N
NewportSkipper_IHB
Guest
How many housing units does Irvine have? So maybe 2% are in some stage of foreclosue. If half make it through, that will be 450 units spread out over how many months? A year? More?
"4 weeks and then all hell breaks loose"
- Thread starter Geotpf_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
N
NewportSkipper_IHB
Guest
"The property before that, we did indeed hold while upside-down and underwater, and I hopefully learned a lesson from that. We did exactly what everyone else does, and I still remember the paid and what it felt like."
And it worked out for you, no?
And it worked out for you, no?
graphrix_IHB
New member
[quote author="NewportSkipper" date=1252024981][quote author="graphrix" date=1252024511][quote author="NewportSkipper" date=1252023709]Irvine has barely budged in 2009 and there is <strong>no capitulation</strong>.</blockquote>
ROFLMAO! :lol: That is so not true. Foreclosure stats keep increasing for Irvine every single month. 912 are in some stage of foreclosure right now. Just a month ago I was shocked Irvine broke the 800 mark, a few months before that it was the 700 mark, just a few months before that is was the 600 mark. And, yes, the REOs have increased significantly in Irvine. Maybe Cayci was right, loan mods mostly apply to the flyover states, and Irvine with its above conforming loan amounts is getting shafted.</blockquote>
Price capitulation. Places like Westpark are trading at 10%-15% off peak. That's the only capitulation that matters.</blockquote>
How are prices doing in Woodbury? And... focus... NS... focus... we are talking about the City of Irvine as a whole here, not specific communities. Westpark is all fugly salmon colored stucco boxes from the 90s, only silly FCBers want to live there.
ROFLMAO! :lol: That is so not true. Foreclosure stats keep increasing for Irvine every single month. 912 are in some stage of foreclosure right now. Just a month ago I was shocked Irvine broke the 800 mark, a few months before that it was the 700 mark, just a few months before that is was the 600 mark. And, yes, the REOs have increased significantly in Irvine. Maybe Cayci was right, loan mods mostly apply to the flyover states, and Irvine with its above conforming loan amounts is getting shafted.</blockquote>
Price capitulation. Places like Westpark are trading at 10%-15% off peak. That's the only capitulation that matters.</blockquote>
How are prices doing in Woodbury? And... focus... NS... focus... we are talking about the City of Irvine as a whole here, not specific communities. Westpark is all fugly salmon colored stucco boxes from the 90s, only silly FCBers want to live there.
graphrix_IHB
New member
[quote author="NewportSkipper" date=1252025223]How many housing units does Irvine have? So maybe 2% are in some stage of foreclosue. If half make it through, that will be 450 units spread out over how many months? A year? More?</blockquote>
What did you not understand about it increasing every single month and it doesn't look like that rate of increase is slowing either.
What did you not understand about it increasing every single month and it doesn't look like that rate of increase is slowing either.
N
NewportSkipper_IHB
Guest
Nothing paint can't fix.
awgee_IHB
New member
[quote author="graphrix" date=1252024511][quote author="NewportSkipper" date=1252023709]Irvine has barely budged in 2009 and there is <strong>no capitulation</strong>.</blockquote>
ROFLMAO! :lol: That is so not true. Foreclosure stats keep increasing for Irvine every single month. 912 are in some stage of foreclosure right now. Just a month ago I was shocked Irvine broke the 800 mark, a few months before that it was the 700 mark, just a few months before that is was the 600 mark. And, yes, the REOs have increased significantly in Irvine. Maybe Cayci was right, loan mods mostly apply to the flyover states, and Irvine with its above conforming loan amounts is getting shafted.</blockquote>
If NS is talking about prices in Irvine, he is correct in that there are some sections of Irvine in which the price has actually increase a bit. See Ipo's thread. But, Irvine is not indicative of the overall market, especially the long term overall market. And NS is correct in that capitulation has not been reached. It is not even close. There are still way too many folks looking for and professing the bottom is in.
ROFLMAO! :lol: That is so not true. Foreclosure stats keep increasing for Irvine every single month. 912 are in some stage of foreclosure right now. Just a month ago I was shocked Irvine broke the 800 mark, a few months before that it was the 700 mark, just a few months before that is was the 600 mark. And, yes, the REOs have increased significantly in Irvine. Maybe Cayci was right, loan mods mostly apply to the flyover states, and Irvine with its above conforming loan amounts is getting shafted.</blockquote>
If NS is talking about prices in Irvine, he is correct in that there are some sections of Irvine in which the price has actually increase a bit. See Ipo's thread. But, Irvine is not indicative of the overall market, especially the long term overall market. And NS is correct in that capitulation has not been reached. It is not even close. There are still way too many folks looking for and professing the bottom is in.
