Irvine - Subprime Ghost Town - CNN

[vicstah_IHB]

<p><a href="http://money.cnn.com/2008/03/27/news/economy/irvine_subprime/index.htm?cnn=yes">http://money.cnn.com/2008/03/27/news/economy/irvine_subprime/index.htm?cnn=yes</a></p>

<p> </p>

 

[EvaLSeraphim_IHB]

Oh Prof . . . Are you <em>still </em>chucking stones are the poor downtrodden, debt ridden, and unemployed? Every dog has its day, you know.

 

[EvaLSeraphim_IHB]

<p><em>>>The Chamber of Commerce estimates that 20% of the city's Class A office space is empty, a record high.</em></p>

<p>Whoa. </p>

 

[Nude_IHB]

<p>Eva,</p>

<p>stuff it.</p>

 

[Anonymous_IHB]

<p>But hey, there's still plenty of healthcare jobs in Irvine</p>

<p>http://calculatedrisk.blogspot.com/2008/03/theres-always-sick-people.html</p>

 

[Rocker_IHB]

<p>Who could have thought this headline exactly one year ago when all you could read was "subprime is contained"?





The exact date when things broke apart for Irvine is 02/07/07 when in early in the morning HSBC reported in the UK that they have "increased" its provisions for losses in US mortages and in the same day New Century gave their first warning, we've been going down since that date.





</p>

 

[Stuff It_IHB]

Nude - I have warned you. MY NAME SHALL NOT BE USED IN VAIN

 

[Nude_IHB]

<p>Stuff It-</p>

<p>As much as I would like to use "nude it", it just doesn't have the same flavor, has no context within these forums, and might get me slapped when uttered in politice company. However, thanks to SoCalGal's flippant use of it, "stuff it" comes with the added benefit of being a term of friendly ribbing even if it doesn't sound like an invitation to disrobe.</p>

<p>In short, stuff it! </p>

 

[PeterUK_IHB]

<p>So any idea what those 4,000 counterproductive employees are going to do now?</p>

<p> </p>

 

[No_Such_Reality_IHB]

They're probably doing much the same as the high flying 2002 RE Agent/Investor profiled in the SD Union Tribune this week. Looking for a full time job with health benefits that pays 10-20 cents on the dollar of their peak earnings as an RE agent during the bubble. http://www.signonsandiego.com/news/business/20080323-0820-investors.html

 

[PeterUK_IHB]

<p>No_such, at last we're seeing check and balance....from the URL you posted above...</p>

<p><strong><em>In 2003, Staci Gemigniani bought a two-bedroom, 1,100-square-foot house in City Heights for about $295,000. The next year she got her real estate license and purchased three more homes in the succeeding 18 months – condos in downtown San Diego and Escondido, and a house in the College Area – for about $1 million combined, deed records show. </em></strong></p>

<p><strong><em>Since October, Gemigniani, 35, has lost all four to foreclosure. She did not return repeated phone calls seeking comment. </em></strong></p>

<p><strong><em>Pamela Khamo, 42, began a career as a real estate agent in 2002 after selling her La Mesa coffee shop. As the housing market heated up, so did her commissions. By 2005, her annual income swelled to $360,000, according to bankruptcy records.</em></strong> </p>

<p></p>

<p>At least Pamela might beable to get a Job at Starbucks</p>

 

[No_Such_Reality_IHB]

<p>Yeah, that's the minor good news. Still, it's both disturbing and sad. The bubble was irrational enough and the RE industry is so distorted that someone can literally make $360,000 in a boom year, $170K in a bad year when they can apparently barely command $40,000 a year for a regular job... The sad part is for most, easy come easy go. I must admit, if I suddenly 10X my income in an easy environment, I'd probably be too busy laughing at all the suckers working to realize I should be banking as much of it as possible.</p>

<p>BTW, thanks for the limo referral, he's still on my list to call.</p>