IR2's Prior Post : Stats show average of 36% down payment on irvine homes sold in 2008 : Several Million Dollar+ homes are 100% Cash Buys!

NEW -> Contingent Buyer Assistance Program
[quote author="k.o." date=1211348625][quote author="awgee" date=1211239171]Anyone purchasing a home withing the next two years is a knife catcher; Asian or otherwise.</blockquote>


Thanks.

Jeez, what is up with some of the seemingly anti-Asian sentiment I feel here sometimes?</blockquote>


Jealousy, that the homeowners are asian and the renters are not!
 
[quote author="lendingmaestro" date=1211287498]If you have 1 million bucks to shell out you aren't putting it all in CD's. A million bucks in a well diversified portfolio should yield you 6% gross return very easily.</blockquote>


sure buddy, that's what a lot of "going broke" investors said when they started to invest in "supposed to be safe" investment like bear stearns.



look at the current market. there's no safe diverisified investment period. There's always risk.

Put money in fdic banks is the only safe way.
 
[quote author="asianinvasian" date=1211353801][quote author="k.o." date=1211348625][quote author="awgee" date=1211239171]Anyone purchasing a home withing the next two years is a knife catcher; Asian or otherwise.</blockquote>


Thanks.

Jeez, what is up with some of the seemingly anti-Asian sentiment I feel here sometimes?</blockquote>


Jealousy, that the homeowners are asian and the renters are not!</blockquote>


Nah... he just feels sorry for anyone, regardless of ethnicity, who buys a depreciating asset.
 
[quote author="asianinvasian" date=1211353801][quote author="k.o." date=1211348625][quote author="awgee" date=1211239171]Anyone purchasing a home withing the next two years is a knife catcher; Asian or otherwise.</blockquote>


Thanks.

Jeez, what is up with some of the seemingly anti-Asian sentiment I feel here sometimes?</blockquote>


Jealousy, that the homeowners are asian and the renters are not!</blockquote>


I try to stay out of these ethnic battles, but I would like to point out something I have noticed while doing blog posts on HELOC abuse: most of the abusers are Asian. The "frugal Asian" stereotype who saves like a miser may be real, but there are also a great many of them who spent themselves out of their homes. When I first started finding the HELOC abuse cases, I didn't think much of all the Asian names because 30%-40% of Irvine is Asian, so I would expect to find the same percentage or slightly less (if the frugal Asian myth were reality.) So far, it is closer to 80% that are Asian. Perhaps my sample size is too small to draw a statistical conclusion, but anecdotally, I will tell you that many Asians have spent their way from homeowner back to renter.
 
[quote author="IrvineRenter" date=1211364831][quote author="asianinvasian" date=1211353801][quote author="k.o." date=1211348625][quote author="awgee" date=1211239171]Anyone purchasing a home withing the next two years is a knife catcher; Asian or otherwise.</blockquote>


Thanks.

Jeez, what is up with some of the seemingly anti-Asian sentiment I feel here sometimes?</blockquote>


Jealousy, that the homeowners are asian and the renters are not!</blockquote>


I try to stay out of these ethnic battles, but I would like to point out something I have noticed while doing blog posts on HELOC abuse: most of the abusers are Asian. The "frugal Asian" stereotype who saves like a miser may be real, but there are also a great many of them who spent themselves out of their homes. When I first started finding the HELOC abuse cases, I didn't think much of all the Asian names because 30%-40% of Irvine is Asian, so I would expect to find the same percentage or slightly less (if the frugal Asian myth were reality.) So far, it is closer to 80% that are Asian. Perhaps my sample size is too small to draw a statistical conclusion, but anecdotally, I will tell you that many Asians have spent their way from homeowner back to renter.</blockquote>


That may be true, but like I said before, asians may all look the same to you but they in fact are not. Garden Grove and Irvine are both full of asians, but very different kinds. This is not a racial issue but a cultural one. You can be white or black and raised in a Chinese family will be the same way. My family and relatives have always only ever bought anthing with cash. Always. College, cars, houses, everything, only cash, always. There is no such thing as credit or debt.
 
