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Irvine Housing Blog

Irvine Housing Blog

Link to Irvine Housing Blog

IHB News 10-22-2010

Posted: 23 Oct 2010 03:30 AM PDT

This weekend, I have a tiny condo with a huge loss for the bank as well as another brief guest post.

Irvine Home Address ... 78 LAMPLIGHTER Irvine, CA 92620
Resale Home Price ...... $333,000

You gotta help me out
It's all a blur last night
We need a taxi 'cause you're hung-over and I'm broke
I lost my fake ID but you lost the motel key
Spare me your freakin' dirty looks
Now don't blame me
You want to cash out and get the hell out of town

Don't be a baby
Remember what you told me
Shut up and put your money where your mouth is
That's what you get for waking up in Vegas
Get up and shake the glitter off your clothes now
That's what you get for waking up in Vegas

Katy Perry -- Waking Up In Vegas

Writer's Corner

I have been extremely busy lately. The responsibilities of being an entrepreneur are both exhilarating and exhausting. I have many great Las Vegas stories, and when I get a moment to breathe, I will start to write more about them. No drunken debauchery (I don't drink, and I am happily married), but I have been negotiating cash-for-keys, getting into title disputes with Fannie Mae, cleaning out Sanford and Son's property, and generally having a great time.

I have received several emails from investors concerning my progress. I should have the subscribers website up next weekend. I am still setting up the accounting system, and until I have detailed and accurate reports, the website will not be ready. Just so you all know, the fund currently owns 5 properties, and despite the usual headaches associated with this kind of work, I am very pleased with the margins.

Writing for the IHB is a great creative release for me, but I have been so busy, I haven't been able to devote the time to it I should. As I get my systems in place, my job should get a little easier, and I will put more time back into my writing.

Guest Post

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

Second lesson: What about Termites and dry-rot

Here is the truth about termites; it is not like you see on T.V. or what you have been told how it affects your home; termites are in almost every home, and termites don’t just come to your home and stay there until your house is all eaten up. That’s not how it works.

Don’t be afraid. Termites come and go, and they are not monogamist to your home. It takes many years to do significant damage, and most important you do not ever have to use any poison in your home ever. The official code says (paraphrasing) if you have termite or dry-rot in or on the lumber you must remove and replace infected area with new lumber and your home is back to original. Think of it, contractors cover your home and fill the whole home with “harmless” gas, and this gas goes though drywall and beams and kills the bugs but doesn’t leave any poison on your carpet or floors for your children or your animals. Of course, it does, and down the road your animals get sick and you don’t know why.

Some termite inspectors will try to scare you by telling you your home is in danger and that is not true as long as you keep up normal maintaince, this is not magic you can see the same things inspectors can see so if you knock on your door or window frames and termite dust falls out but you don’t see any termites then they were there and are now gone. In that case just replace the infected wood, but if you see termites then there are other ways to take care of the problem. Orange oil is a way, borax is another. The point is don’t be afraid of your home. If you have questions call your local building dept. Let your city be your friend, and if have concerns about your city please call me and I will be your friend.

Housing Crash News

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Fri Oct 22 2010
Bay Area house sales continue slump; San Francisco prices decline (
Calif. home sales drop 18 percent in Sept. (
Drop in Mortgage Applications Reflects Foreclosure Crisis, Rising Rates (
House goes from $3.1M to $1.85M in 3 years (
Hamptons House Prices Fall as Buyers Seek Lower-Priced Retreats (
Calif. Pensions Cost Each Resident $3,000/year (
If we all smoke a lot of dope, we can close California's budget gap (
Credit Card Use Bolsters Self-Worth (
Eviction battle looms over foreclosed Simi house (
Fannie, Freddie bailout could nearly double in size. No surpise there. (
The Lawyers Who Fight Foreclosures (
Mortgage Mess: Shredding the Dream; Major Fight over Enormous Losses Yet to Come (Mish)
Banks' legal troubles mount as everyone seeks payback (
China Hides Rampant Inflation in Money Binge (
American housing still too expensive (
Patrick's Property Finder Now Includes Fair Value Estimates (
Actually, Obama is a pretty good president (
Christine O'Donnell Witch Ad (
Christine O'Donnell Witch Ad Parody (
"The Rent Is Too Damn High" Party (

Thu Oct 21 2010
Recession Worse in SF Than Dot-Com Bust, Distress Index Shows (
SoCal housing market 'on hold' (
Private islands tough sell in current market (
Graph of balance of power between buyers and sellers (
Where Is The Housing Recovery? (
Statement On The Kotok Plagiarism Used in Forbes Link Above (
Chicago Sheriff Says NO to Enforcing Foreclosures (
Answers to Your Questions on the Foreclosure Crisis (
Most shocking discovery yet about how banks hid their toxic mortgages (
Largest Financial Swindle in World History (
Now THAT Was a Gold Bubble (
Officials hint Fed on the verge of more easing (
English mortgage lending drops to 10 year low, despite low interest rates (
Fed Wants Banks to Buy Back Some Bad Mortgages (
PIMCO, Blackrock, Fed Seek to Force BofA to Repurchase $47 Billion in Bad Mortgages (Mish)
Bank of America Accused of Racketeering in Foreclosure Lawsuit (
US Housing Market Foreclosure-gate Doomsday Revolution Erupts (
Intermission, at Best, in Battle Over Foreclosures (
Foreclosure freeze could put security clearances at risk (
How Can I Profit The Most On The Coming Legalization of Mortgage Fraud? (

