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Irvine Housing Blog

Irvine Housing Blog

Link to Irvine Housing Blog

IHB News 10-16-2010

Posted: 16 Oct 2010 03:30 AM PDT

I have a guest post from a local building inspector. His comments may surprise you.

Irvine Home Address ... 6 LAKEPINES Irvine, CA 92620
Resale Home Price ...... $284,900

I can be your liar
I can be your bearer of bad news
Sick and uninspired by the diamonds in your fire
Burning like a flame inside of you
Is this just desire or the truth

So shame on me for the ruse
Shame on me for the blues

Foo Fighters -- Tired of You

Guest Post

I met Roger Banowetz in late 2009. I had an extended conversation with him about home inspections, and I was very impressed with his knowledge. I told him then if he wanted to write about his knowledge and experience with houses, it would be great educational material for the blog. Friday evening, I received an email from him with the post below. Hopefully, he will participate in the comments and write more posts.

He is a very thorough inspector, and I recommend his services.


Roger Banowetz, Retired City Building Inspector ICBO Certified, cell (714) 401-5980


Hello my name is Roger Banowetz Retired City Building Inspector. Based on what I’ve read on this blog, and from the comments/concerns I’ve received from many of my clients, I would like to correct a lot of areas of misconceptions.

Some people mistakenly think that the new homes are not as good as the “good old days” when houses were much better built; well this is a big misconception. The homes in California are in a seismic zone #4, which is the most mobile dirt in the USA; as homes in the colder states are built to be warmer, here in our state we build to with stand the many earthquakes we have every week (some of which we don’t even feel but our homes do). So as a result, the homes built today are better built than in any time in our history; our design, materials and codes are just better, for example Foundations (the footprint of your home), the slab that supports your home and provides the floor on the first floor, the concrete we use now are now designed and engineered with more syntheses materials to increase strength and elasticity to the concrete, connections imbedded in the foundation to the framed walls.

Walls; framing members are built with “#2 grade or better” lumber combine that with the OSB “orient strand board” which is that wafer board that you see on all new building it is used for “sheer wall” which is how we stabilize the building the more OSB we use the stronger the building it is, stack that up with the same method for the roof. Every time we install a window or a door we install metal straps and brasses and lastly the floors are built with “TGI “tongue and grove I-beam” floor joist” these are those flimsy wafer-board long panels, by themselves they are not vary strong but as a repetitive member they are the strongest diaphragm ever made,

Roofs; are built either conventional framing (built on site) or a truss system (Factory engineered and built), both are equally strong but the truss systems are much more popular and cost effective, the roof cover are designed to divert water and sun rays, the real moisture barrier is the 15 lbs tar-paper that is the underlayment for the roof tile.

Doors and windows; are designed to save energy and to be earthquake resistance.

Whereas back east there are homes two or three hundred years old, here in California were still looking to see how long our homes will last, because we are still building them, and if maintained in a normal manner, your home will last 150 years at least. If you have any questions, I can guide you though the “shark-invested” waters of codes and the city system. Thank for taking the time to stop and read this message.

Housing Crash News

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Fri Oct 15 2010
September house foreclosures top 100,000 for first time (
Israel unlikely champ in global real estate (
Is David J. Stern the poster boy for the foreclosure mess? (
How a gang of predatory lenders fleeced America (
How deadbeat borrowers and shady banks siphon wallets of prudent Americans (
How two civilian sleuths brought foreclosure problems to light (
Bankers Ignored Signs of Trouble on Foreclosures (
Foreclosure doomsday scenario? (
Don't blame the government for mortgage lies (
What Angelides Should Have Learned From Pecora (
Gallup Poll Shows Discretionary Spending at All Time Low (Mish)
Desperate Fed adds more cheese to the mortgage trap: rates hit decades-low of 4.19% (
Hurry! Hurry! Because Mortgage Rates are Going... (
Fannie and Freddie in a Mess (
Lack of proper mortgage paper trail could leave big banks reeling again (
Title has been clouded (
Mortgages Lost in the Cloud (
Buffett's Pet Bank Wells Joins Fraudclosure Circus: Wells Caught Lying (
Donald Duck Meets Glenn Beck in 'Right Wing Radio Duck' (

Rational housing valuations

Thu Oct 14 2010
The Coming Collapse of the Real Estate Market (Charles Hugh Smith)
Robo-signers: Mortgage experience not necessary (
Officials in 50 states launch foreclosure probe (
Foreclosure Flap and Other Housing Industry Woes (
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JPMorgan On Foreclosure-Gate (
Now We're Cooking: Subpoenas! (
Evicted Family Breaks Into Their Former House (
A Missed Assessment of Real Estate Debt Risk (
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Bernanke Speech on Friday: A new roadmap for the Fed? (
Deflation explained (
The Swindlers Of 2008 Are Now Betting On World Hunger (
Rich Guy Feeling Left Out Of Recession (
Does it make sense to buy a rental property while you are renting? (

Rational housing valuations

Wed Oct 13 2010
Thousands of homedebtors now face foreclosure in wealthy Marin County (
NY's Queens Housing Market Remains in Fantasyland (
Deflation's push on the real estate recovery (
How Hyperinflation Will Happen (
Hyperinflation, Part II: What It Will Look Like (
Across US, Long "Recovery" Looks Like Recession (
Debt killed the middle class (
Wall Street Pay: A Record $144 Billion (
Foreclosure Fraud: It's Worse Than You Think (
Robo-signers: Mortgage experience not necessary (
Title Insurance Companies Now Reluctant To Guarantee Foreclosed Properties (
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Why The Foreclosure-Gate Scandal Will Only Hurt The Housing Market (
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Here Is Your Chance To Check If You Are The Victim Of Mortgage Fraud (
Where's the Note? Demand to see your mortgage note. (
State of California decides to sell, rent for a while (
Insurance lobbyists secretly create & manipulate "grassroots" movements (

Thank You Ted D. ($25) for your kind donation.

