San Diego Home Maintenance

8 thoughts on “San Diego Home Maintenance”

1. When I saw how the housing prices were going up, up, up and most peoples’ salaries didn’t pay enough to afford them, I knew the market was going to crash three or four years ago. Some real estate dealers and owners were just so incredibly greedy. They ask for a sales price or rent not based on how much they really need to charge to recover their expenses and make a reasonable profit, but on getting the maximum money for themselves, without regard for the effect on society.

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2. At the start of this debacle I thought the bankers had found a cheap and dirty way to get into the real estate business. That is: take the extra cash from the unwashed, leave them with debt and rent them the house they thought they were buying. As it turns out, either the American financial guru’s were asleep in Econ101, or the science of Economics is crap. I never could figure out the “consumer based economy,” apparently, neither have the financial folks. J.P. Morgan once quipped; “I can hire half the workers to kill the other half.” To his credit he never tried. Lenin and Trotsky one-upped Morgan by proving that they could talk workers into killing capitalists for free. I don’t know how this will turn out, but I am not sure that poverty is as bad as advertised.

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3. The 80/10 loan: You bought a house you can’t afford. Why should the bank bail you out? Jeez, you took out 2 loans because 1 bank knew you could not afford the house you wanted.

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4. The genesis of this meltdown is the outrageous decriminalization of usury by the United States Congress which allowed predatory lending at stratospheric interest rates, and the perversion of the Internal Revenue Code, rewarding layoffs of American workers, outsourcing of their jobs to the cheapest wog-land labor market, and the offshore relocation of fat-cat corporations with little or no tax liability. Home buyers are mostly what are known in the securities business as unsophisticated investors and when they have gotten sucked into adjustable rate mortgages just so they could get a tiny piece of the American Dream, little did they know that this most predictable of economic disasters would be laid mostly upon them. Congress is a club of millionaire whore lobbyists, run by big-money lobbyists. Example of how we’ve been screwed: the infamous Senate Bill 256, which forbids the discharge of medical and credit card debts, condemning its victims to a lifetime of fiscal misery.

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5. To those who think only low income people are losing their homes. WRONG….middle-class folks are losing their homes MORE than low income folks are. I think it makes some people feel good to try to put a rationale on this that it has to be people with low income, than to accept the fact that it is middle income folks more so.

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6. No matter how one looks at it, there’s always going to be housing markets that are overhyped. If somehow those markets can support whatever the hype is all about, the real estate price will remain high. If they don’t then house prices will plummet. A typical example of the latter is Southern Cal (San Diego and the Southern OC come to mind). SF is in an unusual situation. RE prices will continued to go up as long as people are willing to blow their money on housing, even if it’s exorbitantly overpriced. Meanwhile, the city’s infrastructure is crumbling. That can only go that far. As more and more middle-class people and families abandon SF, the city will be stuck with the hyper-rich and the indigent, neither of which will contribute much (or anything) to the tax-base. The moneyed rarely have any desire to plow money into their “beloved” city, and the indigent don’t have any. My bets are on “going down”.
   
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7. They are raising interest rates to shore up the banks. They don’t care diddlysquat about the struggling homeowners. The rising interest rates now will cause more with adjustable mortgages to go into default. This is just a temporary slowing and even if the slow figure holds, the bottom line is more people are going to default despite bailing out Fannie Mae which is basically giving money to the foreign investors like China and Russia. Let them default! The price of housing NEEDS to go down another $200,000! Why should our tax dollars and the Federal Treasury print monies to devalue our dollars to keep people in overpriced housing they could not afford to begin with? They can walk away now and buy cheaper homes.

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8. Although the foreclosures may have plateau, the correction still has a little ways to go. Sorry, fundamental values stand for SOMETHING and are really your best bet against big losses.

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