T1B

Everybody knows the sub-prime mortgage crisis is hitting hard everywhere, but of course California leads the pack by a wide margin. It's likely that some troll who posts on this board has recently received an eviction notice and has had to pack their shit. Not that I'd expect anybody to actually admit it. The stigma of losing your home is just too tough to readily admit to strangers. Let's just say then that pretty much every Cali knows someone whom this has happened to, or soon will.

sucks to be you

Many of the areas — including Stockton, Riverside-San Bernardino, Fresno, Sacramento and Bakersfield — are located in inland areas of the state where many first-time buyers overextend themselves financially to buy properties that have plunged in value since the market peak.

“California still hasn’t hit bottom,” Sharga said. “We have a lot of California homes that are in early stages of default that may not be salvageable because either there’s no market or financing available, or both.”

california has the most people and the most houses...

and it leads in foreclosures?

Well color me :shocked: .

BTW- If people sign a legally-binding contract that lets one party unilaterally change the terms of the contract while the other party has no recourse for said changes in terms...


It's not a "crisis" -- it's "social darwinism."

Owner of a $70,000 flyover palace wrote:...Stockton, Riverside-San Bernardino, Fresno, Sacramento and Bakersfield...

You've described basically every shit city in CA. In other words, they're the last ones to have real estate prices go up and the first and worst to get hit when they go down.

Stockton: An industrial/port city that has had a horrible, widespread gang problem since the 1980’s. Great place to raise kids.

Riverside-San Bernardino: This is where the majority of illegals with no ties in East LA or OC move to. Bad gang problem here too, just a different race causing the problems. Oh, and it not only has a wonderfully horrid stink to it, due to nearby cow pastures and farm fields, but the San Bernardino Mountains go basically straight up out of the ground, blocking in the smog that travels east from LA along with whatever they contribute from the local area. Pretty much the entire place is one big shithole, which is why so many former Tijuana residents must feel right at home.

Fresno: Um, others have been over this several times, and anyone with an ounce of sense would NEVER buy a high-priced house there. Um…it’s Fresno.

Sacramento: Not a bad place to live if you don’t mind weeks of 100+ weather (including several days around 115) in the summer, stifling humidity, the fetid odor of rotting tomatoes on the freeways when trucks take a corner too fast from June-August, rotting farm fields, burning rice fields, and a general lower class standard of living, ‘cept for where the NBA players live.

Bakersfield: Half of the city stinks because they have cow pastures and the other half stinks because the wind blows the magnificent smell over to their side of town. Much like Fresno, if you spent more than $100,000 for a house here, you’re a fucking retard.

Why don’t you try slapping up some stats about real estate in areas that aren’t complete shitholes and then we can have a reasonable discussion. Hell, I’m from here and even *I’m* not going to try to defend those places.

OCmike wrote: Sacramento

Where their motto is: "Well, our city fucking sucks, but it's kinda close to some cool shit.

Dinsdale wrote:

OCmike wrote: Sacramento

Where their motto is: "Well, our city fucking sucks, but it's kinda close to some cool shit.

Yep. Pretty much the only redeeming quality of living in Sacramento is that you're close to world-class skiing in the winter, close to Tahoe/Donner area in the summer for drunken camping in the summer and close to SF when you get the hankerin for some kickass sushi in Japantown.

Oh, and just to make living there even more peachy, they're about to close several miles of Interstate-5 for two weeks to do some repairs in the Old Sacramento area. I'm sure that won't affect traffic in an already shitty commute city at all...

Dinsdale wrote:california has the most people and the most houses...

and it leads in foreclosures?

Well color me :shocked: .

Foreclosure rate, Dins. California is actually 2nd with 1 in 78 homes being served. Nevada leads at 1 in 54. I agree. Those numbers are pretty fucking :shocking:

OCmike wrote:they're about to close several miles of Interstate-5 for two weeks to do some repairs in the Old Sacramento area. I'm sure that won't affect traffic in an already shitty commute city at all...

That area just isn't heavily populated enough to justify having traffic that bad with two major interstates running through town.

Made that drive to SF... friday afternoon... wicked heat wave (even by their standards)... towing a trailer... in an occasinally overheating vehicle (when it's 150 out, towing a trailer? :shocker:)...

What I learned: don't pull off by the ramps to let a car cool down in Oakland.

