August 25, 2013

You are SO priced out forever

Haven’t bought a house yet? Here’s some cheery news proving you waited too long.

Freddie Mac: 30-year mortgage jumps to 4.58%, highest in 2 years

130824-lat-builderBy E. Scott Reckard, Los Angeles Times
August 22, 2013, 10:59 a.m.

Fixed mortgage rates jumped again this week, with Freddie Mac‘s widely watched survey saying lenders were offering 30-year home loans at an average of 4.58%.

That was up from 4.4% last week and the highest rate Freddie has reported in two years.

Freddie Mac reported Thursday that the average for the 15-year fixed loan, a popular alternative for people refinancing mortgages, was 3.6%, up from 3.44% last week and 2.89% at this time a year ago.

The higher rates have sharply reduced the number of borrowers able to refinance their home loans at lower rates, and with delinquencies and foreclosures also on the wane, big mortgage lenders are cutting back on staffing.

Ruh-roh Raggy. When the banks don’t think they need staff anymore, you know this party isn’t going to end well.  Fortunately, this article was reporting from the Southland, which is most definitely not in the Real Bay Area. Everyone knows in the RBA home prices only go up because nobody here needs a mortgage at all.

Bring a suitcase full of cash to your closing or go home.

Comments (13) -- Posted by: madhaus @ 7:08 am






June 23, 2013

Landlords from Hell settle for jail instead

Here’s a cheery story for you if you don’t like your landlord, as it will set things into a much better perspective.  Thanks very much to Burbed reader nomadic for alerting us to this development.

‘Landlords from hell’ accept prison terms for terrorizing tenants

130619-macys-mugshotsBy Lee Romney, Los Angeles Times, June 19, 2013, 2:45 p.m.

SAN FRANCISCO — A software engineer and his real estate agent wife who terrorized their tenants in a twisted attempt to force them to move are back after fleeing to Italy, and each has accepted a four-year prison sentence and two strikes rather than face trial, Dist. Atty. George Gascon announced Wednesday.

Nicknamed the "landlords from hell," Kip and Nicole Macy employed tactics "so outlandish and brazen" in attempting to clear their building of renters that "it sounds like the plot of a horror movie," Gascon said.

They each pleaded guilty to two felony counts of residential burglary, one felony count of stalking and one felony count of attempted grand theft. In custody on $2-million bail apiece, they are scheduled to be sentenced Aug. 22.

Kip Macy’s attorney, Lisa DewBerry, said the couple could have faced a maximum of 16 years in prison if tried on all charges.

130619-macys-sawBe sure to read the whole article, cataloging not only what the Macys were accused of doing to their tenants and their apartments, but also the part where they paid bail and fled the country for Milan and spent a year fighting extradition.

Don’t forget the power saw that popped up into one of the tenant’s floor without warning (the photo at left shows what happened when he whacked the blade with a nearby hammer).  There’s even accusations of email spoofing.  And here’s an older piece from Palo Alto Online when they were first hit with the charges; what’s interesting are the comments defending the Macys from the evil San Francisco tenants. Why, some of them read as if they were written from the perps themselves!  Why Palo Alto Online for a San Francisco story?  This caring couple lived in Palo Alto when they were accused of all these shenanigans. Kip was a software engineer and Nicole was… a realtard.

130619-macys-clementinaHere’s the building where all the fun took place. Don’t you want to go out and buy an apartment building in SF right now?

This is also your weekend open thread! How’s the renter life treating you? Is it awful enough to make you want to look at a bunch of Open Houses and overbid up the wazoo?  How about chatting up the other people at the Open House so you can spoof email saying they don’t want the property you’re trying to score? Hey, in a competitive market Insane Real Estate Bubble, the only way to win is to prevent everyone else from playing.

Comments (15) -- Posted by: madhaus @ 5:03 am

February 2, 2013

The Dignity Mortgage: Subprime with Training Wheels

Here’s a look at some new mortgage meshuggeneh from Burbed reader nomadic.

Housing advocates push for new type of subprime loan

The Dignity Mortgage would have a higher rate for higher-risk borrowers but include rate cuts after five years of on-time payments.

130201-latimes-dignityBy E. Scott Reckard, Los Angeles Times; January 28, 2013, 5:53 p.m.

PHOTO: Pattie and Ollie Sibug would like to buy their San Diego town house, which they are renting for $1,750 a month. They are among those who may benefit from a proposed subprime mortgage program. (Allen J. Schaben, Los Angeles Times / January 29, 2013)

With home prices rising, interest rates falling and builders building, some prominent housing advocates are calling for a new kind of loan for buyers with lower incomes or bad credit.

