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IHB News 11-6-2010

Posted: 06 Nov 2010 03:30 AM PDT

Keep Wednesday evening November 10 open. You might get a chance to be on national TV.

Irvine Home Address ... 105 FALLINGSTAR 59 Irvine, CA 92614
Resale Home Price ...... $299,000

Hey, look me over
Tell me do u like what u see?
Hey, I ain't got no money
But honey I'm rich on personality
Hey, check it all out
Baby I know what it's all about
Before the night is through
U will see my point of view
Even if I have 2 scream and shout

Prince -- Baby I'm a Star

IHB News

At the IHB Block Party we had on June 16, 2010, Pat Regnier from Money Magazine attended to do research for a story on Orange County real estate. That story is due to appear in the December issue. I may be quoted in the story.

On Friday afternoon, I received a call from a producer from CNN/Money asking me if I could arrange an IHB meeting for Wednesday evening. This producer talked to Pat Regnier, and she is planning to bring a camera man to do a story on our little gathering. I don't know if this story will appear on the web, or if it may make national TV (it probably depends on how it turns out). 

I am trying to arrange an event for Wednesday, November 10, 2010. Our usual venue is not available on short notice, so I am looking into other locations. Any suggestions in the comments would be helpful. Dave and Busters at the Irvine Spectrum is a likely candidate, but the person I need to speak to will not be in until Monday. This is not an investor meeting; although, I should have time to discuss the fund with anyone looking to make a last-minute investment.

I will provide more details as they become available, but I will appreciate everyone who attends to show support for the IHB. It should be fun, and you might get on national TV.

Housing Market News

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Fri Nov 5 2010
Gearing up for housing correction version 2.0 (
Bank of America Edges Closer to Tipping Point (
No free pass in the mortgage foreclosure debacle (
Foreclosure shadow inventory will take more than 40 months to clear (
Fitch Ratings Predict Longer Recovery Period For Housing Market (
Corporations, wealthy dominating politics (
Where do we go from here? (
2 More Nails In Dollar's Coffin: Republican "Victory", and Fed's QE2 (
Bernanke Admits Targeting Stock Prices (Mish)
Nic Lenoir Interprets The Oracle's Words (
The Fed's $600 Billion Statement, Translated Into Plain English (
As Fed Policy Sinks the Dollar, Prices of Essentials Soar (
Who really runs Economy money amp; Banking system (
Federal Reserve celebrates 100 years of dominating America (
Bernanke & FED Warlords Head Back To Jekyll Island To Celebrate 100 Years Of Printing (
America's Alarm Clock Has Rung: Time's Up (
America Has Been Checkmated By China (

What's it really worth?

Thu Nov 4 2010
7 Million Noncurrent Loans, 2 Million Foreclosures (Mish)
Trump to sell California estate at huge loss: paid $27M, asking $12M (
Why Las Vegas Property Tax Assessments Will Exceed Market Value (
Experts Scuffle Over Australian Housing Market (
New rule to cool property speculation in Malaysia (
On The Reality Of Depressions; Bernanke's Folly (
The Fed's big gamble.. even lower interest rates (
Huge bank profits needed to protect the public. Right... (
Make Rogue Corporations Pay for Foreclosure Crisis (
Stalemate seen in Congress on banking and housing (
Freddie Mac Posts Net Loss of $4.1 Billion (
Housing Recovery Stalled: Freddie CEO (
Nancy Pelosi on Jon Stewart (
Should the IRS Give Taxpayers an Itemized Receipt? (
Discussion of Land Tax in Ireland (long video -
Fraud Started At the Very Top: With Government Leaders (
Mortgage Lending Catching Up to Politicians in Legalized Corruption Department (
Why not just mortgage your children? (

What's it really worth?

Wed Nov 3 2010
Selling $4M-plus house? Wait 6 years! (
9 Years of Housing Backlog at Current Sales Pace (Mish)
Houseownership Rate at 1999 Levels (
Housing's Head and Shoulders Formation Bay Area Real Estate Trends (
How the Election Will Affect Housing (
Houseownership Stays At Lowest Level In A Decade (
18.8 Million Vacant Housing Units Mean Housing Bottom Still Far Away (
1 out of 21 distressed properties show up on the MLS for Pasadena (
Why interest rates make it a bad time to buy (
Bernanke Will Cause "Massive Shock" To The Hong Kong Housing Bubble (
Bank of India hikes short-term rates, tightens housing loan norms (
Collapse of Irish Economy Predicted in 1998 (RTE on
Irish, Greek bonds drop (
England Housing Prices Out Of Reach For Many First-Time Buyers (
First-time House Buyers - Gazundering is your friend (
Gaming the New Rules of Health Insurance (
The Real Estate Market in 2030 (
Fixing The Deficit By Taxing The Rich (

What's it really worth?

