dogma
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| reply to aztecnology
The housing crisis spreads to middle-class buyers
^ bumpity bump ^
From today's L.A. Times:
Foreclosures in state hit record high
The housing crisis spreads to middle-class buyers.
The economic outlook ranges from a slowdown to recession.
said by Selected snippets/L.A.Times: »www.latimes.com/news/printeditio···rontpage :
Foreclosures soared to 17,408 for the three months ended June 30, an increase of 799% from the same period last year.
Countrywide Financial Corp...reported a sharp rise in delinquencies, even among customers with good credit.
"All the artificial stimulus housing gave the economy is going to go away,"
"In the beginning, we were thinking the foreclosures were going to be limited to low-income, high-minority neighborhoods targeted by predatory lenders," Cadavid said. "Now we're seeing a shift to the middle class."
Among the hardest-hit areas are Riverside and San Bernardino counties.
...underscored the different fates of the inland communities and coastal cities.
The first "saw housing appreciation due to smoke and mirrors, the other was built on true wealth growth," Davin said. "Business is good on the upper end and bad [for homes] under $700,000, especially in the Inland Empire and Orange County. I expect to see a lot of homeowners in trouble soon."
Aztec & I have been Prophesizing this collapse, and its effect on the economy as a whole for a while, but it seems nobody really cares. |
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aztecnology
O Rly?
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Re: SoCal & The Economy ~ Financial Markets ~ Housing ~ Etc
I have not updated this thread in awhile, so some thoughts...
Housing ~
Well, we've hit the all time high for foreclosures recently, with San Berdoo leading the way with 1000% increase from last year.
Gas/Oil ~
This is an interesting one, from my casual observation of my last several fill-ups, prices seem to be holding steady around $2.89 -$2.95, while US reserves are up and the price per barrel is now in the mid $70's and will probably be heading north of $80 in short order.
Financial Markets ~
For every good earnings report, there seems to be two bad ones. The dollar is suffering against the yen and the euro. Subprime woes have spread across to prime, with the major lenders and home builders continuing to suffer. All the while the market just keeps brushing things off and the bulls keep running...
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"Independent thinkers tend to ALWAYS have someone not agreeing with them. It's The non-thinkers that always come in legions." John Callari .:|:. Say no to the IRS Yes to the Fair Tax |
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No_Strings
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Re: The housing crisis spreads to middle-class buyers
I care. Not as if I had behaved like my paper profits were real and taken out a second or third mortgage for home improvements or cars or appliances instead of paying cash.
That doesn't mean that I'm immune. It only means I have less to fret over. I still think a soft recovery is possible ... maybe probable. There's still a strong need for housing and the overall economy is in good shape. It's not all doom & gloom.
For some, though, it's time to pay the piper. |
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CurtesyFlush
Bababooey, fafafooey, tatatoothy.
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Fontana, CA
| reply to dogma
said by dogma  :Aztec & I have been Prophesizing this collapse, and its effect on the economy as a whole for a while, but it seems nobody really cares. Maybe you're misinterpreting the acceptance of something completely out of Mr. Everyman's hands and sphere of influence for lack of care.
I sure as hell didn't force all those dumbasses into bad loans.
And, as usual, I'm just along for the ride on the economic rollercoaster. I'm neither a mover or a shaker. I simply buy low and hold.
--
"I intend to go in harm's way.... I have a fighting ship and I will never retreat from an enemy force..."
CDR E. E. Evans, USN; CMOH (posthumously), NC, BSM
Commanding Officer
USS Johnston (DD 557) |
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dogma
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Boulder City, NV
| reply to aztecnology
Re: SoCal & The Economy ~ Financial Markets ~ Housing ~ Etc
said by aztecnology :Financial Markets ~ ...All the while the market just keeps brushing things off and the bulls keep running... With respect to the equity markets, it seems there are a lot of smoke and mirrors involved there as well. Ford just posted their 10 straight quarterly loss, Damlier is trying to dump Chrysler, and GM is just setting up for BK to get rid of all of the pensions and healthcare promises it made that burden it. By decades end, the majority of the auto's sold here will be by foreign manufactures (although a good percentage will be "assembled" here). Automobiles, housing, energy, textiles, electronics, we don't produce/manufacture anything ... the only thing we lead at as a producer anymore is drugs [BigPhArma] & war related items. All we do is service & sell stuff to each other. Even the iPhone is manufactured in Taiwan. We can't even build a damn telephone anymore.
I think the stock values and gains are because most of these firms are making profit overseas, not here. And like you said, an extremely weak dollar.
said by No_Strings :That doesn't mean that I'm immune. It only means I have less to fret over. I still think a soft recovery is possible ... maybe probable. There's still a strong need for housing and the overall economy is in good shape. It's not all doom & gloom. For some, though, it's time to pay the piper. I disagree. This economy has been propped up with debt. Like the Ghetto-Fabulous family down the street, who just last year were flush in Escalades, Jaguars, cruise ship vacations, and top-of-the line Viking kitchen appliances...are now ass-out of their house (and cars) - Foreclosed on. The ponzi scheme of perpetual refinancing, like you said, must be paid.