[quote author="IrvineRenter" date=1211364831][quote author="asianinvasian" date=1211353801][quote author="k.o." date=1211348625][quote author="awgee" date=1211239171]Anyone purchasing a home withing the next two years is a knife catcher; Asian or otherwise.</blockquote>


Thanks.

Jeez, what is up with some of the seemingly anti-Asian sentiment I feel here sometimes?</blockquote>


Jealousy, that the homeowners are asian and the renters are not!</blockquote>


I try to stay out of these ethnic battles, but I would like to point out something I have noticed while doing blog posts on HELOC abuse: most of the abusers are Asian. The "frugal Asian" stereotype who saves like a miser may be real, but there are also a great many of them who spent themselves out of their homes. When I first started finding the HELOC abuse cases, I didn't think much of all the Asian names because 30%-40% of Irvine is Asian, so I would expect to find the same percentage or slightly less (if the frugal Asian myth were reality.) So far, it is closer to 80% that are Asian. Perhaps my sample size is too small to draw a statistical conclusion, but anecdotally, I will tell you that many Asians have spent their way from homeowner back to renter.</blockquote>


Agreed. I've done a lot of loans for Asians and many are over their heads. Not because they want material possessions, but because they are driven to provide a home for their families. Many Asians got in over their heads in order to purchase properties for their relatives to live in. In my lending experience (and personal experience being engaged to an Asian American) they have an instinctual tendency to spend their hard earned income on housing. They will be frugal in every other area of life, but they will spend a lot on a home.
 
[quote author="irvinehousingblog" date=1211355961][quote author="lendingmaestro" date=1211287498]If you have 1 million bucks to shell out you aren't putting it all in CD's. A million bucks in a well diversified portfolio should yield you 6% gross return very easily.</blockquote>


sure buddy, that's what a lot of "going broke" investors said when they started to invest in "supposed to be safe" investment like bear stearns.



look at the current market. there's no safe diverisified investment period. There's always risk.

Put money in fdic banks is the only safe way.</blockquote>


a 10yr treasury historically would have gotten you close so maestro isn't not really that off-base.
 
[[quote author="irvinehousingblog" date=1211355961][quote author="lendingmaestro" date=1211287498]If you have 1 million bucks to shell out you aren't putting it all in CD's. A million bucks in a well diversified portfolio should yield you 6% gross return very easily.</blockquote>


sure buddy, that's what a lot of "going broke" investors said when they started to invest in "supposed to be safe" investment like bear stearns.



look at the current market. there's no safe diverisified investment period. There's always risk.

Put money in fdic banks is the only safe way.</blockquote>


LOL, that's funny, buddy. Bear Stearns has very little to do with a well diversified portfolio. Who said Bear Stearns was a safe investment? You? I sure as hell never did. That's why it's called a DIVERSIFIED portoflio, buddy, so you can avoid large losses from business risk. The VAST majority of investors that get creamed are chasing 10% + yields. That is where you get into trouble. With 1 million bucks you can get a decent portfolio of US treasuries, tax exempt munis, Utilities, blue chip growth & income stocks, preferred stock, and investment grade corporate bonds.



Hmm US treasuries are THE SAFEST investment out there. NOT FDIC insured banks. There are limitations to how much can be invested. Treasuries are backed by the taxing power of the federal gov't AND The US gov't can always print more money. In addition, CD's have higher interest rate risk and reinvestment risk than treasuries. CD's also are ILLIQUID because you cannot withdraw funds without penalty. I think, perhaps, you need a little more investment knowledge.
 
