my 73 yo FB clearly sums up the problem with REAL ESTATE in SoCal

The worst thing that happened to the Real Estate market here...
Jewish appealing to emotion to deceive you  08/09/17
that's not the problem with real estate in socal
colecovision  08/09/17
enlighten us
Jewish appealing to emotion to deceive you  08/09/17
do you think there's some magical program that socal and the...
colecovision  08/09/17
lol cr what is this idiocy
Non sequitur  08/09/17
your first sentence is correct as it applies to prop 13, but...
Nine Inch Nails Opening for Ariana Grande  08/09/17
Wtf is this, prop 13 ruined CA real estate and reduced suppl...
nutella  08/09/17
You have a 73-year-old fuck buddy?
Pumonymous  08/09/17
Cq
PrestigeWhore  08/10/17
Cq
Slow Children Playing  08/10/17
...
Dr. Gay  08/10/17
...
xt  08/10/17
tcq came in here for answers
boyfriend  08/10/17
Not surprising that this came from a 73 yr old. It's full of...
LathamTouchedMe  08/10/17


Poast new message in this thread



Jewish appealing to emotion to deceive you


8:51 PM - August 9th, 2017

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.


colecovision

(ohnoestp)


8:52 PM - August 9th, 2017

that's not the problem with real estate in socal


Jewish appealing to emotion to deceive you


8:53 PM - August 9th, 2017

enlighten us


colecovision

(ohnoestp)


9:01 PM - August 9th, 2017

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


Non sequitur


8:55 PM - August 9th, 2017

lol cr what is this idiocy


Nine Inch Nails Opening for Ariana Grande

(earl)


8:58 PM - August 9th, 2017

your first sentence is correct as it applies to prop 13, but that's about it.


nutella


9:21 PM - August 9th, 2017

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.


Pumonymous


9:23 PM - August 9th, 2017

You have a 73-year-old fuck buddy?


PrestigeWhore

(the prancing linguist)


7:34 AM - August 10th, 2017

Cq


Slow Children Playing


7:38 AM - August 10th, 2017

Cq


Dr. Gay

(rap parody)


12:51 PM - August 10th, 2017


xt


12:58 PM - August 10th, 2017


boyfriend

(Het+Cis)


1:04 PM - August 10th, 2017

tcq came in here for answers


LathamTouchedMe


1:01 PM - August 10th, 2017

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.