Dinsdale wrote:What I learned: don't pull off by the ramps to let a car cool down in Oakland.

*cue* mvscal, gnignog, pikkkle reply in 3....2...1...

War Wagon wrote:Foreclosure rate, Dins. California is actually 2nd with 1 in 78 homes being served. Nevada leads at 1 in 54. I agree. Those numbers are pretty fucking :shocking:

Not a surprise that Nevada is leading the pack. Vegas and its suburbs were among the top fastest growing cities in the country during the housing boom years. Lotsa people bought lotsa houses at the top of the market.

CA's problems are for a different reason in most areas. The problem here is that most people bought older houses (built in the 50’s and 60’s) and sometimes fixer-uppers for $400,000-$800,000! Naturally, unlike new homes in nice new areas, these older homes are the first ones to go down in a bad market. And of course, LA and OC are littered with these types of properties, so they're taking this downturn right on the fucking nose.

Unlike LA though, OC does have several upscale areas where homes have held their value more than some of the messican shitburgs to the north.

Dinsdale wrote: That area just isn't heavily populated enough to justify having traffic that bad with two major interstates running through town.

Made that drive to SF... friday afternoon... wicked heat wave (even by their standards)... towing a trailer... in an occasinally overheating vehicle (when it's 150 out, towing a trailer? :shocker:)...

What I learned: don't pull off by the ramps to let a car cool down in Oakland.

The problem with traffic in Sacramento is that it's a bottleneck town and a commuter town as well. So you've got a shitload of people all driving in from the burbs (because 99% of metropolitan Sacto. is shitsville/gangland/ghetto) and almost all of those people work in just a few areas. So you've got bottlenecked traffic coming in followed by bumper to bumper all the way to work.

Not many people use I-5 to commute to work, as just like in other places, it's pretty much out in farm fields except for a small stretch in the downtown area. But all of the semis and people driving through are now going to be joining the rest of the pack as they have to find alternate routes around the construction.

I lived in downtown Sacramento for about a year and had a 10 mile commute on I-5. Used to take me 15 minutes. A 10 mile commute anywhere else in town would take you a solid hour and a half.

Oh yeah, and there's no such thing as a good place to pull over in Oakland.

OCmike wrote:I-5... as just like in other places, it's pretty much out in farm fields

Hey now... I live a few blocks from I-5.


Not really out in farm fields... so I'm not sure what's up with all the beaners.

OCmike wrote:

War Wagon wrote:Foreclosure rate, Dins. California is actually 2nd with 1 in 78 homes being served. Nevada leads at 1 in 54. I agree. Those numbers are pretty fucking :shocking:

Not a surprise that Nevada is leading the pack. Vegas and its suburbs were among the top fastest growing cities in the country during the housing boom years. Lotsa people bought lotsa houses at the top of the market.

CA's problems are for a different reason in most areas. The problem here is that most people bought older houses (built in the 50’s and 60’s) and sometimes fixer-uppers for $400,000-$800,000! Naturally, unlike new homes in nice new areas, these older homes are the first ones to go down in a bad market. And of course, LA and OC are littered with these types of properties, so they're taking this downturn right on the fucking nose.

Unlike LA though, OC does have several upscale areas where homes have held their value more than some of the messican shitburgs to the north.

Dinsdale wrote: That area just isn't heavily populated enough to justify having traffic that bad with two major interstates running through town.

Made that drive to SF... friday afternoon... wicked heat wave (even by their standards)... towing a trailer... in an occasinally overheating vehicle (when it's 150 out, towing a trailer? :shocker:)...

What I learned: don't pull off by the ramps to let a car cool down in Oakland.

The problem with traffic in Sacramento is that it's a bottleneck town and a commuter town as well. So you've got a shitload of people all driving in from the burbs (because 99% of metropolitan Sacto. is shitsville/gangland/ghetto) and almost all of those people work in just a few areas. So you've got bottlenecked traffic coming in followed by bumper to bumper all the way to work.

Not many people use I-5 to commute to work, as just like in other places, it's pretty much out in farm fields except for a small stretch in the downtown area. But all of the semis and people driving through are now going to be joining the rest of the pack as they have to find alternate routes around the construction.