They’d like to call it the Dignity Mortgage, but it has another name — one that’s become more of an epithet since the housing crash: subprime.

Applicants might include people caught in the early stages of the mortgage meltdown who have since rebuilt their finances, said Faith Bautista, who heads the National Asian American Coalition.

"They lost their work, their homes and their credit scores four or five years ago," Bautista said.

And let’s see what nomadic has to say about this idea.

These people are pushing for a mortgage that not only gives them better terms after five years of timely payments (which seems reasonable) but they want the extra interest paid during the "trial" period REFUNDED to them after those five years. In other words, the banks take more risk but don’t actually get paid for it in the end. Not to mention all of the other extra costs of the program (e.g., "extensive" financial counseling). WTF? Also thought it ridiculous that the rate goes down to what people with "sterling credit" and 20% down are paying. I haven’t done the math, but I suspect people aren’t necessarily paying off 10% of the purchase price in the first five years of their loan.

Think this is a better way to treat the poor people who shouldn’t have been buying houses at all but want another swing at the property piñata?  Or was it all the banks’ fault from start to finish? Aaaaaaaaaand, this is an Open Thread.

Comments (15) -- Posted by: madhaus @ 5:16 am

September 23, 2012

Hillsborough: Perfect Place for a Mitt Romney Fundraiser

The San Francisco Chronicle breathlessly reports that the Mitt Romney For President Campaign (nickname: UnMittigated Disaster) paid a visit to the Real Bay Area.  The Romneys were welcomed by co-hosts Meg Whitman and George Shultz… and a very SF Bay protest group.

Romney collects funds in Hillsborough

120922-romney-protestCarla Marinucci, SF Chronicle; Updated 12:45 p.m., Saturday, September 22, 2012

Republican presidential candidate Mitt Romney has had a trying week, what with the surfacing of a video in which he appears to dismiss 47 percent of Americans as government freeloaders.

So he was probably looking forward to being among friends at a high-dollar fundraiser in Hillsborough Friday evening. But in the solidly Democratic Bay Area that meant he first had to experience an enthusiastic greeting from about two dozen protesters as his motorcade drove through the wealthy neighborhood where the event was held.

Some of those protesters carried signs reminding him of the video, in which Romney appears to denigrate supporters of President Obama. Others jabbed at his release Friday of his 2011 tax returns.

120922-romney-blockshopperWhat this article neglects to cover is the Hillsborough house.  Fear not!  Burbed has #factchecked the reportage!

The house used for Romney’s fundraiser belongs to Ada Regan and is, according to the Los Angeles Times, “a 13,820-square foot manse with nine bedrooms and 9.5 bathrooms…”  And what did Mr. Romney think of it?

Speaking about a dinner held for him in the Bay Area the previous night, Romney noted on Saturday that the driveway to the estate appeared at least a mile long.

“It’s like, Oh my goodness, how in the world? And then we came to the home, and it was like San Simeon, you know, the Hearst Castle,” Romney told donors at a different fundraiser on Saturday. “It was this beautiful home with gardens, manicured gardens, and a pool and a topiary and so forth.”

120922-romney-satelliteOMFG Oh my goodness! A topiary!  Bet they don’t have those in La Jolla.  You know what else they don’t have?  A house on 48.26 acres. Check this parcel out (right)!

We also arranged for a UAV with a camera to bring you these ultra-secret aerial photos of the house itself.  (Drones: they’re not just for assassinations anymore!) Remember, no mile-long driveway can keep Burbed from reporting to you on current house events!  The only way to stay off this page is to keep your house off the entire internet!

120922-romney-zoomin

120922-romney-iphone5

“Bunus:” Zillow thinks this ginormous house on 2 million square feet of land is worth five million dollars.  That would be about right if the house came with one acre.  Can’t win them all, Zillow.

Now, let’s take two recent items in the news.

  • Secret video of Romney taken at a Florida fundraiser causes no end of headaches for the Republican Presidential candidate
  • The iPhone 5 is released yesterday

Hmmm.  Are you thinking what we’re thinking?  Keep an eye on YouTube for more amazing MittVid in full 1080p.

Comments (15) -- Posted by: madhaus @ 5:07 am

September 16, 2012

Catch current conspicuous country house consumption craze: countless crappers

Today’s story deserves a good long sit and read, followed by a good long sit and think.  Thanks very much to Burbed reader nomadic for wafting this one in.

