Comments on: “Real Credit Standards”…”Closes Doors for Buyers” http://www.socalbubble.com/2007/03/real-credit-standardscloses-doors-for-buyers.html Southern California is Experiencing a Real Estate Bubble like never before Fri, 09 Jan 2009 14:09:03 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Sylvie http://www.socalbubble.com/2007/03/real-credit-standardscloses-doors-for-buyers.html/comment-page-1#comment-2453 Sylvie Mon, 19 Mar 2007 14:52:16 +0000 http://www.socalbubble.com/2007/03/real-credit-standardscloses-doors-for-buyers.html#comment-2453 This will goes so deep in to many sectors of the economy we can't even imagine. I think it's going to be felt globally. The MSM can't Bull talk this away anymore. There will be some heads rolling and investigations and new regulations post HB. It's not regional it's global. R.E. sector and related business are screwed for years to come. A lot of Banks and idiot borrowers will be ruined. A government bail out will raise political outrage too risky in a pre presidential election.. The Fed is too late either way we are all going to feel this to some extent. Us that did not participate directly will be affected none the less unfortunately by tightening credit. Heaven help us if foreign liquidly is pulled abruptly out of the US market. Free money is never really free. The illusion made some rich, but for the majority there will be catastrophic consequences. I left So Cal 18 mo ago thinking I was priced out permanently. I'm coming back this Spring and don't intend to miss the bottom (50% or more) when it comes. All I hope for now is that I can find a stable job and massive unemployment and recession don't kill the California economy. It's a safer gamble than buying the small overpriced POS's that sold in the millions the last six years. Only a few G's to move back with my mid 700's fico and nest egg and wait for opportunity. It's coming finally... This will goes so deep in to many sectors of the economy we can’t even imagine. I think it’s going to be felt globally. The MSM can’t Bull talk this away anymore. There will be some heads rolling and investigations and new regulations post HB.

It’s not regional it’s global. R.E. sector and related business are screwed for years to come. A lot of Banks and idiot borrowers will be ruined. A government bail out will raise political outrage too risky in a pre presidential election.. The Fed is too late either way we are all going to feel this to some extent.

Us that did not participate directly will be affected none the less unfortunately by tightening credit. Heaven help us if foreign liquidly is pulled abruptly out of the US market. Free money is never really free. The illusion made some rich, but for the majority there will be catastrophic consequences.

I left So Cal 18 mo ago thinking I was priced out permanently. I’m coming back this Spring and don’t intend to miss the bottom (50% or more) when it comes. All I hope for now is that I can find a stable job and massive unemployment and recession don’t kill the California economy.

It’s a safer gamble than buying the small overpriced POS’s that sold in the millions the last six years. Only a few G’s to move back with my mid 700’s fico and nest egg and wait for opportunity. It’s coming finally…

]]> By: Politics in the Zeros_archi »Blog Archive » Endgame for the real estate bubble http://www.socalbubble.com/2007/03/real-credit-standardscloses-doors-for-buyers.html/comment-page-1#comment-2003 Politics in the Zeros_archi »Blog Archive » Endgame for the real estate bubble Wed, 14 Mar 2007 05:15:10 +0000 http://www.socalbubble.com/2007/03/real-credit-standardscloses-doors-for-buyers.html#comment-2003 [...] reports on the crisis many homeowners will be facing when their much higher balloon mortgage payments kick [...] [...] reports on the crisis many homeowners will be facing when their much higher balloon mortgage payments kick [...]

]]> By: LA Renter http://www.socalbubble.com/2007/03/real-credit-standardscloses-doors-for-buyers.html/comment-page-1#comment-1977 LA Renter Tue, 13 Mar 2007 05:48:14 +0000 http://www.socalbubble.com/2007/03/real-credit-standardscloses-doors-for-buyers.html#comment-1977 I have friends that are in 'real deep' in Valencia, offering up their house for the Spring Smackdown. Once their HELOC runs out in a few months, they won't be able to cover their mortgage and hope the home sells before that. I'm wishing them good luck, but it doesn't look pretty. They are in the same predicament, they can't refi or get IO loan now ... we'll just have to wait and see. I feel badly. I have friends that are in ‘real deep’ in Valencia, offering up their house for the Spring Smackdown. Once their HELOC runs out in a few months, they won’t be able to cover their mortgage and hope the home sells before that. I’m wishing them good luck, but it doesn’t look pretty. They are in the same predicament, they can’t refi or get IO loan now … we’ll just have to wait and see. I feel badly.

]]> By: MFletcher http://www.socalbubble.com/2007/03/real-credit-standardscloses-doors-for-buyers.html/comment-page-1#comment-1943 MFletcher Sun, 11 Mar 2007 00:58:07 +0000 http://www.socalbubble.com/2007/03/real-credit-standardscloses-doors-for-buyers.html#comment-1943 This is exactly the case with a property owner who just called me. I'm a property manager and this currnet client is in real deep. He can't even refinance into an IO loan just to stop the bleeding. He no longer qualifies under the new underwriting conditions to even do a refi. So here he is (a Robert Allen wannabe real estate millionaire) oweing more on his two investment properties than he can either sell, rent, or refinanace at and just stuck in a crappy rut. Noe he is rent at a big loss and I guess we'll see how long he can make up the difference. Such a sad situation, I'm sure there are thousands of similar situations all around SoCal? This is exactly the case with a property owner who just called me. I’m a property manager and this currnet client is in real deep. He can’t even refinance into an IO loan just to stop the bleeding. He no longer qualifies under the new underwriting conditions to even do a refi. So here he is (a Robert Allen wannabe real estate millionaire) oweing more on his two investment properties than he can either sell, rent, or refinanace at and just stuck in a crappy rut. Noe he is rent at a big loss and I guess we’ll see how long he can make up the difference. Such a sad situation, I’m sure there are thousands of similar situations all around SoCal?

]]>