Comments on: The Map of Misery. If Misery Loves Company it must Heart California’s Housing! http://www.doctorhousingbubble.com/the-map-of-misery-if-misery-loves-company-it-must-heart-californias-housing/ How I Learned to Love Southern California and Forget the Housing Bubble Sat, 22 Nov 2008 09:54:00 +0000 http://wordpress.org/?v=2.2.2 By: Anonymous http://www.doctorhousingbubble.com/the-map-of-misery-if-misery-loves-company-it-must-heart-californias-housing/#comment-598 Anonymous Thu, 12 Apr 2007 02:10:00 +0000 http://www.doctorhousingbubble.com/the-map-of-misery-if-misery-loves-company-it-must-heart-californias-housing/#comment-598 At 8:58 AM, February 02, 2007, Dr Housing Bubble said...<br/><br/>irvinerenter:<br/><br/>I agree with your statement about the increase in number of interest only loans. My sense is that people are more willing to purchase ANYTHING on credit. So often I see people charge a $1 hamburger at Burger King or a $5 latte at Starbucks. What happened to cash? These aren't even debit cards.<br/><br/>Not sure if it will be sticky either. If anything, many subprime operations are going down in flames rather quickly. <br/><br/>Okay, I am one of those rare folks that does not own credit cards, nor do I have a car loan, etc. So, it is with great interest that I watch the implosion of the US economic system mainly from the sidelines. I am also mystified by those that pay for a burger, gas or a latte with a credit card. I like cash myself. I took some good advice back in the mid 90s and started putting up beans, water and other goodies, notably silver (which I have done very well on). The advice that I got looks better and better as time goes by. No way would I be in California these days, not with the water crunch that is coming, not to mention the economic situation which includes the state support of millions of mexicans.<br/><br/>I enjoy the Dr. Housing Bubble blog a lot. I wanted to share a few resources that you or some of your readers might find of interest. Some of these sources tipped me to the housing/subprime problems last fall.<br/><br/>(Possible bailout by Congress on subprime fiasco:)<br/>http://www.marketwatch.com/news/story/emergency-funds-proposed-subprime-crisis/story.aspx?guid=%7BBD993ECB%2DC722%2D4616%2DBCE9%2D386ED004DD7D%7D<br/><br/>http://www.timebomb2000.com/vb/showthread.php?t=237366<br/>(ECON - Just another DOT: NASD issues rare warning to investors)<br/><br/> ECON - Weakness in Capital Spending In Addition to the Housing Sector Will Be a Force......<br/>http://www.timebomb2000.com/vb/showthread.php?t=237360<br/><br/>One of my favorites:<br/>http://www.321gold.com/editorials/daughty/daughty040407.html<br/><br/>Lots of articles here, including water pinch that is coming to the West of the US, also kitco box and interesting story on Iran attack against the dollar:<br/>http://www.stevequayle.com/index1.html<br/><br/>I remember well the S&L fiasco, though the US is in much worse financial shape now to try and weather a financial storm brought about by insane home sales and lending practices. At 8:58 AM, February 02, 2007, Dr Housing Bubble said…

irvinerenter:

I agree with your statement about the increase in number of interest only loans. My sense is that people are more willing to purchase ANYTHING on credit. So often I see people charge a $1 hamburger at Burger King or a $5 latte at Starbucks. What happened to cash? These aren’t even debit cards.

Not sure if it will be sticky either. If anything, many subprime operations are going down in flames rather quickly.

Okay, I am one of those rare folks that does not own credit cards, nor do I have a car loan, etc. So, it is with great interest that I watch the implosion of the US economic system mainly from the sidelines. I am also mystified by those that pay for a burger, gas or a latte with a credit card. I like cash myself. I took some good advice back in the mid 90s and started putting up beans, water and other goodies, notably silver (which I have done very well on). The advice that I got looks better and better as time goes by. No way would I be in California these days, not with the water crunch that is coming, not to mention the economic situation which includes the state support of millions of mexicans.

I enjoy the Dr. Housing Bubble blog a lot. I wanted to share a few resources that you or some of your readers might find of interest. Some of these sources tipped me to the housing/subprime problems last fall.

(Possible bailout by Congress on subprime fiasco:)
http://www.marketwatch.com/news/story/emergency-funds-proposed-subprime-crisis/story.aspx?guid=%7BBD993ECB%2DC722%2D4616%2DBCE9%2D386ED004DD7D%7D

http://www.timebomb2000.com/vb/showthread.php?t=237366
(ECON - Just another DOT: NASD issues rare warning to investors)

ECON - Weakness in Capital Spending In Addition to the Housing Sector Will Be a Force……
http://www.timebomb2000.com/vb/showthread.php?t=237360

One of my favorites:
http://www.321gold.com/editorials/daughty/daughty040407.html

Lots of articles here, including water pinch that is coming to the West of the US, also kitco box and interesting story on Iran attack against the dollar:
http://www.stevequayle.com/index1.html

I remember well the S&L fiasco, though the US is in much worse financial shape now to try and weather a financial storm brought about by insane home sales and lending practices.