Wealthy home buyers demand bathrooms; lots of bathrooms

Some mansions have nearly as many toilets as entire blocks in less regal neighborhoods

By Lauren Beale, Los Angeles Times, March 2, 2012, 6:34 p.m.

120915-bathrooms-center-tubHere’s another way the rich are different: They have more bathrooms.

Real estate brokers who cater to the moneyed say their clients typically want homes that have at least two bathrooms for every bedroom. And with spacious tubs, floor lamps, dressing areas and seating, some bathrooms rival bedrooms in size.

“The bathroom has become the dressing room,” said Bob Ray Offenhauser, a Studio City-based residential architect who routinely encloses the shower and toilet in their own rooms within a room. “They really don’t look much like bathrooms anymore.”

Some mansions have nearly as many commodes as entire blocks in less regal neighborhoods.

Pickfair, the Beverly Hills estate of Mary Pickford and Douglas Fairbanks, was outfitted with 30 bathrooms in a later overhaul. But the record locally may be the 41 bathrooms boasted by an 18,400-square-foot Mediterranean-style home in Bel-Air that was recently on the market for $40 million, real estate agents say.

120915-bathrooms-swiss-army-toiletThis is an alarming trend coming out of SoCal.  Why would ginormous Southland estates need more bathrooms than the San Jose Convention Center?  Do they all need to do coke privately, but simultaneously?  Is this high-pressure trend going to affect estates in the Real Bay Area?

Discuss.  You may refer to Facebook stock prices to support your conclusion.

This is also your Weekend Open Thread, so feel free to mention any Open Houses you visited, or whatever else you feel like arguing about today.

Just keep the door shut until you’re done.

Comments (19) -- Posted by: madhaus @ 5:06 am

April 8, 2012

Lights Out for Los Gatos Painter Thomas Kinkade

Here’s something to deepen your observation of Easter.  While devout Christians celebrate the resurrection of Jesus today, this man’s passing on Good Friday leads to a kind of different kind of immortality, and we are not talking about paintings.

Thomas Kinkade, one of nation’s most popular painters, dies suddenly in Los Gatos at 54

120407-kinkade-2002By Mike Rosenberg, San Jose Mercury News
Posted:  04/06/2012 06:43:30 PM PDT; Updated:  04/07/2012 03:41:26 AM PDT

Thomas Kinkade, the “Painter of Light” and one of the most popular artists in America, died suddenly Friday at his Los Gatos home. He was 54.

His family said in a statement that his death appeared to be from natural causes.

“Thom provided a wonderful life for his family,” his wife, Nanette, said in a statement. “We are shocked and saddened by his death.”

120407-kinkade-tasteHis paintings are hanging in an estimated one of every 20 homes in the United States. Fans cite the warm, familiar feeling of his mass-produced works of art, while it has become fashionable for art critics to dismiss his pieces as tacky. In any event, his prints of idyllic cottages and bucolic garden gates helped establish a brand — famed for their painted highlights — not commonly seen in the art world.

“I’m a warrior for light,” Kinkade told the Mercury News in 2002, alluding not just to his technical skill at creating light on canvas but to the medieval practice of using light to symbolize the divine. “With whatever talent and resources I have, I’m trying to bring light to penetrate the darkness many people feel.”

120407-kinkade-products

Now, if you want to instead refer to the Los Gatos Patch (an AOL-owned series of hyperlocal blogs), Kinkade actually died in Monte Sereno, while with his live-in girlfriend, as he had been estranged from his wife for two years.  That would explain why his family was in Australia at the time of his death.  Kincade’s passing is indeed relevant to the Real Bay Area, since he lived in Los Gatos.  Or Monte Sereno, depending on which reported version you prefer.  But this scan of the firefighters’ frequency shows an engine was dispatched to 16342 Ridgecrest Ave, due to a 54 year old male “drinking all night, not moving.”  That address is owned by someone named Kinkade, and also had an “under influence of drugs/alcohol” arrest there last year.  The address is missing from most property databases, though, including the Recorder’s Office.

120407-kinkade-vallejo-village-at-hiddenbrookeKinkade certainly has his staunch supporters and determined detractors.  This Mercury News article generated 150 comments in just a few hours and had more than 250 by the following afternoon.  Most Merc articles draw under 20 comments.  The NY Times obituary generated an even more derisive stream of criticism, while the Washington Post put the negative commentary in the article itself.  The daddy of all Kinkade-dissing news items has to go to this 2006 Los Angeles Times piece, though.

