patrick.net

Around LA the buyers lately of the 900K homes are rich folks downsizing from their multi mil$ home on the westside. So, the question...who are all these buyers and where do they get all that $$$ has been answered. I believe there are still some specuvestors at work in the Sherman Oaks, Studio City area...but fewer.
I am waiting to hear of short sales as I believe they are the first concrete sign that prices have dropped and banks aren't expecting them to rise any day soon.
Short sales are a very good sign.
I would love to hear if there are short sales in other areas.
LA seems to follow Orange County...anybody from there?

What is short sale?

http://www.shortsaleexpert.com/

It means that the homedebtor is trying to sell for less than the loan amount. It requires bank approval and may have tax consequences. It is messy but it is one way to avert foreclosure.

quoting from Requiem (thanks for the clarification, BTW),

"Quoting eHow:
A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for."

Thanks, requiem --very cool (and timely)!

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(o o)
,—-ooO–(_)——-.
| Please |
| don’t feed the |
| TROLLs ! |
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ooO Ooo

Peter P.
I plagiarized your shortsale post ;)

SP
I almost don't recognize you with your new name.
PS(post script)...I like the name LILLL. :)
It's a good short cut.
Sould I change my handle to LILLL?

Oh!

Yeah, we Bay Areareits are proud to announce the birth of our first batch of NEOs! (Negative Equity Owners)

We should have a sidebar here for a NEO support group, NEOs from around the world, Tokyo, London, Hong Kong, SF, UNITE!

astrid,

Nah, I won't worry about that too much, the banks have the muscle, not the pity little NEOs. I have seen NEOs around the world go down in flames without a dime of help from the government. In fact there was a few NEO pride parade in HK a few years ago, nothing happened.

Astrid
Last crash round the govt did nothing to help NEOs. Instead, they passed the 500K cap gains law.
The gov might help out Fannie but I doubt the neighborhood NEOs will benefit. If they do deflate the USD, I doubt it will be to help the NEO...it would be to reduce the national debt...don't you think? Any NEO benefit would just be a lucky side-effect.
What do you guys think?

a NEO pride parade! :lol:

Deflate or devalue? Different things, confusingly enough. Best for for the NEO is inflation (devalue), as they can then earn more money to pay off the outstanding debt.

E.g. Debt of 100 units, income of 10 units, food costs 2 units.
Inflation: debt of 100 units, but now income of 20 units, food costs 4 units.
Deflation: debt of 100 units, but now income of 5 units, Food costs 1 unit.

Owneroccupier,

Thanks for that perspective, it made me feel better :evil:

requiem,

Yes, however, that's assuming they're employed and smart enough to get a fixed rate mortgage to ride it out.

I saw a new sign today, it was hanging on the bottom of the realtor sign, it said EXCELLENT TERMS, a little on the Duh side!

The house has been sitting for a long time. I pass it every morning taking the kids to school. I wonder if the sign will help it sell? I think not!

Damn, I missed the fun. We're back to economics already...

Well, I don't have any fancy kitchen knives, I don't know much about cars, I drive a boring toyota sienna, & I don't know much about Greek "stuff", but we do have 10 dirt bikes in the garage!

"Jamie, care to educate the crowd on plushy/furry? "

Surfer-X, why oh why do you think I would be an expert on the plushy/furry phenomenon? No, wait, I don't think I want to know.

(No animal suits are ever harmed during the writing of my books!)

"Jamie, caveman or super suave pierce brosnan?"

Errr...none of the above.

requiem,

Inflation, as experienced by an individual, is not one variable. Income inflation generally lags quite a bit behind commodities, staples and energy.

Ray W

http://tinyurl.com/z4gv5

Just for u. :mrgreen:

I just finished reading Cryptonomicon. Anyone have any good suggestions for a summer read?

@Benjamin, 1) is it hard typing with a mayo cucumber up your ass? 2) Is is even harder typing in the Gimp outfit with a mayo cucumber up your ass?

Does anyone remember the blink tag?

@Randy H, after reading "craptonomicon" you should take a rigorous course of mental calisthenics, it's pure shit. The geek as a buff hero that gets the girls. Yeah and Benjamin doesn't sit on his mommy's lap and whine that the cucumber is pressing too hard on his colon.

Some people are fascinated with cucumbers and a certain bodily tube, or variations of them. I've spotted a recurrent theme. One can apply Freudian analysis.

-people
+men

Santa Clara County inventory going through the roof - 25% rise from this time last year according to the YOY records I've been keeping (source:mlslistings.com). Also, Mountain View inventory going crazy.

Carry on.

??? I fail to grasp the leap of logic Ray W has just taken. I was talking about a guy who was slamming another guy. Who is the vulnerable person here?

Haiku raises it's precious head yet again...

DUH HUD:

DUH backwards means Hou-
sing and Urban develop-
ment. Who gives a shit?

New TOOL:

Listening to new
TOOL. Brilliant aural assaults,
spiraling outward...

ahhhh GC, really, you don't want to go there. Fly fly away little troll.

slamming another guy

AKA, troll-b-gone.

@Linda, 'bow' you Senorita are welcome to a Parton Margarita at La Casa De Surfer-X a todos la tiempo. Mi casa es su casa. BTW the limes are sourced from the back yard tree.

take it out on the most vunerable. :oops:

Anyone ready for a new thread?

Bubble Bubble Everywhere

http://patrick.net/wp/?p=222#comments

X
Thanks. I'd love to have a margarita w/you....
We could do a S.Cali blog party!

BTW I think you should post the ph # of
the big orange cat-napper and we should all
give him a call......

He could get calls from all over the country!

If you have sexual relations with foodstuffs, do you get a boner every time you go into the produce aisle at Safeway?

Geez X, I didn't think Cryptonomicon was all that terrible. Implausible, sure. Twice as long as it needed to be, ok. But it sure beat that Terry Goodkind crap I tried to read last summer.