Thursday, November 29, 2007

Maria Fulchini

Maria Fulchini, Realtor
More than 100 years ago, Sinclair said, ‘‘It is difficult to get a man to understand something when his salary depends upon his not understanding it.’

Are we nearing end of housing slump?
"I can say that now is a very good time to buy. Even if prices do drop a bit more, interest rates may be going up," said Maria Fulchini, president of the Realtors Association of Indian River County. "A buyer is better off buying at these lower interest rates. There is incredible inventory and Vero is still a wonderful place to live."

Friday, November 16, 2007

Roy 'realrant' Merlino

Roy Merlino, Real Estate Investment Guru
"Time to go shopping!" WTF! Dude, everything not only sucks, it's 30-50% overpriced. It will take years to purge this poison. And how many realtards complained about the "over-hyped positive news" during the loose lending, global ponzi run-up? Sacramento realtors need to STFU. BTW, those "paniced" sellers need to get out because they are underwater on their loans.
The Housing Market News Is So Bad... It Makes Me Want To Buy!
Just like Warren Buffet says, "Look to buy when and where the news is all doom and gloom. That's where the deals are"(I'm paraphrasing). Guess what... these bear market cycles in the Sacramento zip codes; 95864, 95825, and 95608 almost NEVER last more that 3 years. This one started in Aug of '05. We're in year three right now. Everyone says they want to buy low and sell high. Well, buy when the predominant media and public sentiment says that everything sucks and, if you know how to find potential deals and negotiate, you'll be buying low. Thanks to the over-hyped negative news, there are a lot of paniced sellers out there with some equity who really need to get out. Time to go shopping!
Anyone who has even a cursory knowledge of current events can tell you that the news from the real estate and real estate finance markets is all gloom and doom. But, does this mean it's time to buy?
Famous last words:
So I want everyone to remember that Tyrone says that the median price in 95864 needs to be $194,000 before anyone but a sucker would buy. Hey... do I get some kind of membership card or T-shirt for the Housing Bubble Hall of Shame? What are the criteria for induction?

Saturday, November 10, 2007

Marshall Whittey

Marshall Whittey, Buyer/Home-ATM Spender
It must be 'buyers week' for the Hall of Shame; here's another one. Marshall Whittey is your typical homeowner that used their home like an ATM, spending far beyond his means. Extravagent wedding, Tahitian honeymoon, dining, flat screen TVs (a must-have for home-ATM spenders), a boat, a new truck (didn't like the color of the old one), shopping sprees, and an "investment" property--all of this on the salary of a sales manager at a flooring and tile company. Marshall is not very different from other home-ATM users, he's just stupid enough to be featured in a NY Times article. Bravo, jackass.
* Check out that flat screen TV financed through his home.

Homeowners Feel the Pinch of Lost Equity (and can no longer tap their ATM--home)
RENO, Nev., Nov. 5 — As his wedding day approached last spring, Marshall Whittey found that his money could not keep pace with the grandiosity of his plans. But rather than scale back, he chose instead, like millions of homeowners across the country, to borrow against the soaring value of his home.

He and his bride, Holly Whittey, exchanged vows on the grounds of a sumptuous private estate in the Napa Valley. They spent their honeymoon at a resort in Tahiti. “It used to be that if I wanted it, I’d just go and buy it and finance it,” Mr. Whittey, 33, said. “I’m feeling the crunch, and my spending is down significantly.”

Mr. Whittey once seemed an unlikely member of that cohort. A sales manager at a flooring and tile company, he exudes the unflappable air of someone raised amid the easy money of the casino world. Until recently, he and his wife regularly embarked on shopping sprees of $1,000 and up. He bought a 21-foot boat and two flat-screen televisions for their home. He sold his old truck and bought a new one, he said, “just ’cause I didn’t like the color.” Mr. Whittey could live in such fashion because his company was making good money and his house was appreciating.