N
NewportSkipper_IHB
Guest
[quote author="graphrix" date=1252025502][quote author="NewportSkipper" date=1252025223]How many housing units does Irvine have? So maybe 2% are in some stage of foreclosue. If half make it through, that will be 450 units spread out over how many months? A year? More?</blockquote>
What did you not understand about it increasing every single month and it doesn't look like that rate of increase is slowing either.</blockquote>
Cumulative numbers generally do increase. Clearly, there is more of the same in the pipeline. Not saying there isn't.
What did you not understand about it increasing every single month and it doesn't look like that rate of increase is slowing either.</blockquote>
Cumulative numbers generally do increase. Clearly, there is more of the same in the pipeline. Not saying there isn't.
N
NewportSkipper_IHB
Guest
[quote author="awgee" date=1252025652][quote author="graphrix" date=1252024511][quote author="NewportSkipper" date=1252023709]Irvine has barely budged in 2009 and there is <strong>no capitulation</strong>.</blockquote>
ROFLMAO! :lol: That is so not true. Foreclosure stats keep increasing for Irvine every single month. 912 are in some stage of foreclosure right now. Just a month ago I was shocked Irvine broke the 800 mark, a few months before that it was the 700 mark, just a few months before that is was the 600 mark. And, yes, the REOs have increased significantly in Irvine. Maybe Cayci was right, loan mods mostly apply to the flyover states, and Irvine with its above conforming loan amounts is getting shafted.</blockquote>
If NS is talking about prices in Irvine, he is correct in that there are some sections of Irvine in which the price has actually increase a bit. See Ipo's thread. But, Irvine is not indicative of the overall market, especially the long term overall market. And NS is correct in that capitulation has not been reached. It is not even close. There are still way too many folks looking for and professing the bottom is in.</blockquote>
This theory has always intrigued me: that only when no one thinks the bottom is in, the bottom is in. Where did that gem come from?
ROFLMAO! :lol: That is so not true. Foreclosure stats keep increasing for Irvine every single month. 912 are in some stage of foreclosure right now. Just a month ago I was shocked Irvine broke the 800 mark, a few months before that it was the 700 mark, just a few months before that is was the 600 mark. And, yes, the REOs have increased significantly in Irvine. Maybe Cayci was right, loan mods mostly apply to the flyover states, and Irvine with its above conforming loan amounts is getting shafted.</blockquote>
If NS is talking about prices in Irvine, he is correct in that there are some sections of Irvine in which the price has actually increase a bit. See Ipo's thread. But, Irvine is not indicative of the overall market, especially the long term overall market. And NS is correct in that capitulation has not been reached. It is not even close. There are still way too many folks looking for and professing the bottom is in.</blockquote>
This theory has always intrigued me: that only when no one thinks the bottom is in, the bottom is in. Where did that gem come from?
graphrix_IHB
New member
[quote author="NewportSkipper" date=1252025575]Nothing paint can't fix.</blockquote>
Actually, the CC&R's state you are stuck with salmon stucco forever!
How is Woodbury doing on prices again? FOCUS!
Actually, the CC&R's state you are stuck with salmon stucco forever!
How is Woodbury doing on prices again? FOCUS!
xoneinax_IHB
New member
[quote author="NewportSkipper" date=1252018051]People know value will return in time</blockquote>Is this your pitch to clients who stumbled upon IHB ?
awgee_IHB
New member
[quote author="NewportSkipper" date=1252025290]"The property before that, we did indeed hold while upside-down and underwater, and I hopefully learned a lesson from that. We did exactly what everyone else does, and I still remember the paid and what it felt like."
And it worked out for you, no?</blockquote>
After a lot of pain. We did not beat inflation. Until I figured out how not to go along with the crowd and those who say "Hold On". Making a large profit is much better than "working out" and being underwater for years waiting for the market to come back up.
We are doing much better this time.
No pain this time.
We will buy at the bottom.
For cash.
