Here is a video tour of a few of the 100 properties on the auction/REO list in 92009 and 92011 – it appears there will be plenty of McMansions to go around!
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Here is a video tour of a few of the 100 properties on the auction/REO list in 92009 and 92011 – it appears there will be plenty of McMansions to go around!
Wow. To think that they arrest kids who steal bread from a grocery store, but the “owner” of the first house in the video across from the lagoon STOLE $1MM from the bank, and will probably never spend a day in jail. $1MM in cash-out refis, and NOBODY tried to stop him.
And we wonder where all the cash for these “cash” deals are coming from…
please leave the radio off-please mike from ny
It’s amazing that some home loans are “non-recourse” yet student loans stick to you like glue for the rest of your life.
Jim:
Given how long you’ve been in the business, can you talk about “divorce” on the higher end RE market. I noted in your recent post that the $18M deal in La Jolla was a divorce.
Where does divorce factor into these 3000 ft+ “nice neighborhood” markets like CV & Encinitas? What is the median age of the people in these neighborhoods vs median age of divorce? I assume there is a correlation between divorce and the economy even at this “higher end” market, are D-Stats on the rise in North County, is this even tracked?
From your experience, what “usually” happens when a 40 something CV type couple with kids and a 3k to 5k ft house calls it quits in this “post bubble” economy? Does one usually hold on to the house, do they both downsize to townhouses in the same neighborhood, and what is the situation 3 – 5 years after the breakup?
CA Renter – I agree, however, it isn’t stealing when someone give you the money and voluntarily makes it non-recourse…its the lender’s stupidity.
thus the lenders, and the MBS investors should be suffering 100% of the losses, licking their wounds, and moving on. But NO…..the gov just covered their losses and stole from all of us….
thus the true crooks are the government, not the borrowers and lenders.
On that note, shouldn’t we be able to sue a politician for “fraud” when they make campaign promises to vote one way, then vote another way once elected? I would claim “fraud in the inducement” of my vote and thus had I been informed of their true intentions I would not have invested my voiting capital that way.
http://www.gouverneurtimes.com/index.php?option=com_content&view=article&id=7623:owens-to-break-campaign-promises&catid=60:st-lawrence-news&Itemid=175
If a money manager does that, he gets free room/board/love in the grey-bar hotel…I think its a very exact parallel.
But I digress, Phillip Rivers 1, Eli 0 so sweet…home town raido call is much better than CBS…but what’s with Bauer stating that the reason for the victory was the Giant’s failings on D coverages, not to the Charger’s perfomance on the last 2 drives (defense and offense)??? HUH???
but what’s with Bauer stating that the reason for the victory was the Giant’s failings on D coverages
No kidding, the Giants made a coverage error on the final play (either the safety should have come over earlier, or the corner shouldn’t have let Jackson go outside like that), but that’s because the Gates/Rivers/Jackson combination is difficult to cover. It puts a lot of pressure on the secondary to play perfect football and a single mistake ends up being a big gain.
Good show JTR. Excellent reporting. The sunset line was classic JTR.
Wow, Carlsbad is starting to look like ground zero. All of that new development during the bubble years is coming back to haunt it. I’m glad I bought in an area with significantly fewer distressed properties. But after looking at this video, I don’t think any ‘hood is safe. This is going to get ugly.
‘…But I digress, Phillip Rivers 1, Eli 0 so sweet…’
You do know Eli Manning has a Super Bowl Ring 😉
I’ve been following those Corte Romero homes. I have no interest in buying any of them, but had a prior business dealing gone bad with the owner of one of one of the homes on that street (couldn’t tell if it was one of the homes in the video). A classic snake type of a guy.
Long story short, during my confrontation with the guy, he told me he was working on getting all of his mortgages modified. Not only his primary, but also his two rentals, all of which were in default. All of these homes are also well, well underwater. Based on his outstanding loans and recent comps, he is at least a total of a $1M underwater on his three properties.
And I looked up his public financial records – he has multiple court actions pending against him for failure to pay and two bankruptcies – so it is safe to assume this guy’s credit is completely shot. He basically has no income anymore either.
It is difficult to believe that he could possibly qualify for a loan mod based on his credit profile; yet he still has all three of the homes well over a year after he went into default. Perhaps time is running out on him.
alles_klar
I know a lot of people who lived off refi’s in Karlsbaden over the last 10 years.
Free living! Wife needs a new car, online cash out refi and you have 50k in 2 weeks in your mailbox! I would bet many of the original owners in some of these areas are well over 500k in additional debt over purchase price. Heck you could buy in 2004 and then in 2005 take our 250k to do your dream yard/pool remodel! Seemed like free livin’ at the time! Then you just stop paying in 2008 and you are still living there for free as 2010 nears!
Jim, what type of crowd do you see at auctions for these properties? I would guess you see less investors than at the lower end Vista/O’Side property auctions. Am I right on that? Would you maybe see more flippers? People looking for primary residence?
Also, is it possible to get inside one of these houses and inspect prior to auction?
Go Vincent Jackson, go!
Blur,
I haven’t been in a while but intend to go for a video shoot. I think it’s all investors/flippers working the lower end.
I’s why I like the idea of taking end-users to trustee sales in the $700,000 and up range – less or no competition because the more expensive are riskier to flip.
Doughboy,
No kidding. That is why I am staying on the side lines even though I could comfortably buy the homes in which I am interested. Despite all the “recession is over” talk, I just refuse to buy knowing there are time bombs ticking all around North County. I will be continuing to rent until I am confident most have been permanently defused or already blown up.
Wow, Carlsbad is starting to look like ground zero.
Not yet, not at those prices, but moving that direction.
Jim-
I would love to be a “fly on the steps” the day you break-out that video camera at the auction–the guy that runs it (Jay) is crooked as can be–He will DEFINITELY have something to say about you taping the auction–I can’t wait to see his reaction!
Wassup,
Divorce has always been one of the ‘Big Three’ reasons why people sell their house, with death and job transfer being the other two. I guess we could add a fourth, ‘defaulters’.
I think divorce is probably a by-product though. The main event is the lack of income to support the lifestyle to which the family has becomes accustomed.
People could get roommates, work harder, get a raise, etc.
Local Boy,
Here’s one of my first videos, with our friend Jay prominently featured:
http://www.youtube.com/watch?v=BZQ5O2Xcsm4
This was from October, 2007.
Agree 100% with your response to my post, Anonymous. The lenders should have taken 100% of the losses, and the govt should have back-stopped the FDIC, the SIPC, and the PBGC. Anything “to big to fail” should have been 100% nationalized, and all the executive pay should have been clawed back to help pay for the damage they created. Now, the PTB has created a mess we won’t be able to get out of for many, many decades to come. 🙁
not all of us are fans of the chargers
Nice Work Jim–He must NOT have seen the camera!