Rational housing valuations

Wed Oct 20 2010
10% Unemployment; Unemployed Don't Buy Houses (Mish)
Subprime Debacle Act II (
From $1.5 million down to $630,000 in Huntington Beach, CA (
'Foreclosure Mill' Employees Got Gifts For Altering Documents (
Pimco, NY Fed Said to Seek BofA Repurchase of Mortgages (
A market with no mortgages (
How Much Will Foreclosures Weigh Down Big Banks? (
Mortgage Buybacks May Cost Lenders $120 Billion (
Why should we pay taxes if borrowers don't pay mortgages? (
House Stealing (
Fed Ignores Gold, Targets Higher Inflation And Plays With Fire (
U.S. Infrastructure Spending: No Time to Get Cheap (
Arguments For Restoring Top Tax Rates (

Thank You Julia G. ($10) for your kind donation.

Rational housing valuations

Tue Oct 19 2010
Barney Frank Is Anything But On Housing (
Government's mortgage subsidies are screwing families and houseowners (
The higher the price, the harder to sell the house (
Shilling Thinks Housing Will Fall Another 20%, But Owners Will Get Bailed Out (
The Second Leg Down of America's Death Spiral (
Why Germany Has It So Good -- and Why America Is Going Down the Drain (
Our Culture of Financial Fraud and the Anger of the Honest (Charles Hugh Smith)
They're still smoking our old dope in Australia (
India: Manic buying before a likely panic collapse (
Witness: signatures were faked at foreclosure firm (
Victims of robo-signing scandal won't get their houses back (
Florida community feels ripple effects as paperwork issues stall foreclosures (
Bank of America starts thaw in foreclosure freeze (
Mortgage Investors Join Outcry Against Banks (
Wells Fargo Prepares For Tsunami Of Loan Repurchase Demands By Defrauded Investors (
Forget The Foreclosures, Here's The Simple Thing That Is Crushing The Banks (
The New Tax Man: Big Banks And Hedge Funds (

Rational housing valuations

Mon Oct 18 2010
Even well-off borrowers find lenders reluctant to lend (
32% of Houseowners Expect Prices Fall Next Year, Highest Short-Term Pessimism Ever (Mish)
House Sellers Fail To Cut Prices Enough (
From a Maine House, a National Foreclosure Freeze (
Charting the Foreclosure Crisis's Far-Reaching Consequences (
Winners and losers from a foreclosure holiday (
Title company threatening to sue me! (
Banks Fumble Amid Flood Of Foreclosures (
Banks were paid 100% for defaulted loans in HAMP (
New Bank Bailouts Under Dodd-Frank Within 12 Months (
Angelo Mozilo gets to keep 85% of his $470M in ill-gotten gains. What justice? (
Scrutinizing the Elite, Whether They Like It or Not (
Dreams of the middle class deferred by the recession (
Millions of dollars in welfare goes to pay bank fees (
For America's Future, See Japan (
No Social Security Increase Next Year (
Stocks Track Hyperinflation (
Can You Live Without Money For a Year? (
Bank of America Announces Trivial Technical Problems With Small Number of Mortgages (
Rational housing valuations

38% off the peak

The bank is losing a fortune on this tiny condo.

Irvine Home Address ... 78 LAMPLIGHTER Irvine, CA 92620

Resale Home Price ... $333,000

Home Purchase Price … $506,000
Home Purchase Date .... 12/29/06

Net Gain (Loss) .......... $(192,980)
Percent Change .......... -38.1%
Annual Appreciation … -10.3%

Cost of Ownership
$333,000 .......... Asking Price
$11,655 .......... 3.5% Down FHA Financing
4.23% ............... Mortgage Interest Rate
$321,345 .......... 30-Year Mortgage
$63,036 .......... Income Requirement

$1,577 .......... Monthly Mortgage Payment

$289 .......... Property Tax
$150 .......... Special Taxes and Levies (Mello Roos)
$28 .......... Homeowners Insurance
$267 .......... Homeowners Association Fees
$2,310 .......... Monthly Cash Outlays

-$142 .......... Tax Savings (% of Interest and Property Tax)
-$444 .......... Equity Hidden in Payment
$18 .......... Lost Income to Down Payment (net of taxes)
$42 .......... Maintenance and Replacement Reserves
$1,783 .......... Monthly Cost of Ownership

Cash Acquisition Demands
$3,330 .......... Furnishing and Move In @1%
$3,330 .......... Closing Costs @1%
$3,213 ............ Interest Points @1% of Loan
$11,655 .......... Down Payment
$21,528 .......... Total Cash Costs
$27,300 ............ Emergency Cash Reserves
$48,828 .......... Total Savings Needed

Property Details for 78 LAMPLIGHTER Irvine, CA 92620
Beds: 1
Baths: 1 full 1 part baths
Home size: 1,135 sq ft
($293 / sq ft)
Lot Size: n/a
Year Built: 2005
Days on Market: 15
Listing Updated: 40459
MLS Number: P755572
Property Type: Condominium, Residential
Community: Woodbury
Tract: Laca
According to the listing agent, this listing is a bank owned (foreclosed) property.


real estate home sales


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