About Bellingham Bill

Bellingham Bill


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74 threads
3,126 comments
Bellingham, WA
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In United States
Registered Apr 08, 2012

This is not my house. But it, or one like it, will be someday!

Bellingham Bill's most recent comments:

  • On 1 Sep 2014 in My first real estate bear thread (ever), Bellingham Bill said:

    Ironically it was those secret autocrats in Texas, with their freedom-killing limits on home equity extraction, that prevented the housing bubble from getting out of hand there.

    How Texas escaped the real estate crisis

    http://www.washingtonpost.com/wp-dyn/content/article/2010/04/03/AR2010040304983.html

    In California, and many many other places, home equity withdrawal funded literally billions of local spending as people charged their consumption then refi'd their cc debts away, out of their ever-rising home equity.

    It was quite a party until the music stopped in 2006-2007, after the last Greatest Fools had been found.

  • On 1 Sep 2014 in My first real estate bear thread (ever), Bellingham Bill said:

    iwog says

    Not someone trying to own rental property in the freakiest town in California.

    The 1990s were pretty tough for Santa Cruz. I remember looking at Zillow ca. 2002 when I was living there and seeing the 1990s price estimates. Things were pretty flat to negative right through 1996, then the upturn happened.

    My friend (and housemate at the time) had OK market timing, buying in 1996 and selling in 2004. Coulda waited a year longer to really cash out of course.

    LA in the 1990s was a lot, lot worse, what with aerospace abandoning the West Side, and Japan Inc also getting knocked for a loop, reducing their economic footprint on the South Bay.

    His $240,000 purchase price in 1996 was high for the time I guess, but now . . .$600/mo in interest cost if you never pay down the loan. Sigh. Place rents for $2500 easily.

  • On 1 Sep 2014 in The poorest city of it's size in California, Bellingham Bill said:

    JH says

    The boom to live in these outlying areas was very fleeting in mid 2000s

    which my sister unfortunately caught. They sold a place in Fullerton to live in Riverside Co . Ugh. Stunk of cow poo in the winter, is all I can remember.

    They bought the Fullerton place for $200,000 and sold two years later in 2003 for $300,000 . . . easy money!

    But instead of renting for a couple of years they bought the Riverside place for $300,000.

    Zillow sez the Riverside place peaked at $500,000 in 2005, liquidated for $200,000 in 2010, flipped for $250,000 soon after, and now worth $400k again.

    She's now renting in La Mirada, paying over to $30k/yr now for a very nice house.

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