Doesn't the same hold true on a large scale? Every man, woman, and child in this country owes (on average) $29,434.27. That's today, more interest tomorrow. So a family of 4 owes $120K. C'mon, homie down the street couldn't service his debt and the Sheriff came and physically removed him and his family from their house. His now empty, hocked-to-the-hilt house, will be sold for (a guess) 80¢ on the dollar. Who pays for that $200K loss? Have you forgotten that this governments mantra is "privatize profits & socialize losses"?
No, you won't get evicted from your home because homie got bounced out of his, but your taxes will go up, even more. So will your kids taxes. Which means the majority of your paycheck will go to pay the gub'ment first.
You too will feel the [non-lubricated] sting of "the piper". we all will.
said by CurtesyFlush :Maybe you're misinterpreting the acceptance of something completely out of Mr. Everyman's hands and sphere of influence for lack of care. I sure as hell didn't force all those dumbasses into bad loans. And, as usual, I'm just along for the ride on the economic rollercoaster. I'm neither a mover or a shaker. I simply buy low and hold. I can't say that I disagree with you. I don't know why it frustrates me. What can we do about it?
Perhaps it's best not to think about it. Hummm...we can think about stuff like Lindsay Lohan/Paris Hilton/Conjured-up Terrorist threats/Wendy's Bacon Triple-Bypass burgers & the like. |
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CurtesyFlush
Bababooey, fafafooey, tatatoothy.
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Fontana, CA
| You're right, maybe I'm putting too much time in fretting over our illegal invasion of a sovereign country, complete with bald-faced lies to the taxpayers, with the resulting fact that history looks like it's repeating itself (except now it's Iraq instead of Vietnam and the civilians have round eyes instead of slanty ones) and how we're saddling our children and grand+++children with suffocating debt service to the tune of 9 billion a month just to pursue this little sideshow. Not to mention the dead and wounded GIs and how once again it looks like the gubmint will turn its back on those it calls to do its dirty work.
You have your issues, I have mine. But I don't come to this particular forum to discuss them.
You'll excuse me while I go whack off over a picture of a 6 dollar Western Bacon-Cheeseburger now, won't you?
--
"I intend to go in harm's way.... I have a fighting ship and I will never retreat from an enemy force..."
CDR E. E. Evans, USN; CMOH (posthumously), NC, BSM
Commanding Officer
USS Johnston (DD 557) |
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aztecnology
O Rly?
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| reply to CurtesyFlush
Re: The housing crisis spreads to middle-class buyers
said by CurtesyFlush :said by dogma :Aztec & I have been Prophesizing this collapse, and its effect on the economy as a whole for a while, but it seems nobody really cares. Maybe you're misinterpreting the acceptance of something completely out of Mr. Everyman's hands and sphere of influence for lack of care. I kind of feel that way a lot of the time, but everyone is feeling the effects of the economy or will be. Prices on just about everything are going up and it seems like inflation is just out of control. Hell, I practically dread buying a gallon of milk vs a gallon of gasoline these days...
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"Independent thinkers tend to ALWAYS have someone not agreeing with them. It's The non-thinkers that always come in legions." John Callari .:|:. Say no to the IRS Yes to the Fair Tax |
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bobrk
You kids get offa my lawn
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San Jose, CA | reply to CurtesyFlush
Re: SoCal & The Economy ~ Financial Markets ~ Housing ~ Etc
Best. Post. Ever. |
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aztecnology
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said by CurtesyFlush :You'll excuse me while I go whack off over a picture of a 6 dollar Western Bacon-Cheeseburger now, won't you? That sound good for dinner to tonight, the burger that is. I'm heading to the new Bass Pro in RC tonight, oh wait, nvm, just remembered that there is a Hat next door. Pastami ftw...
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"Independent thinkers tend to ALWAYS have someone not agreeing with them. It's The non-thinkers that always come in legions." John Callari .:|:. Say no to the IRS Yes to the Fair Tax |
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No_Strings
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| I am making a wholesome & delicious meal of Italian sausage subs - homemade sauce, sausages grilled before cooking them in the sauce on fresh rolls with Provolone and grated Romano cheeses.
OK, it ain't healthy, but a guy's gotta eat.
Now, back to out socio-political-anti-everything thread. |
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dogma
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Boulder City, NV
| reply to CurtesyFlush
...yeah, wouldn't want to bring up an "adult" themed subject to this forum of Norse goblin Gastrophiles who waddle around hell's waiting room consuming those of us who are to be punished for our mental gluttony and recipe-challenged ideals.
Pray tell ye alchemist of saturated fats, where would one "discuss" such non-flatulence inducing topics?
But speaking of Carls' Six Dollar burger...and inflation...
Remember when they first launched those, and the price was like $3.49, now they are damn near six bucks.
Unfortunately, I can not add to the nightly cuisine-on-tap blog, as I am on a weight loss quest. |
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CurtesyFlush
Bababooey, fafafooey, tatatoothy.