But there’s an aspect of Thomas Kinkade that had managed to elude us all this time.  It turns out that his kitschy paintings of cottages in the woods inspired multiple housing developments.

That’s right, for the fan who isn’t content with buying a snowglobe or a throw rug, there were plans for actual tract houses trying to look like his paintings.    And one of the first such developments, the Village at Hiddenbrooke, was built in Vallejo right as dot.com went dot.bomb in 2001.  4259 Andover, The Villages at HiddenbrookeThe homes were 1800-2600 square feet on 4000 square foot lots.  The large photo above is interior décor from one of those model homes.  Most of the links to the builder and the development in the Salon article are now defunct.

It’s not easy figuring out which streets in Hiddenbrooke are part of The Village.  And given that the builder was London-based, that’s a particularly interesting name for a community accused of being somewhat, um, ersatz.  Here’s a home that sold last year, and do check out its history, because it sold for less in 2011 than when it was sold new nine years beforehand.  You can check out the neighborhood on Redfin but nothing seems to be for sale there now.

However, Kinkade did not stop with just the one housing development in Vallejo.

Architect Rann Haight, left, financier Roger Stewart, center, and builder Steve Torres have signed a deal to build luxury homes that will be based on the Thomas Kinkade paintings on the table in front of them in Coeur D'Alene, Idaho, April 21, 2006. The luxury homes, to be built around Lake Coeur d'Alene, will cost $4 million to $6 million. (AP Photo/SPOKESMAN-REVIEW, Jesse Tinsley)The photo at right shows the team planning for five Kinkade-inspired $4 to $6 million luxury homes around Lake Coeur d’Alene in Idaho named The Gates of Coeur d’Alene.  This project was launched in (of course) 2006, at the height of bubblicious housing insanity.

Plans for 100 homes based on the cottage paintings were being developed later that winter for a project in Columbia, Missouri called The Gates at Old Hawthorne.  Prices were expected to come in at $500,000 to $1 million.  It’s not clear if any of these plans came to fruition, as the builder’s website no longer seems to exist.  This 2007 article reflects the typical attitude of housing boosters, acknowledging the slowdown but insisting that It’s Special Here and full steam ahead for the Kinkade development:

120407-kinkade--missouriThe homes are being built at a time when the U.S. home market is declining. However, Columbia and Boone County have been able to avoid the national trend. The median price for new single-family homes in Boone County has steadily increased, going from around $136,000 in May 2003 to a little over $188,000 in May of this year. And while the price of new homes is rising, the number of homes being built has decreased from 79 single-family units in May 2003 to 52 this May.

“In general, our home market is good, (but) it’s not as good as last year’s,” said Brent Jones, president of the Columbia Board of Realtors. According to Jones, the present home market is a buyer’s market. The effects of the market are even more apparent in the sale of high-end houses, like the Kinkade homes. […]

“News stories give the idea that the market is homogenous,” Jones said. He cited cities that have experienced extreme home appreciation, and are now experiencing just as extreme depreciation. The Columbia market is relatively stable and hasn’t had the appreciation that other markets have experienced, .

However, market fluctuations are not a concern for HST.

“One of the reasons we came to Columbia is because Columbia’s economy is so strong,” Stewart said. Sales of the Kinkade houses are surpassing the inventory, Stewart added.

120407-kinkade-empty-caveThere is no evidence that either of these Kinkade-inspired home developments were ever built.  Most references to them are from 2006, when everyone was drunk on Kool-aid.  Here’s an application for an alternative use for the Missouri land, which suggests nothing was ever built from the Kinkade project.  The Gates of Old Hawthorne website is gone, and here are some empty lots for sale from that project.

Just like the empty cave in today’s Holiday Story.

Have yourselves a Happy Easter, and remember: This means Spring Bounce has begun!

Comments (19) -- Posted by: madhaus @ 5:09 am

May 7, 2011

Mark Zuckerberg Done with Renting

Facebook’s Mark Zuckerberg buys house in Palo Alto

By Mike Swift and Pete Carey, SJ Mercury News
Posted: 05/05/2011 07:30:35 AM PDT, Updated: 05/05/2011 07:30:42 AM PDT

imageLong after he became a billionaire, Facebook CEO Mark Zuckerberg still rented modest digs. But now one of Silicon Valley’s top tech celebrities has become a first-time homeowner, recently buying a large house in Palo Alto that is a 10-minute drive from what will soon be Facebook’s new corporate campus in Menlo Park.

