Californians demonstrate ability to manage money by using strategic defaults
Congrats to California for demonstrating our savvy financial abilities. Now we’re not only the leaders in producing innovative products, but we’re also one of the best in using strategy to manage our finances.
More importantly, we beat NY. You’d figure all those finance/banking losers would be better at this, but clearly they can’t think out of the box like we can. Go California!
January 24th, 2010 at 11:51 am
Rich. So former homeowners are “discovering” the benefits of renting since renting is a lot cheaper than buying? Who woulda’ thunk? B-B-But I thought renting was for looooosers.
January 24th, 2010 at 12:35 pm
They need to augment that map. It’s too negative by taking ALL of California in aggregate. Clearly, if it is RBA property, that should be displayed as green with a little smiley face. RBA property will NEVER default and NEVER depreciate.
January 24th, 2010 at 3:30 pm
Thread hijack!
Check out this listing:
http://www.apr.com/Default.aspx?pp=-1&l=1207778
20385 WOLCOT WY, Saratoga, CA 95070
Something for everyone. For bulls:
It was listed about 2 weeks ago, last weekend had open house, now pending w/o release. Meaning, someone made a contract with no contingencies. Very common in 2007. Not so much now.
For bears:
It’s listed for 1.45m, for a 2400 ft house with Saratoga schools, and no location problems like freeway, train track, power lines. And not a dump either. In 07 this would be at least 1.6m.
It will be interesting to see what the actual selling price is.
January 24th, 2010 at 4:56 pm
Californians no longer want to pay their mortgages now that they can’t pull money out of their houses? Well I’ll be!
Typical 2006 homebuyer in 2006: Gosh, this is great! No money down on a neg-am loan for a 800k house! And it has granite counter tops! I can’t wait until I’ve owned it for a month so I can tap the appreciation to pay my mortgage!
Typical 2006 homebuyer in 2009: Wait – you mean “my” home is worth less than what I owe on the mortgage? Gosh, well I never thought I would have to work to pay off the home – it was supposed to pay me to just to live in it! This isn’t the deal that I am entitled to! I’m outta here!!!
January 24th, 2010 at 5:40 pm
Sad to say, you’ve summed it up pretty well for a lot of homebuyers during the bubble.
January 26th, 2010 at 10:55 pm
#3: I wouldn’t say the house has no location problems. If you look at the Satellite map carefully, the back yard backs up to apartment complexes.
In any case, I acknowledge that the Saratoga market is softer than the peninsula market. A house like that would be worth twice as much in Palo Alto.