I lived in downtown Sacramento for about a year and had a 10 mile commute on I-5. Used to take me 15 minutes. A 10 mile commute anywhere else in town would take you a solid hour and a half.

Oh yeah, and there's no such thing as a good place to pull over in Oakland.

One of my homes has lost quite a bit of value (over 100k), but we bought it under market for nothing down, and plan on keeping it for quite some time and I know it will recover, as it is not in a shit city and there is a university and community college within a few miles. 5 years from now it will be worth much more than the initial purchase price.

The key is being able to afford your mortgage and not get stupid and run one of those 3 or 5 year ARMs. Those people are the ones getting fucked big time right now when the ARM ran out and the monthly mortgage rate skyrocketed.

What's extra fucked about the whole situation is that in general the company that agreed to the mortgage initially wasn't the one who got the shaft in the end because of the way mortgages are traded like monopoly money. So the only real negative for them is a surge downward in their level of business traffic. Boo-freakin-hoo. In the meantime, I'd be surprised if the bought off pols in D.C. don't try to work out some kind of bailout plan for the banks...using our dollars of course.

Mister Bushice wrote: The key is being able to afford your mortgage and not get stupid and run one of those 3 or 5 year ARMs. Those people are the ones getting fucked big time right now when the ARM ran out and the monthly mortgage rate skyrocketed.

Live now, pay later. That's the American Way, or at least it used to be.

The other key is in not refinancing an affordable mortgage, drawing out equity (to pay off credit card debt that promptly gets charged right back up) that may not really exist, and lengthening the term of the mortgage.

No problemo here.


BTW...anybody want to buy some slightly used furniture? A nice set of brass interior doorknobs or a somewhat cheap looking dining room chandelier? A couple of nice TOTO toilets with the non-slamming lids?

You can reach me on weekdays between 1:00 and 2:00 p.m. at Bully's in Del Mar.

Its not a neck problem, unless that neck is brown. The subprime arms were all the rage with the hispanic community, they were able to finally buy and now they are trying to claim that the adjustable part or arm wasnt explained to them in a way that they could understand. All we hear now is this and that hispanic action group trying to get the government to come in and bail out this and the other Jose who cant make the payment on the adjustment.
The reason those counties were hit the hardest is because those counties had the most new development. Theyve run out of room here in Orange County or up in Los Angeles so they moved a bunch of dairies out of Chino and Corona and built 200 thousand 4,000 sq ft homes then showed first time buyers how they could afford a $500k loan.
The most beautiful part of the whole situation is that just about all of Santa Ana is about to be foreclosed on and theres a chance to change the entire demographic of that town. It has worked out so well that it almost seems as if it was part of a master plan

I wouldnt put it past the South Coast Plaza region to just move further and further east knocking down low income foreclosed housing and putting in new coffee shops.
I hear that San Bernardinos plan is to just flood the whole downtown area once all the non whites lose their homes and the honkies in Highland and Redlands will have lake front property.
Funny that a lil town out in the San Bernardino basin, Loma Linda, has the longest life expectancy in the nation when they breathe in all that smog.
South of the 91 in Riverside isnt bad, they have areas in there like Eagle Glenn, Lake Matthews, Whitegate, Hillcrest, Orangecrest, Woodcrest, Mockingbird Canyon, Gavelin Hills, Canyon Crest, South Corona, Temecula that are pretty nice if you like hot weather but theyre all up on the hillsides and away from the general population of Riverside and the smog and crime that runs through that area.

Dinsdale wrote:BTW- If people sign a legally-binding contract that lets one party unilaterally change the terms of the contract while the other party has no recourse for said changes in terms...


It's not a "crisis" -- it's "social darwinism."

Yep, pretty much.

SoCalTrjn wrote:Theyve run out of room here in Orange County or up in Los Angeles so they moved a bunch of dairies out of Chino and Corona and built 200 thousand 4,000 sq ft homes then showed first time buyers how they could afford a $500k loan.

