Comments on: Real Homes of Genius Flashback: Looking back at Lakewood California. $105,000 Loss. http://www.doctorhousingbubble.com/real-homes-of-genius-flashback-looking-back-at-lakewood-california-105000-loss/ How I Learned to Love Southern California and Forget the Housing Bubble Fri, 09 Jan 2009 13:48:10 +0000 http://wordpress.org/?v=2.2.2 By: Cindy http://www.doctorhousingbubble.com/real-homes-of-genius-flashback-looking-back-at-lakewood-california-105000-loss/#comment-24638 Cindy Fri, 19 Sep 2008 04:25:47 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-flashback-looking-back-at-lakewood-california-105000-loss/#comment-24638 Well here we are in September and all of the people who have worked very hard to buy a home are losing money everyday because of bad lenders and the "want a be's" who could not afford their subprime loans but just could not wait like the rest of us to buy a home even if it was at a inflated price. Have another clue for you. These subprimers have no equity and their homes and some of these home will fall apart because they have no money to put back into it. We have subprimer neighbors in our home in the 90712 zip code of Lakewood and they put up an ugly industrial looking electrical meter with all of the ugly pipes exposed right next to our property. They will not paint it or do any landscaping to make it look better. They could not afford to do it right and it was done by an unlicensed person yet the city gave permits for this eyesore and won't make them do anything to make it look better. This ugly mess sits adjacent to our driveway and can be seen clearly from the street. Yes this is what we get for paying our bills on time, for putting so much money and time in our home and being decent people. Get with it City of Lakewood....this is not a trailer park! Well here we are in September and all of the people who have worked very hard to buy a home are losing money everyday because of bad lenders and the “want
a be’s” who could not afford their subprime loans but just could not wait like the rest of us to buy a home even if it was at a inflated price.

Have another clue for you. These subprimers have no equity and their homes and some of these home will fall apart because they have no money to put back into it. We have subprimer neighbors in our home in the 90712 zip code of Lakewood and they put up an ugly industrial looking electrical meter with all of the ugly pipes exposed right next to our property. They will not paint it or do any
landscaping to make it look better. They could not afford to do it right and it was done by an unlicensed person yet the city gave permits for this eyesore and won’t make them do anything to make it look better. This ugly mess sits adjacent to our driveway and can be seen clearly from the street.

Yes this is what we get for paying our bills on time, for putting so much money and time in our home and being decent people.

Get with it City of Lakewood….this is not a trailer park!

]]> By: James http://www.doctorhousingbubble.com/real-homes-of-genius-flashback-looking-back-at-lakewood-california-105000-loss/#comment-7874 James Mon, 11 Feb 2008 23:11:51 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-flashback-looking-back-at-lakewood-california-105000-loss/#comment-7874 What is the address of this place? I live in 90712, and it doesn't look like any of the models of the Lakewood Mutuals. Any address or link to address? What is the address of this place? I live in 90712, and it doesn’t look like any of the models of the Lakewood Mutuals. Any address or link to address?

]]> By: Bob http://www.doctorhousingbubble.com/real-homes-of-genius-flashback-looking-back-at-lakewood-california-105000-loss/#comment-7789 Bob Sat, 09 Feb 2008 17:08:47 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-flashback-looking-back-at-lakewood-california-105000-loss/#comment-7789 Dr; I'd probably use an after-tax return on the investment of 3.5% just to make it a fair fight...not that it does anything but nibble on the size of the delta at the margins. I don't see PMI mentioned in your analysis...under the new guidelines MGIC put on the street this week, anything over a 90% LTV loan requires a 680 FICO in a "restricted market," which MGIC defines as the entire state of CA (and all of NV, FL, AZ as well). PMI for this loan is a cool $300/month. How big, I ask myself, is the pool of potential buyers that have all the bona-fides to swing this loan--$20K in actual savings, an income of $98,000 with less than $650/mo in other debt service, a 680 FICO, and burning desire to live in a crack house. That swelling population of would-be buyers must be that pent-up demand Larry Yun keeps referring to. Dr;

I’d probably use an after-tax return on the investment of 3.5% just to make it a fair fight…not that it does anything but nibble on the size of the delta at the margins.

I don’t see PMI mentioned in your analysis…under the new guidelines MGIC put on the street this week, anything over a 90% LTV loan requires a 680 FICO in a “restricted market,” which MGIC defines as the entire state of CA (and all of NV, FL, AZ as well). PMI for this loan is a cool $300/month.

How big, I ask myself, is the pool of potential buyers that have all the bona-fides to swing this loan–$20K in actual savings, an income of $98,000 with less than $650/mo in other debt service, a 680 FICO, and burning desire to live in a crack house. That swelling population of would-be buyers must be that pent-up demand Larry Yun keeps referring to.

]]> By: CompaJD http://www.doctorhousingbubble.com/real-homes-of-genius-flashback-looking-back-at-lakewood-california-105000-loss/#comment-7778 CompaJD Sat, 09 Feb 2008 08:11:44 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-flashback-looking-back-at-lakewood-california-105000-loss/#comment-7778 Anybody who buys a house in Lakewood for 395,000$ should be considered a Knife Catcher. Lakewood is a middle-class neigborhood with some areas that make Compton & Watts look more desireable. Anyways did you guys hear about the BOFA story where they are raising credit card rates on most customers for no reason: http://www.businessweek.com/bwdaily/dnflash/content/feb2008/db2008026_105146.htm?ref=patrick.net# BOFA is getting desperate!!!! If you own a BOFA credit card it is a must read. Anybody who buys a house in Lakewood for 395,000$ should be considered a Knife Catcher. Lakewood is a middle-class neigborhood with some areas that make Compton & Watts look more desireable. Anyways did you guys hear about the BOFA story where they are raising credit card rates on most customers for no reason: http://www.businessweek.com/bwdaily/dnflash/content/feb2008/db2008026_105146.htm?ref=patrick.net#
BOFA is getting desperate!!!! If you own a BOFA credit card it is a must read.

]]> By: drhousingbubble http://www.doctorhousingbubble.com/real-homes-of-genius-flashback-looking-back-at-lakewood-california-105000-loss/#comment-7751 drhousingbubble Sat, 09 Feb 2008 03:49:42 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-flashback-looking-back-at-lakewood-california-105000-loss/#comment-7751 @All, The short sale report for the week is up: http://www.doctorhousingbubble.com/forum/viewtopic.php?p=410#410 @All,

The short sale report for the week is up:

http://www.doctorhousingbubble.com/forum/viewtopic.php?p=410#410

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