Repair California – is this good? is this bad?
http://www.repaircalifornia.org/
Prop 1: "Allows voters to place question of calling a constitutional convention on the ballot."
Prop 2:"Calls a limited convention to propose changes to state constitution."
Alright folks… so what’s the deal with Repair California?
Is this a good cause? A bad cause? Will they help fix this state or will they further wreck it?
Can we get some serious discussion on this thread please?
My initial take – it’s a good thing. But then again, they seemed to have put their campaign on hold due to lack of funding, so that’s not a very good sign.
March 7th, 2010 at 7:15 pm
Serious discussion on a weekend with good weather? Isn’t that an awful lot to ask of us?
FWIW, I think it’s a good cause because no action is the worst thing for this State at this point.
March 7th, 2010 at 7:24 pm
Any reasonable person realizes that a new governor won’t change a thing, voting out the legislature won’t change much, as long as it’s easy to add state spending but impossible to cut it. So a constitutional redraft is a sensible idea.
March 7th, 2010 at 9:01 pm
>So a constitutional redraft is a sensible idea.
If it produces the sort of change one wants. I seriously wonder what percentage of people advocating for a constitutional redraft are doing so while envisioning that their particular pet interests will be enshrined in the constitution.
March 7th, 2010 at 9:02 pm
…as long as it’s easy to add state spending but impossible to cut it.
Not to mention it’s nearly impossible to increase taxes. (I personally don’t think that is the place to start anyway.)
March 7th, 2010 at 9:15 pm
How do I find out the price paid for a property bought at “trustee sale”. For example, 20587 MURANO CI, Cupertino 95014, 4 beds Baths: 4|0 baths is in market for $988,888. The disclosure document states:
“Seller purchased this property bu trustee sale on 11/09 and record trustee sale deed on 12/09″.
How do I know, how much seller paid for 20587 MURANO CI?
Offer due by Friday 3/12 Noon
March 7th, 2010 at 9:24 pm
If it isn’t on Redfin, you can get a free account on PropertyShark to look up a few properties per day.
It was sold 12/09 for $400,000:
12/7/2009 $400,000 Trustee’s Deed upon Sale - Resale - Socal Foreclosure Svcs Inc - Blueland Inv
March 7th, 2010 at 9:43 pm
BTW, it is on Redfin:
http://www.redfin.com/CA/Cupertino/20587-Murano-Cir-95014/home/845584
Very odd history. Purchased when new for $263k, which doesn’t make sense for it to be so low. And then foreclosed for just $400k? Seems like it was supposed to be a below-market deal so I don’t know how the current trustee could be raking in such a huge profit.
March 7th, 2010 at 10:13 pm
This will cause real estate values to go THROUGH THE ROOF!!!!!!!!!!!!!!!!!!
March 8th, 2010 at 10:39 am
This looks like a rela estate SCAM to me:
This property was Cupertino below market rate (BMR) property sold to original owner Eric W Yuen for 263,000 on 5/19/2005:
5/19/2005 $263,000 Grant Deed Subdivision Centex Homes Yuen, Eric W 481096249
Then on 7th December 2009 owner (Eric) sold to “Blueland Investments, 775 Alsion Ct, Fremont CA 94539-5751″ for 400K:
12/7/2009 $400,000 Trustee’s Deed upon Sale Resale Socal Foreclosure Svcs Inc Blueland Inv 1175705684
Now Blueland Investments is trying to a quick flip for near 600K profit.
The situation is pathetic … I am staying out of this
If a buyer is diligent, they can find out the same information as I did.
Please see below my research data.
===================================================
20587 Murano Cir, Cupertino, CA 95014
APN 36658052
Lot number 52
Legal description Tract 9547 lot 52
Location Attributes
Tract number 9547
Census block group 6
Census tract 507804
Most Recent Sale
Sale date 11/17/2009
Sale price $400,000
Building
Year built 2005
Sq. ft. 1,948
Quality Cabin
Construction quality 8.0
Construction Wood Frame
Zoning & Use
Municipal use 01
Standard use Residential (RSFR)
Zoning R1
3 Ownership Summary
Assessment Roll Blueland Inv
775 Alsion Ct
Fremont CA 94539 5751
From Sales File Blueland Inv
775 Alsion Ct
Fremont CA 94539 5751
Date Amount Type Transaction 1st party 2nd party Event ID
12/7/2009 $400,000 Trustee’s Deed upon Sale Resale Socal Foreclosure Svcs Inc Blueland Inv 1175705684
5/19/2005 $263,000 Grant Deed Subdivision Centex Homes Yuen, Eric W 481096249
===================================================
March 8th, 2010 at 5:41 pm
Sure- a change to the state constitution, especially in regards to how the political system works in general. As it is now any matter passed by the state government can undergo a referendum, which sounds like a good thing but ultimately translates to laws that over time have one way or another benefited those who see there financial fortunes maintained. Perfect example- as often quoted- is prop 13, which benefits the typically older resident whom has no reason to see the law done away with even though it hurts the state’s finances.
