Comments on: Very very clever auction in Redwood City

By: Pralay

Pralay — Sat, 26 Apr 2008 18:49:28 +0000

Those careers are plentiful but are getting slimmer to survive.
———-

Yes, they are still plentiful. For example this guy, Tom Adkins, lying in broad daylight.
http://www.youtube.com/watch?v=Sicyi17cT2c

By: rick

rick — Sat, 26 Apr 2008 17:40:50 +0000

Aaron,

Those careers are plentiful but are getting slimmer to survive. And they could not find other jobs.

I heard one of them is becoming a high tech guy, so strange, as a lot of “hi-tech” guys with no degree in engineering go into real estate after the bust.

By: Who is going to the house auction in San Jose Convention Center? [Burbed.com]

Who is going to the house auction in San Jose Convention Center? [Burbed.com] — Sat, 26 Apr 2008 12:47:10 +0000

[...] not sure if people noticed from yesterday’s post, but there is an auction at the San Jose McEnry Convention Center tomorrow (4/27) at [...]

By: MSG

MSG — Sat, 26 Apr 2008 07:23:16 +0000

A little bit old, but this should be posted:

http://blogs.marketwatch.com/greenberg/2007/12/straight-talk-on-the-mortgage-mess-from-an-insider/

Mark Henson is a mortgage veteran on the wholesale side of the loans. He lives in the Bay Area and is familiar with the real estate markets here. Check his last paragraph:

One final thought. How can any of this get repaired unless home values stabilize? And how will that happen? In Northern California, a household income of $90,000 per year could legitimately pay the minimum monthly payment on an Option ARM on a million home for the past several years. Most Option ARMs allowed zero to 5% down. Therefore, given the average income of the Bay Area, most families could buy that million dollar home. A home seller had a vast pool of available buyers.

Now, with all the exotic programs gone, a household income of $175,000 is needed to buy that same home, which is about 10% of the Bay Area households. And, inventories are up 500%. So, in a nutshell we have 90% fewer qualified buyers for five-times the number of homes. To get housing moving again in Northern California, either all the exotic programs must come back, everyone must get a 100% raise or home prices have to fall 50%. None, except the last sound remotely possible.

What I am telling you is not speculation. I sold BILLIONs of these very loans over the past five years. I saw the borrowers we considered ‘prime’. I always wondered ‘what WILL happen when these things adjust is values don’t go up 10% per year’.

By: MSG

MSG — Sat, 26 Apr 2008 00:40:19 +0000

^^ hahaha, yeah, I thought the same thing.

By: Aaron

Aaron — Sat, 26 Apr 2008 00:08:22 +0000

You, know I thought “Hurlingame” was just a joke about not being Burlingame. As in, “this neighborhood was so much worse than Burlingame, we wanted to hurl”.

But it’s an ACTUAL street name in Redwood City.

That’s reason enough alone for us to pick on it RealEstater. And why don’t you start a new career as biased web commentator with ulterior motives – we need a lot of those right now!

By: Pralay

Pralay — Sat, 26 Apr 2008 00:00:33 +0000

it seems Realtors are the one who scammed the system most, as opposed to regular sub prime borrowers.
————

Another real estate agent, who found more lucrative business than home flipping:
http://www.mercurynews.com/localnewsheadlines/ci_8955728

By: sg

sg — Fri, 25 Apr 2008 23:54:13 +0000

> think the buyer and seller have some connection. One of them is real estate agent (Google her name). They used to milk banks by flipping each other and refinancing.

People like this should go to jail.

By: sg

sg — Fri, 25 Apr 2008 23:47:53 +0000

Pralay, thanks for the link. Madhaus, it seems Realtors are the one who scammed the system most, as opposed to regular sub prime borrowers.

By: RealEstater

RealEstater — Fri, 25 Apr 2008 23:14:56 +0000

Pralay,

You and Madhaus can start a new a career as a real estate detective. There’s like a totally lack of people in that space right now!