From somebody who held on. Maybe even from somebody who got a loan mod.
And it worked out for you, no?</blockquote>
After a lot of pain. We did not beat inflation. Until I figured out how not to go along with the crowd and those who say "Hold On". Making a large profit is much better than "working out" and being underwater for years waiting for the market to come back up.
We are doing much better this time.
No pain this time.
We will buy at the bottom.
For cash.
From somebody who held on. Maybe even from somebody who got a loan mod.
awgee_IHB
New member
[quote author="NewportSkipper" date=1252025746][quote author="awgee" date=1252025652][quote author="graphrix" date=1252024511][quote author="NewportSkipper" date=1252023709]Irvine has barely budged in 2009 and there is <strong>no capitulation</strong>.</blockquote>
ROFLMAO! :lol: That is so not true. Foreclosure stats keep increasing for Irvine every single month. 912 are in some stage of foreclosure right now. Just a month ago I was shocked Irvine broke the 800 mark, a few months before that it was the 700 mark, just a few months before that is was the 600 mark. And, yes, the REOs have increased significantly in Irvine. Maybe Cayci was right, loan mods mostly apply to the flyover states, and Irvine with its above conforming loan amounts is getting shafted.</blockquote>
If NS is talking about prices in Irvine, he is correct in that there are some sections of Irvine in which the price has actually increase a bit. See Ipo's thread. But, Irvine is not indicative of the overall market, especially the long term overall market. And NS is correct in that capitulation has not been reached. It is not even close. There are still way too many folks looking for and professing the bottom is in.</blockquote>
This theory has always intrigued me: that only when no one thinks the bottom is in, the bottom is in. Where did that gem come from?</blockquote>
Just some fool named Warren Buffet. And it is not "no one". It is the majority and the minority.
ROFLMAO! :lol: That is so not true. Foreclosure stats keep increasing for Irvine every single month. 912 are in some stage of foreclosure right now. Just a month ago I was shocked Irvine broke the 800 mark, a few months before that it was the 700 mark, just a few months before that is was the 600 mark. And, yes, the REOs have increased significantly in Irvine. Maybe Cayci was right, loan mods mostly apply to the flyover states, and Irvine with its above conforming loan amounts is getting shafted.</blockquote>
If NS is talking about prices in Irvine, he is correct in that there are some sections of Irvine in which the price has actually increase a bit. See Ipo's thread. But, Irvine is not indicative of the overall market, especially the long term overall market. And NS is correct in that capitulation has not been reached. It is not even close. There are still way too many folks looking for and professing the bottom is in.</blockquote>
This theory has always intrigued me: that only when no one thinks the bottom is in, the bottom is in. Where did that gem come from?</blockquote>
Just some fool named Warren Buffet. And it is not "no one". It is the majority and the minority.
N
NewportSkipper_IHB
Guest
[quote author="awgee" date=1252026534][quote author="NewportSkipper" date=1252025746][quote author="awgee" date=1252025652][quote author="graphrix" date=1252024511][quote author="NewportSkipper" date=1252023709]Irvine has barely budged in 2009 and there is <strong>no capitulation</strong>.</blockquote>
ROFLMAO! :lol: That is so not true. Foreclosure stats keep increasing for Irvine every single month. 912 are in some stage of foreclosure right now. Just a month ago I was shocked Irvine broke the 800 mark, a few months before that it was the 700 mark, just a few months before that is was the 600 mark. And, yes, the REOs have increased significantly in Irvine. Maybe Cayci was right, loan mods mostly apply to the flyover states, and Irvine with its above conforming loan amounts is getting shafted.</blockquote>
If NS is talking about prices in Irvine, he is correct in that there are some sections of Irvine in which the price has actually increase a bit. See Ipo's thread. But, Irvine is not indicative of the overall market, especially the long term overall market. And NS is correct in that capitulation has not been reached. It is not even close. There are still way too many folks looking for and professing the bottom is in.</blockquote>
This theory has always intrigued me: that only when no one thinks the bottom is in, the bottom is in. Where did that gem come from?</blockquote>
Just some fool named Warren Buffet.</blockquote>
Did 0% of people think the bottom was reached when the stock market hit 8,000? Did it go up or down since then?
