Asians stay on track in any economy

NEW -> Contingent Buyer Assistance Program
Is this thread a variant on the rich-Asians-will-save-the-market meme? I look at the property records of most of the properties I profile, and although we don't publish names, I can tell you Asian names are very well represented in the short sale and foreclosure properties -- at least equaling their representation in the general population. One thing I have noticed, anecdotally, is that WTF listings seem to have Asian last names more than others.
 
<a href="http://tinyurl.com/292uks">Here's a link to a recent foreclosure report,</a> if anyone wants to check and see. BTW, this thing is 111 pages long. For reference, the one posted at the same time last year was 26 pages. The one posted two years ago <em>had a total of 28 properties listed</em>.
 
<p>Asianinvasion... you really need to get out and know more Asians. Most Asians take out mortgages just like anyone else.</p>

<p>But I do think the Hispanics will have the most problems with foreclosures though... they made the most use of subprime loans.</p>

<p>As for Asians having gambling problems, I absolutely concur. </p>

<p>The only thing I can say with absolutely certainty is that Asians tend to do well academically.</p>
 
<p>Here's a comment from "949Mommylove" from the "Quail Hill Foreclosures" thread, regarding 51 Momento in Quail Hill, which has been in foreclosure and was supposedly sold at a foreclosure sale on Wednesday, Feb 13. If I'm recalling the correct open house, I went into 51 Momento this summer during a showing. The realtor told me that the owner's father had been a famous Asian diplomat (I wont say which country). There was a photo in the house of him shaking hands with Gerald Ford.</p>

<p>All that said, this is a silly topic. Can we get back to the numbers?</p>

<p>*******************************************************</p>

<p><a href="http://forums.irvinehousingblog.com/account/813/">949mommylove</a> </p>

<p>CommentTime 15 hours ago</p>

<p>I went by there this afternoon. The house is occupied. Some oriental lady opened the door. She referred me to her agent for any questions. </p>

<p> </p>
 
<p>Oh, and the homedebtor for 143 Weathervane in Quail Hill, which was taken back by the bank in a foreclosure sale in January, had a very obviously Asian (i.e. probably a first generation immigrant) name.</p>

<p>Now, does anyone really want to claim that "Asians don't end up in foreclosure?" Enough of this nonsense, please.</p>
 
<p>Adding fuel to the fire, maybe this is how they avoid foreclosure! </p>

<p><a href="http://www.latimes.com/news/printedition/asection/la-na-espionage12feb12,1,7162164.story">http://www.latimes.com/news/printedition/asection/la-na-espionage12feb12,1,7162164.story</a></p>
 
If (East?) Asian households don't end up in foreclosure, then I guess there would be no foreclosures in East Asia.





It's true that certain traits are cultural, while others are genetic. The strong belief in luck and love of gambling (lotto or otherwise) is cultural, while alcoholism may be genetic.
 
<p>The facts that I've seen so far is that Hispanics are being foreclosed upon the most in: Santa Ana, Corona, Riverside, San Bernardino, San Diego, Sacramento, etc.</p>

<p>Many of them were victims of predatory lending...by other Hispanics: brokers, realtors, friends of friends.</p>

<p>They took advantage of their financial illiteracy and the fact that many of them are trying to escape poverty and since many of them don't have a clear immigration status they are easy targets and they won't complain, is like the Color Purple movie, black women were the ones that suffered racism the most, same here with Hispanics, they will quietly accept any outcome and shut up.


</p>

<p>For the victims of predatory lending, I feel bad for them because nobody is going to fight for them, they for sure will walk away and start all over again.</p>

<p>I listen to Hispanic radio stations and read Hispanic printed media, and the message was out there (and still is) that this is the best time to buy real estate, use the income of all of your family members to qualify, you can invest in RE and become millionaire, Spanish infomercials, etc. </p>
 
Rocker- what about the hispanics who refi or bought a home as part of a fraud scheme to take the money and wire it down to their home country and retire? do you feel sorry for them?
 
<p>jbatzmaru -





As I said, I only feel bad for the victims of predatory lending and other people because of their ignorance were easy targets of brokers.





At the same time, is not a surprise to me at all, to read in other blogs that some Hispanic surnames are named in frauds: in-laws took the credit hit and bailed out other family members when they acquired their overpriced properties with 100% financing and then defaulted the very first mortgage payment, etc. Now, this seems that is happening across al ethic groups.





Fraud and corruption are survival methods in poor countries, and some Hispanics keep doing it here, they learned that in their home country, but No mercy for them, I hope authorities catch and lock them in jail.





Fraud like this is going to make things harder for people like me that only just want to buy a house to live in. </p>
 
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