Comments on: Real Homes of Genius: Today we Salute you Burbank. $549,900 for Bank Owned Home. http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-burbank-where-549900-isn%e2%80%99t-enough-for-a-decent-digital-camera/ How I Learned to Love Southern California and Forget the Housing Bubble Thu, 09 Feb 2012 06:16:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: John CPA, MBA http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-burbank-where-549900-isn%e2%80%99t-enough-for-a-decent-digital-camera/#comment-49067 John CPA, MBA Fri, 14 May 2010 17:56:43 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-burbank-where-549900-isn%e2%80%99t-enough-for-a-decent-digital-camera/#comment-49067 "The average household income for this area is $80,391." 80K is what may be reported to the IRS from the W-2's, but we have a large immigrant population here who have their own businesses and do not have a tradition of self reporting to the IRS. In other words, the underground economy is very big with all the small businesses and self employed. They can pay cash for a place. Construction was primarily an underground economy. It is primarily the W-2 folk that pay the incomes taxes. It is estimated that the underground economy makes up close to 40% of L.A. county's economy. Any wonder the state is broke. Burbank has the studios and the self employed that support the studios, so there is money in town. The studio folk rather live in town than have long commutes. “The average household income for this area is $80,391.” 80K is what may be reported to the IRS from the W-2′s, but we have a large immigrant population here who have their own businesses and do not have a tradition of self reporting to the IRS. In other words, the underground economy is very big with all the small businesses and self employed. They can pay cash for a place. Construction was primarily an underground economy. It is primarily the W-2 folk that pay the incomes taxes. It is estimated that the underground economy makes up close to 40% of L.A. county’s economy. Any wonder the state is broke. Burbank has the studios and the self employed that support the studios, so there is money in town. The studio folk rather live in town than have long commutes.

]]> By: Joe http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-burbank-where-549900-isn%e2%80%99t-enough-for-a-decent-digital-camera/#comment-2716 Joe Wed, 07 Nov 2007 13:41:29 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-burbank-where-549900-isn%e2%80%99t-enough-for-a-decent-digital-camera/#comment-2716 I make roughly 80000 a year and no way would I buy that place with my hard earned dollars. I make roughly 80000 a year and no way would I buy that place with my hard earned dollars.

]]> By: eric http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-burbank-where-549900-isn%e2%80%99t-enough-for-a-decent-digital-camera/#comment-2712 eric Wed, 07 Nov 2007 04:56:57 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-burbank-where-549900-isn%e2%80%99t-enough-for-a-decent-digital-camera/#comment-2712 What an eye sore. RHoG is the best please do them more often! What an eye sore. RHoG is the best please do them more often!

]]> By: drhousingbubble http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-burbank-where-549900-isn%e2%80%99t-enough-for-a-decent-digital-camera/#comment-2700 drhousingbubble Wed, 07 Nov 2007 02:48:38 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-burbank-where-549900-isn%e2%80%99t-enough-for-a-decent-digital-camera/#comment-2700 Very telling article. And get this little nugget of gold. Some folks that are facing foreclosure are unable to refinance because they are unable to make the prepayment penalty! Think of how absurd that is. For one, if they are facing foreclosure how in the world will they afford an absurd prepayment penalty? In some cases, they try to roll it into the new mortgage but many of these subprime owners are unable to get new loans because of tighter credit and their lack of good credit. A Catch 22. Here in Southern California we are in a historic stage of foreclosures and <a href="http://www.doctorhousingbubble.com/forum/viewtopic.php?t=86" rel="nofollow">Notice of Defaults.</a> The telling thing is that in the last bubble burst, it took about 5 years to hit bottom and reach any record numbers. Today? We are still at peak price levels and are already breaking records in the first stage of the bear market. Very telling article. And get this little nugget of gold. Some folks that are facing foreclosure are unable to refinance because they are unable to make the prepayment penalty! Think of how absurd that is. For one, if they are facing foreclosure how in the world will they afford an absurd prepayment penalty? In some cases, they try to roll it into the new mortgage but many of these subprime owners are unable to get new loans because of tighter credit and their lack of good credit. A Catch 22.

Here in Southern California we are in a historic stage of foreclosures and Notice of Defaults. The telling thing is that in the last bubble burst, it took about 5 years to hit bottom and reach any record numbers. Today? We are still at peak price levels and are already breaking records in the first stage of the bear market.

]]> By: OiCu812 http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-burbank-where-549900-isn%e2%80%99t-enough-for-a-decent-digital-camera/#comment-2711 OiCu812 Wed, 07 Nov 2007 00:52:15 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-burbank-where-549900-isn%e2%80%99t-enough-for-a-decent-digital-camera/#comment-2711 As always, I enjoy reading Real Homes of Genius. Thanks. The thing that gets me every time is the budget breakdown. I don't disagree with the numbers but 5% down has to be difficult, if not impossible, for most. I mean, who has $27k in savings? No one I know. Once you realize that, plus the current lending debacle, we're headed for trouble. As always, I enjoy reading Real Homes of Genius. Thanks.

The thing that gets me every time is the budget breakdown. I don’t disagree with the numbers but 5% down has to be difficult, if not impossible, for most. I mean, who has $27k in savings? No one I know.

Once you realize that, plus the current lending debacle, we’re headed for trouble.

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