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Posted: 4/3/2006 5:10:47 PM EDT
I was with Tarbell for a while, now I am with a small independent outfit in Laguna Hills. Business is kinda slow right now. How's everyone else doing?
Link Posted: 4/3/2006 5:33:35 PM EDT
Careful.

All the Calibashers will start in with the "I told you so" and "move to the free world" bs.
Link Posted: 4/3/2006 5:55:39 PM EDT
Link Posted: 4/3/2006 8:42:17 PM EDT
[Last Edit: 4/3/2006 8:48:45 PM EDT by Javak]
I have no talent for banjo pickin', and as cute as some of my cousins are, I am just not into them enough to move to "free states"
Link Posted: 4/3/2006 10:47:13 PM EDT
the problem is that you are in laguna hills...
all of the not rich enough to afford laguna hills people are moving east to the inland empire
Link Posted: 4/4/2006 7:22:51 AM EDT
The office is in Laguna Hills. I live in Orange, and my farms are in Orange, where they used to be real farms.
Link Posted: 4/4/2006 7:40:26 AM EDT
I'm a broker but I mostly just take care of my own investments now. It's going to be slow for a while. Anyone who had any money already bought the homes they wanted and with prices as high as they are, no one is going to be upgrading unless they have a significant improvement on their financial situation. However, I believe prices will stay high, if flat, for a while. Everyone got into their homes with low enough mortgages that they really don't have anything that could force them to dispose of their homes at lower than market rates short of a major personal financial meltdown. Good luck.
Link Posted: 4/4/2006 12:54:09 PM EDT
Link Posted: 4/7/2006 2:44:53 PM EDT
I'm in the midst of looking for a house right now in the la/oc area. Lots of prices have slid back 50-75k, still not great, but at least it is getting to the point where it is somewhat affordable. I think some people are starting to have their ARMs come up for a rate change and its forcing them to sell or get foreclosed on. 500k sure won't buy you what it would 5 years ago.
Link Posted: 4/7/2006 3:27:26 PM EDT

Originally Posted By Mute:
Everyone got into their homes with low enough mortgages that they really don't have anything that could force them to dispose of their homes at lower than market rates short of a major personal financial meltdown.



Weren't the "interest only" short term loans a big thing not too long ago? I'd bet quite a few of the people who got those were already maxed out on what they could pay, and now they won't be able to afford a real loan at the higher interest rates.
Link Posted: 4/8/2006 1:10:42 AM EDT
I worked for Marcus and Millichap for awhile doing commercial stuff. I gave up and now work appraisals for the county. Talk about a change of pace.

Of interest is the new emergence of apartment leasing agents since rents skyrocket and landlords are now more demanding. I hope rent will equalize with mortgage payments like it did when I bought my house, than wham, i'll be buying several more for the pot luck.
Link Posted: 4/8/2006 5:34:26 AM EDT

Originally Posted By LOW2000:
I think some people are starting to have their ARMs come up for a rate change and its forcing them to sell or get foreclosed on.



Good article about that here: Some homeowners struggle to keep up with adjustable rates

I'm guessing the real pain will begin in 2007.
Link Posted: 4/8/2006 8:06:45 AM EDT
I have a client, thought he doesn't have an ARM, is way over his head. His monthly mortgage is $4,250 on a $8,000 monthly income, plus payment on his big screen TV, new truck, hard wood floor, new kitchen, etc. I couldn't refi him because his credit score is 601 and his payment would actually go up. He wants to sell his house and buy a cheaper one, and I found out the payment would still be the same.
Link Posted: 4/9/2006 9:17:44 AM EDT

Originally Posted By Javak:
I have no talent for banjo pickin', and as cute as some of my cousins are, I am just not into them enough to move to "free states"



Now that is some funny shit right there!!
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