[quote author="IrvineRenter" date=1211364831]

I try to stay out of these ethnic battles, but I would like to point out something I have noticed while doing blog posts on HELOC abuse: most of the abusers are Asian. The "frugal Asian" stereotype who saves like a miser may be real, but there are also a great many of them who spent themselves out of their homes. When I first started finding the HELOC abuse cases, I didn't think much of all the Asian names because 30%-40% of Irvine is Asian, so I would expect to find the same percentage or slightly less (if the frugal Asian myth were reality.) So far, it is closer to 80% that are Asian. Perhaps my sample size is too small to draw a statistical conclusion, but anecdotally, I will tell you that many Asians have spent their way from homeowner back to renter.</blockquote>


There's a chance that the said Asian home owners took the $ to Vegas and lost it all on the tables.



Gambling is a big problem with many Asian ethnicities.
 
LM, Fake IHB -- this cannot continue. We have important things to discuss here. I'm going to have to demand... that you guys have a Best of 3 Zing/Burn Off, with the winner declared Zingmaster.
 
Newer 1.1 generation Chinese immigrants from China are into scams and other illegal activities. The clans selected a fall-guy who is compensated for ruined credits and filing bankruptcy. The fall-guy to begin with is much older without education and cash transaction for all purchases. Some used their non English speaking grandma as the name on title and who cares if her credit is ruined. Older generation Chinese do not use credit cards.



The same group from China also are responsible for gambling rings and Asian Massage Parlors.



Chinese from Mainland China grew up during the Cultural Revolution their ethic and righteousness were stripped during their upbringing and they will cheat others and have disregard for humanity, environment, and compassion. Chinese government is the most corrupt in the world. There are of course exceptions but few.



The hardworking frugal 1.0 generation are immigrants from Hong Kong and Taiwan prior to 1985. They came to America for a better life.



Immigration after 1985 were the rich Chinese wanting to transfer their wealth to the US and avoid the political turmoil feared by all during the China sovereignty over Hong kong in 1997. Their children are the LV shoppers and Rice Burner car drivers.



The 1.1 Chinese are notorious for RE scams.



Hong Kong is a very small place about the size of Monaco. Population there is one person per sf of land. San Diego, LA and OC population packed into the size of Palos Verde peninsula. Kids recreation has been confined to very small spaces and no playing fields for sports. A deck of card game fits anywhere including the public stairwell landings. All children learned that gambling is an accepted family recreation since parents play Mah Jong gambling for hours and days. The addiction among Chinese gave our native Indians over-night wealth and success.







[quote author="momopi" date=1211436146][quote author="IrvineRenter" date=1211364831]

I try to stay out of these ethnic battles, but I would like to point out something I have noticed while doing blog posts on HELOC abuse: most of the abusers are Asian. The "frugal Asian" stereotype who saves like a miser may be real, but there are also a great many of them who spent themselves out of their homes. When I first started finding the HELOC abuse cases, I didn't think much of all the Asian names because 30%-40% of Irvine is Asian, so I would expect to find the same percentage or slightly less (if the frugal Asian myth were reality.) So far, it is closer to 80% that are Asian. Perhaps my sample size is too small to draw a statistical conclusion, but anecdotally, I will tell you that many Asians have spent their way from homeowner back to renter.</blockquote>


There's a chance that the said Asian home owners took the $ to Vegas and lost it all on the tables.



Gambling is a big problem with many Asian ethnicities.</blockquote>
 
The Asain degenerate gambler theroy is real.



For a while I was screwing around grinding playing poker at Hawaiian Gardens, Hustler, and the Bike. Some Asian players are excelent, a most of the spew chips and can't play, but ALL of them are there because they like to gamble. Maybe 60% of the players at these places are asain. Mostly Chinese and Vietnamese, with a few Koreans. Hardly any Japanese. Anyway, they were solely responsible for about 80% of my earn, mostly becasue even the good players found it difficult to not "gamble it up".



FOB (fresh off boat) applies to other cultures than asains. My Japanese roommate from college liked to refer to his mom and dad as JOJ (just off jet) because, as he said, they were in a hurry to get here.
 
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