-foreclosure-clones-of-2008-notice-of-default-wave-part-two-gearing-up-for-q4-of-2009-and-2010-u-6-unemployment-and-underemployment-rate-for-california-now/comment-page-1/#comment-38925 Frank Thu, 20 Aug 2009 06:07:30 +0000 http://www.doctorhousingbubble.com/?p=2207#comment-38925 Least we forget that California has been on a 90 foreclosure moratorium since the middle of June. http://abclocal.go.com/kfsn/story?section=news/state&id=6866754 All the phony numbers from the bean counters proclaiming the bottom is in should should have some nice spikes come fall/winter (unless they work their magic with numbers and/or extend the duration) Least we forget that California has been on a 90 foreclosure moratorium since the middle of June.

http://abclocal.go.com/kfsn/story?section=news/state&id=6866754

All the phony numbers from the bean counters proclaiming the bottom is in should should have some nice spikes come fall/winter (unless they work their magic with numbers and/or extend the duration)

]]> By: Joe R http://www.doctorhousingbubble.com/california-housing-bottom-callers-and-the-foreclosure-clones-of-2008-notice-of-default-wave-part-two-gearing-up-for-q4-of-2009-and-2010-u-6-unemployment-and-underemployment-rate-for-california-now/comment-page-1/#comment-38923 Joe R Thu, 20 Aug 2009 04:09:55 +0000 http://www.doctorhousingbubble.com/?p=2207#comment-38923 I'm not sure "lesser Bards" is a good way to describe the authors of the two songs you mentioned. First of all, "Old Kentucky Home" is a minstrel song about slaves uprooted from Kentucky. Stephen Foster was a songwriter, not a poet. Some people get the two confused nowadays. See www.mudcat.org for lyrics. Home Sweet Home was written in England by an American expatriate. The lyrics are more about roots than about real estate. "Words by John Howard Payne, music by Henry Rowley Bishop. Again from Mudcat: The home that Payne wrote of was a little cottage in East Hampton, Long Island. The song was first heard in London in his play "Clari" in 1823. The air had appeared in an early collection of Bishop's as a Sicilian tune. The theme of the song and the beauty of the melody have given it world-wide fame." How many songs with lyrics by Walt Whitman have you heard lately? PS My Mom loved Whitman and had us read a poem by him at her funeral. I’m not sure “lesser Bards” is a good way to describe the authors of the two songs you mentioned. First of all, “Old Kentucky Home” is a minstrel song about slaves uprooted from Kentucky. Stephen Foster was a songwriter, not a poet. Some people get the two confused nowadays. See http://www.mudcat.org for lyrics.

Home Sweet Home was written in England by an American expatriate. The lyrics are more about roots than about real estate.

“Words by John Howard Payne, music by Henry Rowley Bishop.

Again from Mudcat:
The home that Payne wrote of was a little cottage in East
Hampton, Long Island. The song was first heard in London in his
play “Clari” in 1823. The air had appeared in an early
collection of Bishop’s as a Sicilian tune. The theme of the song
and the beauty of the melody have given it world-wide fame.”

How many songs with lyrics by Walt Whitman have you heard lately?

PS My Mom loved Whitman and had us read a poem by him at her funeral.

]]> By: Obamanation http://www.doctorhousingbubble.com/california-housing-bottom-callers-and-the-foreclosure-clones-of-2008-notice-of-default-wave-part-two-gearing-up-for-q4-of-2009-and-2010-u-6-unemployment-and-underemployment-rate-for-california-now/comment-page-1/#comment-38921 Obamanation Thu, 20 Aug 2009 00:47:10 +0000 http://www.doctorhousingbubble.com/?p=2207#comment-38921 @Dan, France, Germany and China are all such heavily government-manipulated economies they almost make US look like a capitalistic nation instead of an Obamanation. You think their banks aren't so full of toxic paper they smell? They don't have real-estate bubbles caving in? They're probably not as screwed up as we are, but not shining examples of economic juggernauts either, although now the Euro gives them a more complex means of disguising fiat government stimulus shenanigans. Plus their currency is pegged to all the other EU states and their zombie central banks. Housing bubble in Spain? Think all EU states will pull their weight? We will see. China? Market goes up 80% in 6 months, down 20% in two weeks...they are anything but stable @Dan,
France, Germany and China are all such heavily government-manipulated economies they almost make US look like a capitalistic nation instead of an Obamanation. You think their banks aren’t so full of toxic paper they smell? They don’t have real-estate bubbles caving in? They’re probably not as screwed up as we are, but not shining examples of economic juggernauts either, although now the Euro gives them a more complex means of disguising fiat government stimulus shenanigans. Plus their currency is pegged to all the other EU states and their zombie central banks. Housing bubble in Spain? Think all EU states will pull their weight? We will see. China? Market goes up 80% in 6 months, down 20% in two weeks…they are anything but stable

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