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my 73 yo FB clearly sums up the problem with REAL ESTATE in SoCal
| vigorous dun halford liquid oxygen | 08/09/17 |
| Spectacular Old Irish Cottage | 08/09/17 |
| vigorous dun halford liquid oxygen | 08/09/17 |
| Spectacular Old Irish Cottage | 08/09/17 |
| Stimulating piazza | 08/09/17 |
| aphrodisiac sienna haunted graveyard | 08/09/17 |
| soul-stirring goyim shrine | 08/09/17 |
| magenta meetinghouse | 08/09/17 |
| histrionic territorial gunner | 08/10/17 |
| slimy federal voyeur | 08/10/17 |
| flirting glittery clown keepsake machete | 08/10/17 |
| razzle-dazzle plum theatre candlestick maker | 08/10/17 |
| floppy site | 08/10/17 |
| Pea-brained roommate native | 08/10/17 |
Poast new message in this thread
Date: August 9th, 2017 8:51 PM Author: vigorous dun halford liquid oxygen The worst thing that happened to the Real Estate market here in So. Cal was when the government stepped in and helped homeowners who had bought "too much to afford."
What should have happened is the natural consequence of buying too rich for your income (lose your home/foreclosure) and the prices would have plummetted. Those foreclosed homeowners would have learned a valuable lesson. Too bad. So sad. In addition, having prices drop dramatically with so many foreclosures would have also taught the lenders a lesson about lending to people who don't have a good track record, or don't have strong job prospects. It also would have opened up a huge number of foreclosed homes for stable, first-time homebuyers who had cash on hand for their downpayments, The homes would have been a fire-sale foreclosure prices. Instead, those who bought "too much" home for their income were rewarded with principal reduction, etc and the homeowners who were ready to buy were shut out completely. That entire goverment TARP/HARP program was a disgrace to America and to learning in general.
People lament the loss of income for real estate agents and title/escrow folks, but that's just the "circle of life" so to speak. Look at all the $$ that the architects, remodelers and handymen are making now that so many people are remodeling and staying put. Not to mention all the raw goods and fixtures folks need to buy to rebuild.
THe REAL problem I see with Real Estate that is coming in the future is all those people getting reverse mortgages. If you think home prices are too high now, wait until all those reverse mortgage companies OWN all those homes they're reversing right now. Those companies will (collectively) have a monopoly and a lock on the rental AND sales prices since they'll own SO MANY of the homes in certain markets! But nobody seems to be concerned about that right now...
Older folks considering a reverse mortgage would serve their family better by having their kids do a reverse for them, so that way the property stays in the family upon their death. If your kids pooled their money and paid you the monthly reverse payment and then they all jointly inherited the property upon your death, it would be the start of an income stream for the kids. OR one of them could buy out the others and live it in themselves.
Can't stand those Fonzie and Magnum PI commercials. Thieves preying on elderly folks. |
Date: August 9th, 2017 8:52 PM Author: Spectacular Old Irish Cottage that's not the problem with real estate in socal (http://www.autoadmit.com/thread.php?thread_id=3696757&forum_id=2#33953049) |
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Date: August 9th, 2017 8:53 PM Author: vigorous dun halford liquid oxygen enlighten us (http://www.autoadmit.com/thread.php?thread_id=3696757&forum_id=2#33953052) |
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Date: August 9th, 2017 9:01 PM Author: Spectacular Old Irish Cottage do you think there's some magical program that socal and the bay area have access to that all other places don't or maybe it has to do with, you know, supply and demand being out of whack in urban elite yuppie areas, especially when the economy is good and ACCBs are buying everything else?
easier access to money certainly contributed to the 2007-boom as that happened literally everywhere in the country, but the current boom is only happening in certain areas, all of which are popular with yuppies |
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Date: August 9th, 2017 8:55 PM Author: Stimulating piazza lol cr what is this idiocy (http://www.autoadmit.com/thread.php?thread_id=3696757&forum_id=2#33953066) |
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Date: August 9th, 2017 8:58 PM Author: aphrodisiac sienna haunted graveyard your first sentence is correct as it applies to prop 13, but that's about it. (http://www.autoadmit.com/thread.php?thread_id=3696757&forum_id=2#33953095) |
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Date: August 9th, 2017 9:21 PM Author: soul-stirring goyim shrine Wtf is this, prop 13 ruined CA real estate and reduced supply of housing. There is nothing that prevented foreclosures if people couldn't afford their mortgage. The market was flooded with short sales and foreclosed properties from the 08-09 crash. (http://www.autoadmit.com/thread.php?thread_id=3696757&forum_id=2#33953221) |
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Date: August 9th, 2017 9:23 PM Author: magenta meetinghouse You have a 73-year-old fuck buddy? (http://www.autoadmit.com/thread.php?thread_id=3696757&forum_id=2#33953235) |
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Date: August 10th, 2017 7:34 AM Author: histrionic territorial gunner Cq (http://www.autoadmit.com/thread.php?thread_id=3696757&forum_id=2#33955510) |
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Date: August 10th, 2017 7:38 AM Author: slimy federal voyeur Cq (http://www.autoadmit.com/thread.php?thread_id=3696757&forum_id=2#33955518) |
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Date: August 10th, 2017 12:51 PM Author: flirting glittery clown keepsake machete (http://www.autoadmit.com/thread.php?thread_id=3696757&forum_id=2#33956969) |
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Date: August 10th, 2017 12:58 PM Author: razzle-dazzle plum theatre candlestick maker (http://www.autoadmit.com/thread.php?thread_id=3696757&forum_id=2#33957024) |
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Date: August 10th, 2017 1:04 PM Author: floppy site tcq came in here for answers (http://www.autoadmit.com/thread.php?thread_id=3696757&forum_id=2#33957064) |
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Date: August 10th, 2017 1:01 PM Author: Pea-brained roommate native Not surprising that this came from a 73 yr old. It's full of that blind bootstrap bs. HARP was a very marginal program with little or no impact on prices. The vast majority of people who defaulted on their mortgages lost their homes very quickly in CA (different in NY where courts got flooded and people could stay a few years in their homes before the auction). The problem is that old people don't want multi-family structures or homes in their neighborhoods and don't want to upgrade the infrastructure to support the increased population within the new boom cities/suburbs like SF. (http://www.autoadmit.com/thread.php?thread_id=3696757&forum_id=2#33957050) |