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join:2002-08-23
Fontana, CA
| You bring up all the "adult" themed topics you want, have at em sluggo. IIRC, the one about global warming went on for many pages and hundreds of responses before getting its ass locked. I didn't participate in that one because my mind's already made up about the whole ridiculous concept.
To answer your question, here, here, or
here.
--
"I intend to go in harm's way.... I have a fighting ship and I will never retreat from an enemy force..."
CDR E. E. Evans, USN; CMOH (posthumously), NC, BSM
Commanding Officer
USS Johnston (DD 557) |
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No_Strings
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said by dogma :Unfortunately, I can not add to the nightly cuisine-on-tap blog, as I am on a weight loss quest. Easy. Stop hanging with fat friends. They're causing your problem.
»www.sciam.com/article.cfm?articl···ID=sa007 |
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No_Strings
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| This will help:
Government mandate to lower property values by meddlesome tinkering with the market.
Irvine is being required to accommodate within seven years the second-largest number of new homes by a Southland city, trailing only Los Angeles, according to a housing plan approved this month.
Irvine must plan for 35,660 homes by 2014, according to the Southern California Assn. of Governments. Some would be designated for low-income families. »www.latimes.com/news/printeditio···lifornia
Morons. The whole idea of mandating communities to provide trailer parks (or equivalent) is ludicrous. |
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CurtesyFlush
Bababooey, fafafooey, tatatoothy.
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Fontana, CA | Mission Viejo has at least one of those mandated neighborhoods
(roughly Los Alisos and Marguerite, across from THHS).
Guess what? It's a shithole. |
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aztecnology
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Did the market tank today or what? Down 500+ points the last two days. It's almost uncanny to read the CNBC blurb today, compared to my initial post yesterday...
"Thursday's sharp decline was sparked by concerns about weak housing, financing for corporate deals, higher oil and unwinding of the Japanese carry trade, a popular financing tool for hedge funds".
»www.cnbc.com/id/19973151
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dogma
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| The Worst Is Yet to Come
said by fool.com :
Remember the subprime meltdown last winter? Low-credit borrowers defaulted on their home loan payments in increasing numbers when their adjustable-rate mortgage interest rates reset. Shares of major subprime lenders like Countrywide Financial (NYSE: CFC) plummeted, while the most egregious offenders filed for bankruptcy.
Investors were pretty panicked -- for about a week. The market fell 5%, but quickly rebounded.
Consider the dire prediction of Lou Ranieri, widely considered the father of the mortgage-backed securities industry: The subprime meltdown "is the leading edge of the storm," he said last March. "If you think this is bad, imagine what it's going to be like in the middle of the crisis." Between subprime and Alt-A, Ranieri estimates that more than $100 billion of home loans are likely to default.
said by No_Strings :This will help: Government mandate to lower property values by meddlesome tinkering with the market. Morons. The whole idea of mandating communities to provide trailer parks (or equivalent) is ludicrous. NIMBY in 'yo funk?
You do realize Irvine gets State funds for this. Looks like Irvine got $1.4 Million (BTW, that money is not to build them, it's to help "defray cost" of finding financing for the project)it just goes into Irvine's coffers...kinda' like Corporate Welfare):
The first project slated will use the funds for the construction of 14 single-family homes available
for purchase by those with annual household incomes at or below 80% of area median income.
Hummm...The median income for a household in the city of Irvine is $85,624 (from: »en.wikipedia.org/wiki/Irvine,_California ), so 80% of that would be $68,500/yr.
Wow. 14 homes. Occupied by folks only making $70K/Yr. With a goal of a whopping 31 homes a year over the next 10 years. [ »72.14.253.104/search?q=cache:bsW···irefox-a ]
You might want to consider selling now before the rift-raft shows up.  |
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CurtesyFlush
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Fontana, CA | In Fontana they're trying to mandate that 31 high income homes be built per year. At this point, 10 years into the process, there seem to be no takers. |
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No_Strings
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35,660 homes by 2014, not 31 homes/year.
The benefits to the developers and the government entities who collect taxes are far greater than the stipend being offered to offset the costs.
Irvine is not in my back yard, but I object to the policy anywhere. State funds is just another way of saying someone's picking my pocket to help someone else without my consent. Welfare is just that, corporate or not. Forcing the building of low-cost housing is foolish monkeying with the free market.
Why not reward low-income people more directly? Give them a home. No reason they should have to work/save like the rest of us. Or just give them cash. Better yet, give them a Prius and a Fastrak transponder. I hear there are some sweet deals on houses in Riverside & San Bernardino counties. |
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Kibbles
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2 edits | reply to CurtesyFlush
said by CurtesyFlush :Mission Viejo has at least one of those mandated neighborhoods (roughly Los Alisos and Marguerite, across from THHS). Guess what? It's a shithole. There is another set of low income houses on Alicia Parkway and Via Lomas...and next to is are two apartment complexes...all are dumps.
33°35'16.99"N
117°42'18.19"W
and from what I remember MV still has to build 200+ more low income houses.  |
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