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House Price Crash Forum


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Everything posted by strbear

  1. An update on the auction - the family involved bid $705K and the mortgage company came back with $745K. Two interesting facts; 1) The family chose to walk away over £20K - consensus view is they will get the property for $600K and change soon 2) The mortgage company is already filed for bankruptcy! Surely they should be getting rid while they can - its on their website at $855K More than anything its the complete swing from buyers struggling to lenders struggling that strikes me as the defining feature of this. http://latimesblogs.latimes.com/laland/200...ot-to-sell.html Enjoy SB
  2. Income tax between 1 and 9% up to $1M Sales tax (VAT) is around 8% They have a property tax each year on the value of the property (approx 5%) - its causing real problems with falling house values! Overall not too bad tax wise - healthcare is a different issue! RealistBear can probably add to the above as he lived there for a few years - RB? Regards SB
  3. Well thats your Uncle's contribution gone. We'll were looking to buy in Santa Monica / Westwood or Newport Beach so it's good news for us - and with $/£ over 2 its even better - sorry to everyone if I'm a bit California centric but I think its a good indicator. Regards SB
  4. Enjoy - its a bear-fest! SB http://latimesblogs.latimes.com/laland/200...ornia-free.html
  5. A taster of what is to come here - a house last sold for $1.2M (having been sold by the builder in 02 for $535K) is up for grabs at a foreclosure auction - opening bid is $429K - watch the video to see what happens. (Note there will be a brief commercial before the auction video runs) http://www.latimes.com/video/?slug=la-re-f...tion-135120-vid Ostrich sandwich anyone? Enjoy SB
  6. Just replace Los Angeles with Leeds, Manchester . . . . . . . http://www.latimes.com/business/la-fi-down...0,3006637.story Enjoy, Regards SB
  7. Its like looking into a crystal ball. Ho hum . . . . . . . . . http://www.latimes.com/business/la-fi-buil...0,5967234.story Regards SB
  8. All the very best - enjoy Paris it's a great city - and you'll be able to watch it all unfold from afar. Bon soir SB
  9. Hi Currently out in Newport Beach in Orange County enjoying the sunshine - things have definitely turned out here - an article in todays LA Times shows that the level of home sales is the lowest in 3 years and more interestingly that 25% of the sales were for houses that had been foreclosed! A pretty stunning figure. Off to the beach - see you later . . . . . . . Regards SB
  10. Timm No its a credit line which may already have been spent - so in LA ave house value is 500K - previously you got a HELOC from the value of your mortgage to 90% of the value of the house (ie 450K less the mortgage). Most people who enquired have used their HELOC (admittedly not all will have used all of it) and they then drop the value by 20% to 70% - ie if you are mortgage free thats 100K you now don't have and have to pay back today. So you suddenly get a letter saying "pay $100K in 28 days or we start foreclosure" Hope that helps Regards SB
  11. In today's LA Times - its not only those with mortgage foreclosures that need worry, they have started calling in the Home Equity Lines of Credit - ie those who have borrowed against the rising values of their homes. And its not just a few - Countrywide have called in 120,000 alone. LA times Enjoy. Regards SB
  12. See more at http://latimesblogs.latimes.com/laland/200...ealtor-des.html Enjoy - I'm off there in a couple of weeks - I'll feed back to you then SB
  13. Just gone through the 2% down figure . . .
  14. Do you have a live feed or a 15 minute delay? Thanks SB
  15. Well I could wait another 4 minutes to bump this but I think we all know what's going to happen after yesterday's unfolding picture in the US so I'm going to take a gamble and let the fun commence . . . . . . . but I'll hold back from calling it the Bl*ck thing just yet, Enjoy the ride, SB
  16. And if they had to reduce by £70K, presumably their neighbours will have to reduce by £120K as there is now a flat wall 30 feet high two inches from their fences! Regards SB
  17. Its a side effect I really hadn't considered - its not the City wizz kids but average Joes - thats 100,000 more people who can't pay their mortgage so even more lose their jobs. Frightening. http://www.latimes.com/business/la-fi-indy...3&cset=true Regards SB PS Also see the piece about probability of houses being cheaper in 2 years time I\ll be deferring my purchase for a while yet then . . . . . . .
  18. FTSE down over 0.5% this morning already - anyone know why? Apart from Tesco faltering, HPI slowing, manufacturing costs rising and Citi reducing the employed ranks by 24,000 - is there a reason why its diving? CPI? Regards SB
  19. Yes its the US, yes its not the UK but at least they are waking up to what's happening Whole article at http://www.latimes.com/news/nationworld/na...=la-home-center Enjoy, SB
  20. http://business.timesonline.co.uk/tol/busi...icle3166109.ece What's a thousand jobs eh? They can all use their redundancy to buy a BTL portfolio - after all houses only ever go up SB
  21. Interesting piece in today's LA Times about car debt And looking around at all the BMWs, Mercedes and Range Rovers I'd say the UK is no different. SB
  22. What amused me was not the usual upbeat tosh being written by that "expert" Judith Heywood in the Times http://business.timesonline.co.uk/tol/busi...icle3065458.ece but the comments written underneath. Now either sentiment has turned dramatically or some members on here had a busy time last night. Just interested to see if anyone would own up? Time to see if we're influecing public opinion or if the public are doing it for themselves. Regards SB PS - Raj - BLT are not long term - they tend to go off!
  23. U2L, I think some of these rural places are in for the same kind of hit as central Leeds - Haworth never has been an aspirational place to live (but I do understand the appeal) and yet these premises are in the £350 - 450K range - the prices in the Aire Valley have gone through the roof and hence I think are likely to fall the same amount. looks like it was £315K in 04 but I susepct it was more like £100K in 02! 1 25/06/2004 £315,000 Det. F No Map Green Top Cottage, Holme House Lane, Oakworth, Keighley, West Yorkshire, BD22 0QX 2 15/11/2002 £100,000 Det. F No Map Green Top Barn, Holme House Lane, Oakworth, Keighley, West Yorkshire, BD22 0QX The Wharfe valley is more aspirational and prices are higher but I suspect will be more stable in the long run - Don't get me wrong they will take a big hit too but I suspect the depth of the money in greater. Just a view - if you can get a house at the right price go for it, Regards SB
  24. I'm looking for property in Orange County and its turned in the last 2 months - have a look at this search of the LA Times property section - around 50% are in the foreclosure (reposession process) . . . . . how frightening is that? And will that happen here? I think so. http://latimes.2.homescape.com/SCS/listing...ed+quick+search ENJOY SB
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