ROFLMAO! :lol: That is so not true. Foreclosure stats keep increasing for Irvine every single month. 912 are in some stage of foreclosure right now. Just a month ago I was shocked Irvine broke the 800 mark, a few months before that it was the 700 mark, just a few months before that is was the 600 mark. And, yes, the REOs have increased significantly in Irvine. Maybe Cayci was right, loan mods mostly apply to the flyover states, and Irvine with its above conforming loan amounts is getting shafted.</blockquote>
If NS is talking about prices in Irvine, he is correct in that there are some sections of Irvine in which the price has actually increase a bit. See Ipo's thread. But, Irvine is not indicative of the overall market, especially the long term overall market. And NS is correct in that capitulation has not been reached. It is not even close. There are still way too many folks looking for and professing the bottom is in.</blockquote>
This theory has always intrigued me: that only when no one thinks the bottom is in, the bottom is in. Where did that gem come from?</blockquote>
Just some fool named Warren Buffet.</blockquote>
Did 0% of people think the bottom was reached when the stock market hit 8,000? Did it go up or down since then?
awgee_IHB
New member
[quote author="NewportSkipper" date=1252026878][quote author="awgee" date=1252026534][quote author="NewportSkipper" date=1252025746][quote author="awgee" date=1252025652][quote author="graphrix" date=1252024511][quote author="NewportSkipper" date=1252023709]Irvine has barely budged in 2009 and there is <strong>no capitulation</strong>.</blockquote>
ROFLMAO! :lol: That is so not true. Foreclosure stats keep increasing for Irvine every single month. 912 are in some stage of foreclosure right now. Just a month ago I was shocked Irvine broke the 800 mark, a few months before that it was the 700 mark, just a few months before that is was the 600 mark. And, yes, the REOs have increased significantly in Irvine. Maybe Cayci was right, loan mods mostly apply to the flyover states, and Irvine with its above conforming loan amounts is getting shafted.</blockquote>
If NS is talking about prices in Irvine, he is correct in that there are some sections of Irvine in which the price has actually increase a bit. See Ipo's thread. But, Irvine is not indicative of the overall market, especially the long term overall market. And NS is correct in that capitulation has not been reached. It is not even close. There are still way too many folks looking for and professing the bottom is in.</blockquote>
This theory has always intrigued me: that only when no one thinks the bottom is in, the bottom is in. Where did that gem come from?</blockquote>
Just some fool named Warren Buffet.</blockquote>
Did 100% of people think the bottom was reached when the stock market hit 8,000? Did it go up or down since then?</blockquote>
No one said 100%. Capitulation is about the masses and the minority. Anyways, it is obvious you want to hold on to your mindset. Good luck.
ROFLMAO! :lol: That is so not true. Foreclosure stats keep increasing for Irvine every single month. 912 are in some stage of foreclosure right now. Just a month ago I was shocked Irvine broke the 800 mark, a few months before that it was the 700 mark, just a few months before that is was the 600 mark. And, yes, the REOs have increased significantly in Irvine. Maybe Cayci was right, loan mods mostly apply to the flyover states, and Irvine with its above conforming loan amounts is getting shafted.</blockquote>
If NS is talking about prices in Irvine, he is correct in that there are some sections of Irvine in which the price has actually increase a bit. See Ipo's thread. But, Irvine is not indicative of the overall market, especially the long term overall market. And NS is correct in that capitulation has not been reached. It is not even close. There are still way too many folks looking for and professing the bottom is in.</blockquote>
This theory has always intrigued me: that only when no one thinks the bottom is in, the bottom is in. Where did that gem come from?</blockquote>
Just some fool named Warren Buffet.</blockquote>
Did 100% of people think the bottom was reached when the stock market hit 8,000? Did it go up or down since then?</blockquote>
No one said 100%. Capitulation is about the masses and the minority. Anyways, it is obvious you want to hold on to your mindset. Good luck.
N
NewportSkipper_IHB
Guest
Don't we all?
N
NewportSkipper_IHB
Guest
[quote author="awgee" date=1252027280][quote author="NewportSkipper" date=1252027169]Don't we all?</blockquote>
No. I want to make money.</blockquote>
Hold on to our mindset.
No. I want to make money.</blockquote>
Hold on to our mindset.
N
NewportSkipper_IHB
Guest
[quote author="graphrix" date=1252025837][quote author="NewportSkipper" date=1252025575]Nothing paint can't fix.</blockquote>
Actually, the CC&R's state you are stuck with salmon stucco forever!
