December 17, 2007

Map of the Real Bay Area – Investor Free

It really shocks me. The Main Street Media (MSM) like the Chronicle published yet another bubble head doomsday article. But they made a critical mistake:

Investors own about one-fifth of Bay Area homes in foreclosure
Israel Medina admits he got too gung ho about the idea of getting rich by flipping Bay Area real estate.

Medina, a Concord resident who ran a limousine company before wading neck-deep into the housing market, has seen not one, but 11, of his Northern California properties move into foreclosure in the past year, he said.

“I was a real estate tycoon; I had everything,” said Medina. “Now I have nothing.”

A Chronicle analysis of public records shows that speculators like Medina played a significant role in the region’s subprime loan meltdown.

These real estate gamblers are hardly the struggling home buyers often portrayed as victims of the Bay Area’s and nation’s foreclosure crisis. Some bought houses as often as other people buy shoes, rarely putting down any money. The speculators were betting that home prices would continue to shoot up. Instead, when the market started softening and prices sagged, many of their properties ended up as foreclosures.

More than one-fifth of 6,557 Bay Area properties that fell into foreclosure from January through September this year were owned by investors, according to a Chronicle analysis of public records compiled by DataQuick Information Systems. Of properties repossessed by lenders, 1 in 6 had been owned by people who had two or more foreclosures in their names. Eighteen Bay Area investors had five or more foreclosures.

You see, the problem is that they don’t really know where The Real Bay Area is. They published a graphic that goes with this article, and I’ve taken the liberty of fixing it for them:

burbedrealbayarea.jpg

Chronicle guys – you owe me for this one. Read up – learn where the Real Bay Area is. Stop talking about all those fake Bay Area places where property prices don’t always rise.

Sheesh.

Comments (7) -- Posted by: burbed @ 4:51 am

7 Responses to “Map of the Real Bay Area – Investor Free”

  1. 3rd Generation Says:

    IDIOT-IN-CHIEF ENTERTAINS AT ROTARY CLUB MEETING

    How LOW do you have to stoop to be President?

    Bush says US economy is safe and sound
    By BEN FELLER Associated Press Writer

    FREDERICKSBURG, Va.—President Bush worked to reassure Americans on Monday about the economy but said “there’s definitely some storm clouds and concern” because of the nation’s credit crunch and mortgage problems.
    “But the underpinning is good,” Bush told business and community leaders at a gathering of Rotary Club members.

    “We’ve had a pretty good economic run,” the president said in a speech intended to show he is aware of the public’s edgy mood these days. Consumer confidence has eroded as turmoil in the housing and credit market have battered the economy.

    Bush tried to position himself as an advocate for working families by taking aim at his favorite target: the Democratic Congress.

    “The Congress cannot take economic vitality for granted,” Bush said.

    “The most negative thing Congress can do in the face of economic uncertainty is to raise taxes on the American people,” Bush said.

    The audience of roughly 80 people listened to Bush with respectful silence. Yet a line that normally gets him applause—”I’ll veto any tax increase”—drew no reaction at all.

    Bush chose to highlight positive economic news, such as job growth. “People are working; productivity is high,” Bush said.

    He acknowledged the nation’s major economic woes—mainly the housing and credit crunch—in the context of explaining what his administration is doing to help.

    We can mitigate some of the issues,” Bush said.

    “I just want to let you know we’ve got a strategy. And Congress can help,” the president said, citing a list of bills he’s proposed to lawmakers.
    Bush spoke at the Yak-A-Doo’s restaurant inside a Holiday Inn.

    The White House wanted to keep the flavor of the local Rotary meeting, so there was no banner or backdrop. Bush was not even introduced; he just showed up, drawing a round of applause. The Christmas music being piped was not cut off until someone pointed that out.

    The president watched silently as club members offered a truncated version of their normal business routine, offering the Pledge of Allegiance and a prayer.

    After months of bickering with Congress, Bush pronounced himself pleased with the shape of spending levels that Congress is expected to approve this week. He said any measure must include money for troops in Iraq and Afghanistan.

    “We’re making some pretty good progress toward coming up with a fiscally sound budget,” Bush said. He said that the next couple of days “will be interesting to watch.”

    All this from a alleged dual degree MBA. This man is an embarssment to anything good and decent. He should be arrested immediately and THEN tried for high crimes and treason. He still can do a lot of damage and get us into ANOTHER war in the next 11 months. He needs to be watched carefully. Remember Pearl Harbor -KEEP AMERICA ALERT.

    IMPEACH BUSH-CHENEY IMMEDIATELY

  2. ex-sunnyvale-renter Says:

    Come on, if they tell the truth (we’re heading into the Greater Depression, learn to farm and head for the hills) then it gets worse faster.

    They’re at least trying to auto-rotate this helicopter and bring it down to a bit less of a crash landing …..

    Nice map!

  3. RealEstater Says:

    Just one problem with the map: Oakland and Alameda count as the Real Bay Area? Come on…

  4. Susan Says:

    I remember when the Bay Area meant the counties of Marin, SF, San Mateo, Santa Clara and Alameda. Much like home prices, it appears that the Bay Area has overinflated to include 9, count em 9, counties. As people have looked for newer and/or cheaper housing, we have stretched our boundaries.In the coming recession, do you think we will go back to the original 5?

  5. “Hayward is not in the Bay Area” [Burbed.com] Says:

    […] At the end of last year, I posted a map of The Real Bay Area: […]

  6. Mark in SF Says:

    The fact that the ‘bay area’ has been expanding into less and less central areas makes the ‘median’ home inherently less valuable because it’s less central. If you compare apples to apples (e.g. same home sales) the run up in prices was even more absurd that what the papers have reported. The ‘median’ property of today is not the ‘median’ property of 15 years ago.

  7. Map of The Real Bay Area confirmed by SF Chronicle [Burbed.com] Says:

    […] doesn’t that look familiar… kind of like the map I published nearly two months […]


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