KCET "House trashing"...not what you think
- Thread starter PadreBrian_IHB
- Start date
SoOCOwner_IHB
New member
[quote author="PadreBrian" date=1222904919]http://kcet.org/socal/2008/09/foreclosure-alley.html</blockquote>
Hard to believe the owners of the foreclosed home didn't at least have a garage sale to make a few extra bucks. It seems very wasteful to throw that "very useable" stuff in the garbage. Most of those items were probably HELOC purchases! <grin> I understand the logistics of getting a CHOC truck to come out may be difficult, but it's just wrong to throw stuff away like that. Hopefully, someone who sees this video will get in touch with the owner of the "trashing" company to make arrangements for future hauls.
The IE is not the place to be right now.
Hard to believe the owners of the foreclosed home didn't at least have a garage sale to make a few extra bucks. It seems very wasteful to throw that "very useable" stuff in the garbage. Most of those items were probably HELOC purchases! <grin> I understand the logistics of getting a CHOC truck to come out may be difficult, but it's just wrong to throw stuff away like that. Hopefully, someone who sees this video will get in touch with the owner of the "trashing" company to make arrangements for future hauls.
The IE is not the place to be right now.
freedomCM_IHB
New member
I too was dismayed that they couldn't get all that usable clothing and furniture into the charity channels.
Clearly the wastefulness of our society is continuing on the way down too.
Clearly the wastefulness of our society is continuing on the way down too.
SoCal78_IHB
New member
Padre - thanks very much for posting that informative video.
One thing I don't get is... how come so often you see interior photos of an REO and it has EVERYTHING missing even the oven, dishwasher, etc. Totally stripped. But then you see homes like this where they don't even bother taking more easily-removable things and items of great importance like a birth certificate, for crying out loud? I am thinking maybe it's not so much that they are depressed like the guy suggested -- but perhaps in such serious denial that they would actually have their things evicted (after living rent-free for so long, you probably begin to think nobody's ever going to kick you out.) I don't know. But if it were me, you better believe I'd be on Ebay / Craigslist 24/7 to liquidate as much as possible. Sad.
One thing I don't get is... how come so often you see interior photos of an REO and it has EVERYTHING missing even the oven, dishwasher, etc. Totally stripped. But then you see homes like this where they don't even bother taking more easily-removable things and items of great importance like a birth certificate, for crying out loud? I am thinking maybe it's not so much that they are depressed like the guy suggested -- but perhaps in such serious denial that they would actually have their things evicted (after living rent-free for so long, you probably begin to think nobody's ever going to kick you out.) I don't know. But if it were me, you better believe I'd be on Ebay / Craigslist 24/7 to liquidate as much as possible. Sad.
SoCal78_IHB
New member
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SoOCOwner_IHB
New member
[quote author="freedomCM" date=1222923311]I too was dismayed that they couldn't get all that usable clothing and furniture into the charity channels.
Clearly the wastefulness of our society is continuing on the way down too.</blockquote>
And did you see the little girl's Princess dresses that were dumped? That broke my heart.
Clearly the wastefulness of our society is continuing on the way down too.</blockquote>
And did you see the little girl's Princess dresses that were dumped? That broke my heart.
IrvineRenter_IHB
New member
I saw that video on Calculated Risk. I wish I knew how to embed it on the main blog. It really makes the foreclosure problem personal. Very well done.
no_vaseline_IHB
New member
$399K now FMV'd at $180K @ $3100 a month. And dropping.
Those kind of values coming to an Irvine zip code - coming soon.
Those kind of values coming to an Irvine zip code - coming soon.
PadreBrian_IHB
New member
We'll never see 70% off if that's what you are saying.
Also as of today people can get the FHA loans that re-value their house to 80% of today's appraised price. Most worker-bees in Irvine shouldn't have a problem qualifying.
Also as of today people can get the FHA loans that re-value their house to 80% of today's appraised price. Most worker-bees in Irvine shouldn't have a problem qualifying.
no_vaseline_IHB
New member
[quote author="PadreBrian" date=1222929552]We'll never see 70% off if that's what you are saying.
Also as of today people can get the FHA loans that re-value their house to 80% of today's appraised price. Most worker-bees in Irvine shouldn't have a problem qualifying.</blockquote>
That home is currently 55% off.
And it's not me saying it. <a href="http://calculatedrisk.blogspot.com/2008/09/jpmorgan-house-price-projections.html">It's JP Morgan when they bought WaMu - last Thursday.</a>
Even on the IHB, denial is more than a river.
Also as of today people can get the FHA loans that re-value their house to 80% of today's appraised price. Most worker-bees in Irvine shouldn't have a problem qualifying.</blockquote>
That home is currently 55% off.
And it's not me saying it. <a href="http://calculatedrisk.blogspot.com/2008/09/jpmorgan-house-price-projections.html">It's JP Morgan when they bought WaMu - last Thursday.</a>
Even on the IHB, denial is more than a river.