But today, the value of his own home, which reached $500,000, has fallen and a separate investment property he bought seems likely to fetch far less than the $580,000 he owes the bank. His commissions have diminished, so his income is down. His neighbor recently fell behind on house payments, prompting the bank to foreclose. Anxiety reigns. “We used to go out to eat three or four nights a week,” Mr. Whittey said. “Now, we don’t go out at all.”
Property information:
404 Alysheba Ct, Reno, NV 89521-6274
-- 2005-06-08: purchase $283,900 with Universal American Mortgage
-- 2006-03-01: $30,000 HELOC with Countrywide
-- 2006-11-20: $375,000 REFI with First Magnus

Demos Ct, Reno, NV 89512
-- 2006-01-03: $444,000 ARM with CTX mortgage
-- 2006-01-03: $111,000 2nd with CTX mortgage
The assessment is for $200,000; don't understand the $555K loan.

3504 Herons Cir, Reno, NV, 89502
1998-10-09: purchased $136,000
2004-10-18: sold.......... $275,000

Friday, November 9, 2007

Todd Haupt

Todd Haupt, Buyer/Investor/ Flipper
If this guy had exercised just a little bit of caution he'd probably be ok, but real estate never goes down, right?

Real Estate Speculator Goes From Boom to Bust
At 32, with just one semester of community college, he owned a BMW, a Corvette and a 5,000-square-foot house worth $1.2 million. He was a creation of the boom. “I was on top of the world,” Mr. Haupt said recently.

Now Mr. Haupt’s house is in the hands of his creditors, as are the cars, three small office buildings and 89 lots he bought in a subdivision in neighboring Lincoln County.

He owes about $6 million in personal and business debt, and as Mr. Haupt’s fortunes soured, so have those of plumbers, electricians, framers, landscapers, supply stores and others that relied on his business, which he estimated at $300,000 per month.

Thursday, November 8, 2007

Dave Ormsbee

Dave couldn't afford these homes, yet he knowingly signed the loan applications. He obviously had some help getting the loan, but it takes two to tango, and buyers are also to blame. I like how Mr. Ormsbee says 'they made me'. What a loser.

The Mortgage Mistake in Utah
Dave Ormsbee has never been inside this Draper home, which he now owns. Dave thought he was becoming a real estate investor. “Good credit was a curse,” he says. Dave says it was his good credit alone that bought a home in Draper and a house in St. George, both with no money out of his pocket. Now at the age of 27, Dave owes more than a million dollars in mortgage loans.

Sounds like he makes a lot of money, but quite the opposite is true. Dave is a college student and waits tables after school. He makes maybe $11,000 a year, yet he bought the Draper house for more than $700,000.“

You’re a server at a restaurant. How can you afford a $719,000 house? I can’t” says Dave. But how could a college student making $11,000 a year convince any lender to give him a million dollars in mortgages? Take a closer look at Dave Ormsbee’s loan application. It shows him as the owner of his own company, Ormsbee Graphic Design.But there is no such physical company, it’s all created on paper, he says, under the direction of Ron Haycock. “That’s the company that they had me make up,” says David.

Sunday, November 4, 2007

Michael Caruso

Michael Caruso, President Orange County Association of Realtors
Michael has drank deeply from the kool-aid fountain!

Time to buy? Depends on whom you ask
"If you have a long horizon, this is a good time to buy," said Michael Caruso, president of the Orange County Association of Realtors. "You have plentiful inventory, you have willing sellers and you have agents in a problem-solving mode."
Agents in "problem-solving mode". I feel better, now. Ummmm... are these the same dumb-ass agents that put people in homes they couldn't afford in the first place?

Caruso warns that it's a good time to buy only if you plan to own a home for more than a year. But there's a lot of pent-up buyer demand, he said, predicting that "we might have a heck of a spring and summer" next year.
Michael, you may want to visit Vivian. Prices are so disconnected from earnings that you would have to be insane to pay the asking prices. Wait a few years and let them drop another 30-50%. But for god's sake, DON'T ASK A REALTARD IF IT'S A GOOD TIME TO BUY!!!