Zuckerberg has lived in Palo Alto almost continuously since he moved Facebook to Silicon Valley straight from his Harvard dorm room in 2004. Now, with the fast-growing company preparing for a widely expected initial public stock offering and a move into its first permanent home in the former Sun Microsystems campus, Zuckerberg also appears to be settling down.

While the subject of the Hollywood hit "The Social Network" isn’t expected to move in for several months, his new home in a leafy and affluent Palo Alto neighborhood has more than 5,000 square feet, with a saltwater pool, a music alcove and five bedrooms for when friends and family of the Facebook founder come to visit.

Sources close to Facebook confirmed that Zuckerberg bought a house in Palo Alto, but declined to say which one. The real estate transaction did not close under Zuckerberg’s name. However, public records requests revealed a trail of clues leading to a property purchased for $7 million.

This newspaper is not printing the address because of concerns for the privacy of the sellers, who still live there, and Zuckerberg.

image

Don’t worry, this blog wouldn’t let a little thing like privacy stop us from Liking Mark’s new Mansion.  Or at least Friending it.  So, since the Merc was kind enough to give us a few details, such as more than 5000 sf, 17,000 sf lot and a $7 million dollar purchase price, it wasn’t that difficult to find:

1456 Edgewood Dr, Palo Alto, CA  94301
$7,000,000

image

BEDS: 5
BATHS: 5.5
FINISHED SQFT: 5,617
UNFINISHED SQFT: 3,394
TOTAL SQFT: 9,011
FLOORS: 2
LOT SIZE: 16,995
STYLE: Single Family Residential
YEAR BUILT: 1903
YEAR RENOVATED: 1990
COUNTY: Santa Clara County
APN: 00311038
LAST UPDATED: April 14, 2011

Nobody would ever have suspected that “1456 EDGEWOOD DR HOLDINGS LLC” was actually the Facebook Dude.  Free Clue: Next time you buy a house, name your holding corporation after some people.

Here’s something fascinating, the house was listed for $5,850,000, which means the Zuckster overbid on this hot property down the street from the Beautiful Eichler with Poo!  Here’s what the GoogleCam has on this house:

image

We can give you a better view than that.  Whoever set up 1456edgewooddrive.com forgot to take all their pages down!

image

There’s page after page of house pr0n on this fact sheet, but just a look at the master bedroom suite description makes me wonder if this is really the ZuckerFriend we’re talking about:

  • Double interior French doors open to this personal retreat complete with crown molding, built-in speakers and a pocket door accessing the walk-in closet with custom built-ins
  • The light-filled spa-inspired master bath is opulently finished with Carrera marble flooring and slab countertops; marble slab baseboards are set beneath paneled wainscoting; two windows over the deep soaking tub with exposed nickel features welcome floods of natural light; additional appointments include Nuheat® electric heated floors, his and hers sink vanities with built-in mirrored medicine cabinets flanked by two wall sconces, a tremendous Carrera marble lined stall shower with dual showerheads and hexagonal tile flooring & a separately enclosed commode with skylight 

image

Bonus: Thrilling history of the property document has the address wrong on starting on the second page!

Update: Literally right after I uploaded this, Burbed reader San Matean shared this post from the Chronicle, with more pictures.  That’s the downside of a one article a day kind of blog.  However, the Chron in turn quotes the LA Times, which has this terrific description of the area from one of Mark’s new neighbors-to-be.

[The neighbor] described a neighborhood that is friendly but not that friendly. "Generally people do know who lives next door and across the street and say hello, but that’s about it," [he] said. He recalled that the most recent block party was held in 1976. "Everyone agreed we’d have to do it again," he said.

Palo Alto Online has the story too.  Honest, we had all this two days ago!

Comments (43) -- Posted by: madhaus @ 5:09 am

November 7, 2010

Deadbeats Defaulted So Your FICO is FUCOed

Credit scores to be revised amid soaring mortgage defaults

Changes in consumer behavior mean that borrowers who were once considered outstanding credit risks may no longer be so today.

By Kenneth R. Harney
November 7, 2010

Washington — With foreclosures soaring — and homeowners with unblemished payment histories abruptly walking away from their houses with no warning to lenders — the two major producers of credit scores have begun changing how they evaluate consumers’ risks of default. The revisions could affect you the next time you apply for a loan.