IrvineRenter_IHB
New member
[quote author="PadreBrian" date=1222929552]We'll never see 70% off if that's what you are saying.
Also as of today people can get the FHA loans that re-value their house to 80% of today's appraised price. Most worker-bees in Irvine shouldn't have a problem qualifying.</blockquote>
That comes with a poison pill of equity sharing that nobody in Irvine will want to take. Plus, it isn't that easy to qualify.
Also as of today people can get the FHA loans that re-value their house to 80% of today's appraised price. Most worker-bees in Irvine shouldn't have a problem qualifying.</blockquote>
That comes with a poison pill of equity sharing that nobody in Irvine will want to take. Plus, it isn't that easy to qualify.
no_vaseline_IHB
New member
Dragging this back from the dead. So Cal Connected did a follow-up piece last night.
<a href="http://kcet.org/socal/2009/02/selling-out-1.html">http://kcet.org/socal/2009/02/selling-out-1.html</a>
I have a little different take on this situation than the KCET folks. Note the following quotes and their times:
0:49 "Can't short sell it" - <em>standard.</em>
1:03 "Problems started when Joe was laid off at an RV Dealership" - <em>Are you sure that's when it started?</em>
2:24 "Owe more than $400K, currently listed at 180K" - <em>WOW, how did that happen?</em>
The real gem was when they were looking at the door jamb of the pantry, which had the measurements of their kids as they grew.
3:15 "It goes back to 'O1" - <em>BAM- there it is!</em>
If I remember right, this development was selling for the $170's in 2001. That means these folks have extracted $250K over 7 years - remember, they currently owe over $400K. These fine folks made off with a quarter million dollars in MEW that they will NEVER pay back and I'm supposed to feel bad for them?
And to add insult to injury, now there are folks giving them charity! These people were not poor - they <em>never</em> were. But they got to live beyond their means for eight years and now they are all pouty because they can't continue?
These "fine folks" are beneath my contempt.
<a href="http://kcet.org/socal/2009/02/selling-out-1.html">http://kcet.org/socal/2009/02/selling-out-1.html</a>
I have a little different take on this situation than the KCET folks. Note the following quotes and their times:
0:49 "Can't short sell it" - <em>standard.</em>
1:03 "Problems started when Joe was laid off at an RV Dealership" - <em>Are you sure that's when it started?</em>
2:24 "Owe more than $400K, currently listed at 180K" - <em>WOW, how did that happen?</em>
The real gem was when they were looking at the door jamb of the pantry, which had the measurements of their kids as they grew.
3:15 "It goes back to 'O1" - <em>BAM- there it is!</em>
If I remember right, this development was selling for the $170's in 2001. That means these folks have extracted $250K over 7 years - remember, they currently owe over $400K. These fine folks made off with a quarter million dollars in MEW that they will NEVER pay back and I'm supposed to feel bad for them?
And to add insult to injury, now there are folks giving them charity! These people were not poor - they <em>never</em> were. But they got to live beyond their means for eight years and now they are all pouty because they can't continue?
These "fine folks" are beneath my contempt.
ConsiderAgain_IHB
New member
[quote author="no_vaseline" date=1234088846]If I remember right, this development was selling for the $170's in 2001. That means these folks have extracted $250K over 7 years - remember, they currently owe over $400K. These fine folks made off with a quarter million dollars in MEW that they will NEVER pay back and I'm supposed to feel bad for them?
And to add insult to injury, now there are folks giving them charity! These people were not poor - they <em>never</em> were. But they got to live beyond their means for eight years and now they are all pouty because they can't continue?
These "fine folks" are beneath my contempt.</blockquote>
I have seen this in all four homes in Colorado I considered buying in the past couple of months, <em>every single one!</em>, and IR has shown scores in Irvine. I am with you on the lack of pity. And the realtor we?re dealing with is trying to justify the wishing prices simply because there is that much owed on the house while it was purchased for 50% or less five years ago. I have less than contempt.
And to add insult to injury, now there are folks giving them charity! These people were not poor - they <em>never</em> were. But they got to live beyond their means for eight years and now they are all pouty because they can't continue?
These "fine folks" are beneath my contempt.</blockquote>
I have seen this in all four homes in Colorado I considered buying in the past couple of months, <em>every single one!</em>, and IR has shown scores in Irvine. I am with you on the lack of pity. And the realtor we?re dealing with is trying to justify the wishing prices simply because there is that much owed on the house while it was purchased for 50% or less five years ago. I have less than contempt.
fumbling_IHB
New member
Exactly, if the family lived within their means they'd be able to easily afford their house even with his cut in pay, on the original mortgage of say $150,000. I have some sympathy for people who bought in say 2005 and are upside down on their original mortgage but no sympathy for people who bought before 2001 and are now crying about the burden of their refi'd mortgages without disclosing how they cashed out and wasted their equity.