Archive for the 'California Love' Category

Three reasons why you should be happy about renting in California: Glut of rental housing, mobility, and hedge against future price drops.


21,000 Los Angeles MLS homes versus 58,000 distressed properties. Southern California multi-million dollar CRE default. Retail spending up because rich are bored with the financial crisis.


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.


California tax credit half used in one month, distress inventory down but non-payment up, effective homeownership rate of Los Angeles County 38.5 percent compared to 50.5 percent headline rate.


3 emerging economic trends – Buy for less at the Beverly Connection? Consumer prices going up in nearly every category year over year. Home-debtor epiphany.


5 reasons why California will face another lost decade in housing – 493,000 real estate agents and brokers for 219,000 homes listed on the MLS. 7 percent of 90+ day late loans in California have no foreclosure filed. State budget depended on real estate bubble jobs for revenues.


Real Homes of Genius – 1 out of 7 homeowners not paying mortgage or in foreclosure. Examples in Pasadena. 672 square feet apartment for $385,000. 676 square feet home became equity machine.


California budget and housing are interlinked – California home sales spike but prices remain near the trough. Why California housing values cannot increase without income and employment growth.


Real Homes of Genius – Culver City 900 square foot home with three mortgages up to $572,000. A few places down, a 800 square foot home is selling for $500,000. L.A. cities still in housing bubbles.


The Strategic Default World – $100,000 negative equity the pushing point. 12 percent of all U.S. defaults in February were strategic. 30,000 people a month are able to pay their mortgage but are deciding not to.


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© 2006 Dr. Housing Bubble