]]> By: Dr Housing Bubble http://www.doctorhousingbubble.com/the-map-of-misery-if-misery-loves-company-it-must-heart-californias-housing/#comment-260 Dr Housing Bubble Sat, 10 Feb 2007 23:43:00 +0000 http://www.doctorhousingbubble.com/the-map-of-misery-if-misery-loves-company-it-must-heart-californias-housing/#comment-260 Tom Stone and IrvineRenter:<br/><br/>Since both of you have first hand experience in the trenches I'm putting together a post from multiple authors including blog writers. If you like, send me an e-mail regarding your first hand knowledge at drhousingbubble@hotmail.com and I'll include you in the post.<br/><br/>Thanks for the information.<br/><br/>Best,<br/><br/>Dr. Housing Bubble Tom Stone and IrvineRenter:

Since both of you have first hand experience in the trenches I’m putting together a post from multiple authors including blog writers. If you like, send me an e-mail regarding your first hand knowledge at drhousingbubble@hotmail.com and I’ll include you in the post.

Thanks for the information.

Best,

Dr. Housing Bubble

]]> By: IrvineRenter http://www.doctorhousingbubble.com/the-map-of-misery-if-misery-loves-company-it-must-heart-californias-housing/#comment-259 IrvineRenter Fri, 09 Feb 2007 03:35:00 +0000 http://www.doctorhousingbubble.com/the-map-of-misery-if-misery-loves-company-it-must-heart-californias-housing/#comment-259 Tom Stone,<br/><br/>Thanks for sharing your perspective. It's nice to here what is going on in your world. You will be at the front line of the coming collapse.<br/><br/>I work in land development, so I see what is happening at the wholesale level. It's not pretty either. The builders are still dumping properties and taking some big haircuts. Tom Stone,

Thanks for sharing your perspective. It’s nice to here what is going on in your world. You will be at the front line of the coming collapse.

I work in land development, so I see what is happening at the wholesale level. It’s not pretty either. The builders are still dumping properties and taking some big haircuts.

]]> By: tom stone http://www.doctorhousingbubble.com/the-map-of-misery-if-misery-loves-company-it-must-heart-californias-housing/#comment-258 tom stone Fri, 09 Feb 2007 02:55:00 +0000 http://www.doctorhousingbubble.com/the-map-of-misery-if-misery-loves-company-it-must-heart-californias-housing/#comment-258 the first time buyers around here remind me of the folk's who drive around the barrier at a railroad crossing,the lights are flashing,the train horn is blaring,but they pass 10 stopped cars by driving on the wrong side of the road,the stereo going full blast playing "don't worry,be happy".there are differences,the idiots at the railroad crossing might make it,and if they don't,they remove themselves from the gene pool,benefitting society. the first time buyers around here remind me of the folk’s who drive around the barrier at a railroad crossing,the lights are flashing,the train horn is blaring,but they pass 10 stopped cars by driving on the wrong side of the road,the stereo going full blast playing “don’t worry,be happy”.there are differences,the idiots at the railroad crossing might make it,and if they don’t,they remove themselves from the gene pool,benefitting society.

]]> By: tom stone http://www.doctorhousingbubble.com/the-map-of-misery-if-misery-loves-company-it-must-heart-californias-housing/#comment-257 tom stone Fri, 09 Feb 2007 01:37:00 +0000 http://www.doctorhousingbubble.com/the-map-of-misery-if-misery-loves-company-it-must-heart-californias-housing/#comment-257 Hello Dr bubble,yes we are seeing new buyers,mostly I/O loans,the builders here are offering substantial incentives and below market rates through their captive lenders.we also see some builders offering a year with no payments.construction quality is very poor.refi applications are up quite a bit,approvals are down because there are now minimal underwriting standards.we also have quite a few people who cash out in the Bay Area and pay cash or close to it for homes in the better areas of the county...we have an hourglass economy,which skews the median quite a bit.in some cases i won't bother taking an app,why waste time?I did that today,a couple who bought a dozen years ago,used the home ATM,last refi a year ago to 90% with a teaser (now 9.6%,oops),and one of them lost their job,urrk.so,only one 6 figure income now,and a mortgage late.oh,and the home has lost a bit more than 10% in value...I told them i saw two alternatives 1) call Rob down the street whose friend skippy the appraiser is always willing to help,and get another loan you won't be able to pay,or call a good BK attorney NOW.oddly they didn't thank me.Oh and about 15%-20% of loan brokers are both honest and competent.about half should be in prison.soon,please. Hello Dr bubble,yes we are seeing new buyers,mostly I/O loans,the builders here are offering substantial incentives and below market rates through their captive lenders.we also see some builders offering a year with no payments.construction quality is very poor.refi applications are up quite a bit,approvals are down because there are now minimal underwriting standards.we also have quite a few people who cash out in the Bay Area and pay cash or close to it for homes in the better areas of the county…we have an hourglass economy,which skews the median quite a bit.in some cases i won’t bother taking an app,why waste time?I did that today,a couple who bought a dozen years ago,used the home ATM,last refi a year ago to 90% with a teaser (now 9.6%,oops),and one of them lost their job,urrk.so,only one 6 figure income now,and a mortgage late.oh,and the home has lost a bit more than 10% in value…I told them i saw two alternatives 1) call Rob down the street whose friend skippy the appraiser is always willing to help,and get another loan you won’t be able to pay,or call a good BK attorney NOW.oddly they didn’t thank me.Oh and about 15%-20% of loan brokers are both honest and competent.about half should be in prison.soon,please.

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