Tue Nov 2 2010
U.S. house prices expected to slide another 8% (
Robert Shiller Sees More Housing Pain Ahead (
Number of Californians entering foreclosure rises 19% (
Indians investing in US foreclosures (
The foreclosure effect on house prices (
Estimating Impact of Land Regulation On House Cost (
Extreme Readings in Bullish Investor Sentiment, Insiders Bail at Highest Rate Ever (Mish)
Personal income drops unexpectedly (
Millions of houseowners keep paying on underwater mortgages (
Two views of the post-housing bubble apocalypse (
Housing Matters Little to U.S. Consumers' Wealth (
Quantitative Easing QE2 Won't Necessarily Lead To High Inflation (
Conflict of interest continue at the banks (
William Black testimony to Financial Crisis Inquiry Commission (
Mortgage bond insurer Ambac misses bond payment. Oh the irony. (
Republicans Now Best At Taking Bribes From Finance and Real Estate Interests (
Well, try reverse again. (
36 Ind. unemployment officers to have armed guards (

Thank You Marc D. ($50) for your kind donation.

What's it really worth?

Mon Nov 1 2010
Foreclosure Freeze Cuts Sales, Supply in Hardest-Hit States (
Foreclosure Mess Even Worse in 'Nonjudicial' States (
Amid mortgage mess, owners blindsided (
Orange County daydreaming prices to increase 50 percent by 2016 (
Housing Question From Down Under (Mish)
Australians swoop in on U.S. foreclosures (
Don't Think Housing Matters Like It Used To (
To keep college debt to minimum, don't think of it as surefire investment (
Keep government out of housing (
Hedge-fund Manager Criticizes Bernanke, Warns Of Hyperinflation (
US Hears Echo of Japan's Woes (
BOA Gets $20 Billion Warning Letter From Insurance Industry (
How the Banks Put the Economy Underwater (
On election day, make sure we don't throw the bums in (
3.8% tax on real estate transactions applies ONLY to PROFITS over $500,000 (
White collar recession, blue-collar depression (
Do the Rich Need Coddling? (
How to End the National Debt in One Day (

Thank You Brad D. ($20) for your kind donation.

What's it really worth?

Another Option ARM implosion

It is a consistent pattern among HELOC abusers to refinance over and over and finally implode with an Option ARM. Contrary to the myth that Option ARMs were pushed on unsuspecting borrowers, many Ponzis chose Option ARMs because it allowed them to increase their cash-out activities while decreasing their payment. The terms didn't matter; borrowers were being offered free money and a lower payment. Few said no.

  • Today's featured property was purchased on 9/13/2002 for $278,000. The borrowers used a $269,500 first mortgage and a $8,500 down payment.
  • On 6/27/2003 they refinanced with a $273,000 first mortgage.
  • On 12/21/2004 they obtained a $50,000 HELOC. I bet that was a prosperous Christmas....
  • On 8/15/2005 they refinanced with a $384,000 Option ARM with a 1% teaser rate.

No NOD has been filed, but their option ARM is 5 years old now, and they are likely approaching their LTV limit when the loan recasts into a fully amortizing payment. Perhaps they make 30% more than they did in 2004 and they can afford the new mortgage. I doubt it.

Irvine Home Address ... 105 FALLINGSTAR 59 Irvine, CA 92614

Resale Home Price ... $299,000

Home Purchase Price … $277,273
Home Purchase Date .... 9/13/2002

Net Gain (Loss) .......... $3,787
Percent Change .......... 1.4%
Annual Appreciation … 0.9%

Cost of Ownership
$299,000 .......... Asking Price
$10,465 .......... 3.5% Down FHA Financing
4.29% ............... Mortgage Interest Rate
$288,535 .......... 30-Year Mortgage
$57,005 .......... Income Requirement

$1,426 .......... Monthly Mortgage Payment

$259 .......... Property Tax
$0 .......... Special Taxes and Levies (Mello Roos)
$50 .......... Homeowners Insurance
$335 .......... Homeowners Association Fees
$2,070 .......... Monthly Cash Outlays

-$129 .......... Tax Savings (% of Interest and Property Tax)
-$395 .......... Equity Hidden in Payment
$16 .......... Lost Income to Down Payment (net of taxes)
$37 .......... Maintenance and Replacement Reserves
$1,600 .......... Monthly Cost of Ownership

Cash Acquisition Demands
$2,990 .......... Furnishing and Move In @1%
$2,990 .......... Closing Costs @1%
$2,885 ............ Interest Points @1% of Loan
$10,465 .......... Down Payment
$19,330 .......... Total Cash Costs
$24,500 ............ Emergency Cash Reserves
$43,830 .......... Total Savings Needed

Property Details for 105 FALLINGSTAR 59 Irvine, CA 92614
Beds: 2
Baths: 2 baths
Home size: 997 sq ft
($300 / sq ft)
Lot Size: n/a
Year Built: 1985
Days on Market: 79
Listing Updated: 40469
MLS Number: H10087361
Property Type: Condominium, Residential
Community: Woodbridge
Tract: Othr
According to the listing agent, this listing may be a pre-foreclosure or short sale.

Condominium in Good Condition, very nice area. One bedroom down and one bedroom upstairs. Laminated floors in first floor, carpet on second floor, laundry room right off the kitchen. Located by de pool with visitor parking just a few steps away. Short Sale.

Located by de pool? What's dat?

real estate home sales


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