Rational housing valuations

Tue Oct 12 2010
Real estate, especially in CA, seemed goofy even to least educated (
"Rocket Docket" rushing foreclosures (
Foreclosure Freeze May Slow U.S. Homebuyers on Legal Worry (
US housing market faces new threat from foreclosure fight (
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Foreclosure freeze could undermine housing market (
Cold weather will hinder already chilly housing market (
Ohio, Hit Hard by Foreclosure, Now at Epicenter of Fraud Crisis (
Ohio Attorney General Fights Against Wall Street (
Central Virginia house prices may not recover for years (
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Economists Cut US Growth Forecasts Through 2011 (
Gold Fever Strikes the Super-Rich (
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The banking authorities were shocked - shocked! (
Foreclosure Tightrope for Democrats (
The Coming Middle-Class Anarchy (
Three Horrifying Facts About the US Debt Situation (
US Republican candidate in Nazi uniform. Hmmm... (

Thank You Arthur K. ($5) and Joe F. ($20) for your kind donations.

When does it make sense to be your own landlord?

Mon Oct 11 2010
Extended foreclosure freeze could add pressure on hurting housing market (
Flawed Foreclosure Documents Thwart House Sales (
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After Foreclosure, a Focus on Title Insurance (
Bank of America's Big Freeze Chills Housing Recovery (
Attorneys General in 40 States Said to Join on Foreclosures (
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This is the biggest fraud in the history of capital markets (
All Washington has ever done has been to protect Wall Street banks (
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Central bankers are huddling in search of a magic elixir to ward off deflation (
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Undocumented Worker (
Which houses are overpriced?

Sold to the bank at the peak

This weekend's featured property is unique among the mortgage equity withdrawal cases i have encountered. The foreclosed owners (the property is now REO) bought this place in 1998 and never borrowed against the property. Then on 12/21/2006 they borrowed $354,000 and on 4/9/2007 they followed up with a $70,700 HELOC. There was no pattern of HELOC abuse, but these owners managed to put the property to the bank right at the peak and obtain maximum value without moving out. With the exception of bad credit, the deal worked out pretty well for them. They got the cash from a peak sale without selling.

I'm not sure how to grade them. They lost their property after more than doubling their mortgage, so I can't give them a passing grade, but they did manage to get maximum value out of their property while screwing the bank, so they deserve some credit for that.

Irvine Home Address ... 6 LAKEPINES Irvine, CA 92620

Resale Home Price ... $284,900

Home Purchase Price … $310,250
Home Purchase Date .... 8/12/2010

Net Gain (Loss) .......... $(42,444)
Percent Change .......... -13.7%
Annual Appreciation … -33.6%

Cost of Ownership
$284,900 .......... Asking Price
$9,972 .......... 3.5% Down FHA Financing
4.25% ............... Mortgage Interest Rate
$274,929 .......... 30-Year Mortgage
$54,059 .......... Income Requirement

$1,352 .......... Monthly Mortgage Payment

$247 .......... Property Tax
$0 .......... Special Taxes and Levies (Mello Roos)
$24 .......... Homeowners Insurance
$292 .......... Homeowners Association Fees
$1,915 .......... Monthly Cash Outlays

-$122 .......... Tax Savings (% of Interest and Property Tax)
-$379 .......... Equity Hidden in Payment
$15 .......... Lost Income to Down Payment (net of taxes)
$36 .......... Maintenance and Replacement Reserves
$1,465 .......... Monthly Cost of Ownership

Cash Acquisition Demands
$2,849 .......... Furnishing and Move In @1%
$2,849 .......... Closing Costs @1%
$2,749 ............ Interest Points @1% of Loan
$9,972 .......... Down Payment
$18,419 .......... Total Cash Costs
$22,400 ............ Emergency Cash Reserves
$40,819 .......... Total Savings Needed

Property Details for 6 LAKEPINES Irvine, CA 92620
Beds: 2
Baths: 1 full 1 part baths
Home size: 1,223 sq ft
($233 / sq ft)
Lot Size: 1,672 sq ft
Year Built: 1978
Days on Market: 59
Listing Updated: 40448
MLS Number: P748744
Property Type: Single Family, Residential
Community: Northwood
Tract: Lk
According to the listing agent, this listing is a bank owned (foreclosed) property.

You have been waiting for this opportunity! The largest floor plan in Northwood at the Lakes with a two car attached garage! Pride of ownership neighborhood with award winning schools nearby. This townhouse features two spacious stories with cathedral ceilings, romantic fireplace, and formal dining room. Also featured is a LARGE back yard with deck. The master bedroom has a peaceful balcony. Why is this spacious townhome priced so aggressively?? Because it needs your help! Bring your paint and tool box and you will have instant equity!

real estate home sales


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