How is Woodbury doing on prices again? FOCUS!</blockquote>
I don't have time, but I'll check it out.
The CCRs say nothing of the kind. There are homes painted gold and yellow and brown over there too. What color works for you?
My monkey has the day off, what color is this?
http://www.redfin.com/CA/Irvine/1508-Reggio-Aisle-92606/home/5704165
Actually, the CC&R's state you are stuck with salmon stucco forever!
How is Woodbury doing on prices again? FOCUS!</blockquote>
I don't have time, but I'll check it out.
The CCRs say nothing of the kind. There are homes painted gold and yellow and brown over there too. What color works for you?
My monkey has the day off, what color is this?
http://www.redfin.com/CA/Irvine/1508-Reggio-Aisle-92606/home/5704165
graphrix_IHB
New member
[quote author="NewportSkipper" date=1252027394][quote author="graphrix" date=1252025837][quote author="NewportSkipper" date=1252025575]Nothing paint can't fix.</blockquote>
Actually, the CC&R's state you are stuck with salmon stucco forever!
How is Woodbury doing on prices again? FOCUS!</blockquote>
I don't have time, but I'll check it out.
The CCRs say nothing of the kind. There are homes painted gold and yellow and brown over there too. What color works for you?
My monkey has the day off, what color is this?
http://www.redfin.com/CA/Irvine/1508-Reggio-Aisle-92606/home/5704165</blockquote>
HOAs or CC&Rs; do restrict paint colors. Give it up, I think the homes in Westpark are fugly, no matter what the color is.
And... dude... the chimney is painted salmon...
http://media.cdn-redfin.com/photo/46/bigphoto/075/S563075_1.jpg
It looks like someone vomited up their sushi and sprayed it all over the stucco there.
Actually, the CC&R's state you are stuck with salmon stucco forever!
How is Woodbury doing on prices again? FOCUS!</blockquote>
I don't have time, but I'll check it out.
The CCRs say nothing of the kind. There are homes painted gold and yellow and brown over there too. What color works for you?
My monkey has the day off, what color is this?
http://www.redfin.com/CA/Irvine/1508-Reggio-Aisle-92606/home/5704165</blockquote>
HOAs or CC&Rs; do restrict paint colors. Give it up, I think the homes in Westpark are fugly, no matter what the color is.
And... dude... the chimney is painted salmon...
http://media.cdn-redfin.com/photo/46/bigphoto/075/S563075_1.jpg
It looks like someone vomited up their sushi and sprayed it all over the stucco there.
badcandy_IHB
New member
[quote author="EvaLSeraphim" date=1252018082]That raises a question for me. Does anyone know if the loan mods change the loan terms from non-recourse to recourse?</blockquote>
Eva, that is exactly what went through my mind when the loan mod thing started up... because that really does up the ante and I think most people aren't even aware of it.
One of the lawyers on another forum posted this in response to the question:
"The challenge is that the ability of a lender to pursue a borrower for any deficiencies is not just a matter of what state they are in, or even what the modification documents may state. California for example has a fairly complex web of anti-deficiency statutes. There is case law that actually says that if the borrower resides in CA, even if the property is located elsewhere, then the CA statutes apply. As to modifications, the short answer is that yes, they can change an otherwise "non-recourse" loan into a "recourse" loan, but again, there are several moving pieces. It is really important to get as much of a custom answer as possible as one small detail can make all the difference."
However, it sounds like in CA, it's an unlikely scenario, as most of these programs are modifications of the original loan, and not a 'new' loan.
Eva, that is exactly what went through my mind when the loan mod thing started up... because that really does up the ante and I think most people aren't even aware of it.
One of the lawyers on another forum posted this in response to the question:
"The challenge is that the ability of a lender to pursue a borrower for any deficiencies is not just a matter of what state they are in, or even what the modification documents may state. California for example has a fairly complex web of anti-deficiency statutes. There is case law that actually says that if the borrower resides in CA, even if the property is located elsewhere, then the CA statutes apply. As to modifications, the short answer is that yes, they can change an otherwise "non-recourse" loan into a "recourse" loan, but again, there are several moving pieces. It is really important to get as much of a custom answer as possible as one small detail can make all the difference."
However, it sounds like in CA, it's an unlikely scenario, as most of these programs are modifications of the original loan, and not a 'new' loan.