As DreamT mentioned, once many laws are passed, its almost impossible to get them taken off. As the state population ages more and more this stubbornness to change laws that benefit the older residents will create increasing pressures on the state’s finances as if it hasn’t already. The state’s schools are a joke. All the “good” schools are totally run with money from wealthy parent’s pockets. That’s not how you run public schools. Its a broken system. The same with roads, public buildings, and so on and so on.
In my own little fantasy I’d like to see the state perhaps consider tax incentives for various cities to build more housing. Go into cities like Marin, Palo Alto, Berkeley, and other cities that have for years fostered an environment of extreme NIMBYism and offer these cities financial incentives to crank up the home building machine which would encourage stabilization in the market by increasing supply, attracting younger buyers, and in the end pump money back into the system. This would only work of course if prop 13 were to be eradicated and a normalized, progressive tax system were to be used as in other states. Like I said0- its a fantasy.
But deep down inside I know the state is not fixable. There have simply been too many shortsighted laws made in the past that have created an environment that is not only self-destructive, but caustic to future growth and future investment from younger generations. The state is on a downward spiral and that in itself might eventually force a change. Who knows. I could care less because I’ll probably be long gone and living somewhere else before anyone brings up the idea up of change.
March 8th, 2010 at 9:26 pm
Bob,
Did you hear the news about the runaway Prius?
March 8th, 2010 at 9:28 pm
Looks like it’s going to take a research team to figure out what’s wrong with a hybrid car.
March 8th, 2010 at 9:41 pm
The guy was just trying to run away from his mortgage lender and his deep-underwater house.
March 8th, 2010 at 9:43 pm
hehe, sounds more like a creative way to avoid a speeding ticket.
March 8th, 2010 at 9:44 pm
That Prius has a serious speed bubble.
Brake Now or be Stuck Forever!
March 8th, 2010 at 11:09 pm
Let’s put things in perspective. Majority of the mortgages are not under water. Virtually all mortgages under water are in crap places, such as Alameda County and Solano County.
In the counties that matter, namely San Francisco, San Mateo and Santa Clara Counties, it doesn’t affect that many people, especially people living in the good areas. The bad part of the apple are from places like East Palo Alto and Alum Rock. For people in RBA, it’s like the mortgage crisis never happened.
March 8th, 2010 at 11:52 pm
Do you mean that the richer the people are, the smarter they have been with their money? What a interesting concept!
Let’s hear it from bob and anon.
March 8th, 2010 at 11:54 pm
(for the stuck-up crowd: replace “their money” with “their cash flow and personal balance sheet”, and add an “n” somewhere in the post)
March 9th, 2010 at 1:29 am
Re: #16 – The bay area’s percentage of underwater bagholders is higher than the national average.
re: #17 – not sure what you’re getting at; I’ve never really seen a correlation between intelligence and money. Being of limited intelligence myself, I could have missed it.
March 9th, 2010 at 1:47 am
anon, RE found a correlation between money and money: the richer you are (RBA owner) the more likely you are immune to financial debacles.
Remember – Roger is Mr. Tautology!
March 9th, 2010 at 9:12 am
Per the info RE posted in #16, the “majority of mortgages” in Santa Clara County are not underwater. Tell me this: what effect do you suppose the 30% that ARE underwater has on the rest of them? If the 8.8% already past their 25% underwater tipping point go to foreclosure is your house immune from the resulting drop in property values?
March 10th, 2010 at 8:41 pm
>>Tell me this: what effect do you suppose the 30% that ARE underwater has on the rest of them?
Tell me this, if property value in East Palo Alto drops 50%, does it have any impact on Palo Alto?
March 10th, 2010 at 10:37 pm
Tell me this, if property value in East Palo Alto drops 50%, does it have any impact on Palo Alto?
—–
Definitely not. That’s why you cannot judge general (or RBA) market efficiency based on inventory drop in East Pao Alto.