Just a few months after I moved from OC to Palmdale I got promoted :brad: (timing people, HELLO!)and had to commute from PD to Santa Ana every day. By far the worst part of my drive was cutting through Chino on Hwy 71. It saved a shitload of time, but driving past those dairies on a two lane road, the odor was just fucking gawdawful. Windows up, A/C off and that fucking manure stink would creep into your car anyway…ugh. What was amazing though is that $400,000 houses were going up right across the street from these turd farms! This was in about 2004 too, so I’ll bet they were selling for at least 25% more than that when the market was at it’s peak. Who the fuck would BUY something like that?! I guess you’re hoping that they eventually move the dairies, but at that time the farmers were threatening to sue the city if they tried to re-zone the property, so it could be 5-10 years before that case is played out. And in the meantime you’re paying ~$3,000/month on your house that reeks of cow shit? Unbelievable… That’s one of the few things dumber than paying $800,000 for a 1,000 sq ft home built in 1950-something, as a friend of mine did in Brea. He even bragged about what a great investment it was. Wonder how that’s working out for him…

SoCalTrjn wrote: South of the 91 in Riverside isnt bad, they have areas in there like Eagle Glenn, Lake Matthews, Whitegate, Hillcrest, Orangecrest, Woodcrest, Mockingbird Canyon, Gavelin Hills, Canyon Crest, South Corona, Temecula that are pretty nice if you like hot weather but theyre all up on the hillsides and away from the general population of Riverside and the smog and crime that runs through that area.

Well sure, every community has a handful of nice, pristine gated communities, but when 90% of the city is a shithole, it doesn't matter how many golf courses or gated communities it has...it's a shithole.

Temecula is nice for a desert community. It gets hot there, but not retarded hot like in Vegas/Baker/Barstow. And with the vast majority of the city being populated with rich old farts, the crime is relatively low, as are the illegal alien numbers. Nice place to live.

Temecula is hotter than shit, and now crowded as hell (or should that be hotter than hell and crowded as shit?). It's only about 20 minutes from my house, but in a whole different world. The weather there reminds me a lot of Henderson, NV.

Have you ever tried to get off the 15 at Winchester during rush hour? 10 years ago you could drive by there hardly see any other cars. The Pechanga Casino hasn't helped any.

Mikey wrote: Have you ever tried to get off the 15 at Winchester during rush hour?

You referring to the 1/2 mile long line of cars in the right hand lane of the freeway before the exit?

And? What's the problem...
Sin,
Guy who sets the light timers

Mikey wrote:10 years ago you could drive by there hardly see any other cars. The Pechanga Casino hasn't helped any.

It also doesn't help that Pechanga is 1/4 mile off the freeway. All of the other casinos in the area are waaaaaaaaay out in the boonies. We went to check out that Harrah's Rincon casino one weekend. MY...GOD...is that thing out in the sticks! I assume that Harrah's was guessing that eventually the state would widen out the highway to four lanes, but that place had about half the crowd that you'd expect for a nice place like that. Shitty investment, some?

OCmike wrote:

Mikey wrote: Have you ever tried to get off the 15 at Winchester during rush hour?

You referring to the 1/2 mile long line of cars in the right hand lane of the freeway before the exit?

And? What's the problem...
Sin,
Guy who sets the light timers

No way. Not for that southbound exit. There is ONE 150 foot long lane from the actually highway to the point where it branches 2 lanes left, and two right. To the left over the freeway are three sets of lights to get to a BAZILLION stores, shops and three or four malls of various types, plus a half dozen car dealerships. To the right are more shops plus a huge light industrial area. There is only one other exit down there that comes close to the stores, and that one is about a mile and three quarters farther down which has ONE off ramp lane, and to back track from it would take you just as long if not longer to get through all the lights. The dopes just planned so poorly there is no way any timer could work. Xmas time down there is gridfuckingLOCK.

It also doesn't help that Pechanga is 1/4 mile off the freeway. All of the other casinos in the area are waaaaaaaaay out in the boonies. We went to check out that Harrah's Rincon casino one weekend. MY...GOD...is that thing out in the sticks! I assume that Harrah's was guessing that eventually the state would widen out the highway to four lanes, but that place had about half the crowd that you'd expect for a nice place like that. Shitty investment, some?

Actually that pechanga exit is a different exit entirely, but THAT exit they did right. Not too bad to get to the casino, but forget the stores and the businesses 2 miles up. if you don't know the back roads your fucked.

You're right...I was thinking of the Pechanga exit and the line of cars that extends onto the freeway on Fri and Sat nights.

Yeah, Winchester is just nuts. I can't imagine being a commuter trying to get home and having to get off at that exit every day. Ugh.