In late October, both Fair Isaac Corp., developer of the FICO score, which dominates the mortgage field, and VantageScore Solutions, a joint venture by the three national credit bureaus and marketer of the competing VantageScore, outlined modifications they were making to handle the vast credit disruptions caused by the housing bust, the recession, high unemployment and behavioral changes by consumers.

Overall, credit industry experts agree, consumer creditworthiness has deteriorated in the U.S. since 2006 — especially among what used to be considered the credit elite, people with the highest scores. For example, a study this year by VantageScore found that the probability of serious delinquency — defined as nonpayment for 90 days or more — had increased 417% among “super-prime” borrowers between June 2007 and June 2009. Default risk during the same period rose 406% for the second-highest-rated category of “prime” consumers, and nearly doubled for those at the “near prime” scoring level.

The driving force behind the score revisions, according to Sarah Davies, VantageScore’s senior vice president for analytics and research, is the “significant change in consumer credit repayment behavior” that began during the housing bust and recession.

While VantageScore won’t explain how they’ve changed their credit model with VantageScore 2.0, Fair Isaac Corporation gives a few hints.  Their new FICO 8 system ignores “noise” accounts under $100, ignores the occasional late payment, but penalizes clusters of them more than the original FICO.  The other way to sink your FICO 8 score is to spend up to your credit cards’ limits.  Finally, becoming an authorized user of a card issued to someone you aren’t related to will no longer help improve your score.

All this comes down to changes in how people use their credit.  The old models assumed mortgage holders would always pay the bank back first.  They also never accounted for the “strategic walkaway,” where an underwater homedebtor swims for shore and leaves the keys.

Your new scores on both these products may not be as good as your old ones.  What with “super-prime” borrowers going into default 5 times as often as just a few years ago, mortgage issuers want a credit rating tool that can sniff out the future deadbeats.

Now all they need to do is pay off someone in personnel at most of the larger employers.  Getting advance notice of any layoffs involving their debtors will allow the banks their revenge if home values ever go up again: the strategic foreclosure.  Pay your mortgage just one day late and the bank seizes your house, holds on to it for a year or two, then sells it for a higher price.  Grant loan, seize collateral, profit!

Comments (4) -- Posted by: madhaus @ 6:07 am

April 8, 2010

Gated Ghettos

And now, a guest post from Burbed reader Madhaus! Take it away, Madhaus:

From bucolic bliss to ‘gated ghetto’

Willow Walk bank-owned homeHemet’s Willowalk tract was family-friendly. Then the recession hit.

March 30, 2010|By Alana Semuels, LA Times

Home foreclosures have devastated neighborhoods throughout the country, but the transformation from suburban paradise to blighted community has been especially stark in places like Willowalk — isolated developments on the far fringes of metropolitan areas that found ready buyers when home prices were soaring but then saw an exodus as values crashed.

Vacant homes are sprinkled throughout Willowalk, betrayed by foot-high grass. Others are rented, including some to families that use government Section 8 vouchers to live in homes with granite countertops and vaulted ceilings.

The Los Angeles Times describes a gated community turning into a slum in just a few years.  Most of the properties sit empty, or are rented to large numbers of people.  Meanwhile, underwater homedebtors not only watch their investment fail, their supposedly safe and secure neighborhood is vandalized and taken over by street toughs.

Welcome to Willowalk. Oh, Willowalk isn’t in the Bay Area, it’s in Hemet.  People bought this far away from LA because they could get a luxury home in a gated community for under half a million.  The 5000 sf home bought by Eddie and Maria Lopez for $440,000 is now worth about $170k according to neighborhood comps.

Think it wouldn’t happen here?  It already has.  Hemet to Los Angeles is about a hundred mile commute.  Have you priced anything around Stockton (America’s Most Miserable City!) (80 miles) lately? Prices are at 2001 levels.

Google Maps Link showing commute from Hemet
Google Maps Link showing commute from Stockton
Link to Stockton Real Estate Prices over 10 years

Comments (33) -- Posted by: burbed @ 5:15 am

September 3, 2006

Santa Barbara OKs Housing Aid for Folks Making Up to $160,000

Santa Barbara OKs Housing Aid for Folks Making Up to $160,000 a Year – Los Angeles Times
Santa Barbara OKs Housing Aid for Folks Making Up to $160,000 a Year
In a city where the median home price is over $1 million, a planned condo project’s units will be priced below market from $495,000 to $595,000. Teachers, nurses, police are among the expected buyers.

Wow. Will Palo Alto follow suit?

Click here to post a comment -- Posted by: burbed @ 9:45 am