November 26, 2008

The Turkey Of The Year In California

The Press Telegram reports from California. “Delfa Robles, 68, a Long Beach resident and a member of the Association of Community Organizations for Reform Now, is facing foreclosure of the home where she and her family have lived for 13 years. ‘She tried to start a restaurant business a couple of years back, and due to financial difficulties, she lost the business and got behind on her house payments,’ she said through ACORN organizer David Mazariegos. ‘The only choice she has is to sell the house or file for bankruptcy, which she doesn’t want to do.’”

“The Robleses were given a variable mortgage rate from their lender, Wachovia, which has given the Robles family time to catch up on their payments.”

“‘They gave her a year to pay, but she has to pay the back mortgage and the monthly payments as they come, and they have raised her mortgage by $800,’ Mazariegos said. ‘She has a whole year to figure it out, and we will put a little bit of pressure on Wachovia to help her out. We made them ‘Turkey of the Year,’ for not working with the people.’”

The San Gabriel Valley Tribune. “California home sales climbed 117 percent in October as buyers took advantage of properties selling for nearly 40 percent less than the year before, according to an industry report released Tuesday. Some of the steeper declines include Altadena (-39.6 percent) and Baldwin Park (-37.7 percent). Bucking the trend, Alhambra saw its home values increase 13.4 percent to $482,000 in October, compared to last year.”

‘Thomas Berge Sr., whose Berge Co. Realtors and Appraisers has been in Alhambra since 1954, didn’t put too much weight in the Alhambra numbers. In reality, ‘the market in Alhambra has deteriorated dramatically,’ he said.”

The Voice of San Diego. “September home prices in San Diego County fell by 26.3 percent from the same month a year earlier, according to the most recent Standard & Poor’s/Case-Shiller index released Tuesday. That was a 34.4 percent drop from the market’s peak in November 2005. Prices are still about 64 percent higher than they were at the start of the decade. The index reports housing data with a two-month lag.”

“Real estate agent Camille Bruno in Bonita sells bank-owned homes in the South Bay, and named two sales where homes that previously sold for $1.3 million and $1.5 million sold in recent months in the $700,000 range. ‘They’re like 50 percent off, basically,’ she said. ‘Those same houses haven’t come down in North County as far as they have here yet.’”

“But Ed Mracek, real estate agent with Willis Allen in La Jolla, said the long-held supposition that the coastal neighborhood would stay untouched by housing trouble is going away and the La Jolla ZIP code is starting to see large price reductions, he said. He mentioned an oceanfront house that the sellers had listed for more than $25 million before recently lowering their asking price to $18.8 million. They paid $17 million for it, he said.”

“‘Sellers need to be realistic — the world kind of changed after the stock market crash,’ he said.”

The Union Tribune. “Some distressed sellers are offering great deals. Peter Toner, a broker with Prudential, said a 1,500-square-foot house in North County purchased for $498,000 four years ago is now listed at $289,000 as a short sale. Toner said the weakening economy is beginning to take a toll on neighborhoods that until now have been relatively unscathed by the foreclosure crisis, particularly along the coast.”

“‘I think it is spreading a bit,’ he said. “It just has taken longer. The people on the coast weren’t quite so involved in the dodgy loans.’”

The Recordnet. “Housing production in California last month was the lowest on record, down 45 percent from October 2007, according to the California Building Industry Association. The group wants some help for the industry - and thus, the economy - via a government stimulus. Joe Anfuso, CEO of Stockton-based Florsheim Homes, said he anticipates that the federal government will approve some type of tax credit for home buyers as a way to stimulate the economy.”

“‘The one thing I like is knowing that housing is at the forefront of the political landscaping,’ Anfuso said. ‘That’s the key.’”

“Tuesday’s announcement of another $800 billion bailout that’s designed to unfreeze the nation’s market for consumer debt has drawn mixed reviews from Southland business leaders, economists and political figures. Mike Spence is president of the California Republican Assembly, the state’s oldest and largest Republican volunteer organization.”

“‘The government is deciding who wins and who loses,’ Spence said. ‘Lobbyists are spending millions to make sure their industry gets a piece of the pie - that’s not how you recover economically.’”

“Larry Harris, a professor of finance and business economics at USC’s Marshall School of Business, agreed that the rescue plans thus far have been all over the map. ‘They’ve done so many different things … how can you not agree with some part of it?’ he asked, jokingly.”

“Still, Harris acknowledged that some kind of action has been sorely needed. ‘All attempts by the government to address the market problem are welcome as long as they don’t make the problem worse,’ he said. ‘We’re operating in an uncertain environment and it’s inevitable that mistakes were made and mistakes would be made if they didn’t act. We just have to trust in people who are wiser than us to decide on our behalf.’”

The Burbank Leader. “State lawmakers continued deliberations Tuesday on competing plans that could freeze foreclosure proceedings for up to 120 days. Richard Pittman, housing services coordinator at a nonprofit housing counseling agency, said the proposals could have negative consequences by simply extending the foreclosure process for homeowners who failed to do enough to stay in their homes.”

“‘In some cases it will buy them time for folks who may be out of work to get them started, and that’s great,’ he said. ‘But people are not necessarily looking at the big picture, and neither is the lender.’”

“According to a report, 1,337 homes in Burbank and 1,614 in Glendale are in various states of foreclosure. More than 309,000 homes in California are close to or are already in the process of being foreclosed upon.”

“‘We need to have some flexibility and relief to people who are facing imminent foreclosure,’ said Assemblyman Paul Krekorian, a Democrat whose district includes Burbank and Glendale. ‘What I’m going to be concerned about is encouraging lenders who have programs in place without discouraging additional credit from coming onto the market.’”

The Hi-Desert Star. “Two more banks with local branches, Pomona First Federal and Downey Savings, became the latest names on the list of failed institutions late Friday. PFF was the oldest bank in Southern California, founded in Pomona in 1892. After weathering over a century of financial disasters and staying out of the recent subprime mortgage debacle, analysts claim it was the last batch of unpaid millions in construction loans that drove shares down from a high of $40 two years ago to 36 cents last Friday. PFF had 38 branch offices in the counties of San Bernardino, Riverside, Orange and Los Angeles.”

“Bill Powers, Indian Wells-based president of Pacific Western, feels the pain for his struggling neighborhood institutions, but in a tough-love kind of way. ‘None of this is unexpected in our greed economy,’ Powers observed. ‘Greed takes a toll on everyone’s common sense.’”

“Powers attributed his bank’s financial soundness to ‘adhering to the basics of banking.’ ‘We didn’t do Freddie Mac or Fannie Mae,’ he said. ‘You don’t loan money to people who can’t pay it back.’”

“Still, Powers thinks ‘no one will go unscathed. This is a centipede economy,’ he said. ‘How many shoes have dropped so far? I don’t even know how many shoes the centipede has.’”

The Desert Sun. “For Debbie Lewis of Terra Lago, the $48.5 million Neighborhood Stabilization Program the Riverside County supervisors approved Tuesday can’t arrive soon enough. Lewis bought her $500,000-plus home in the country club setting of Indio when housing prices were at their high.”

“Now, as homes tumble into foreclosure and her home equity disappears before her very eyes, Lewis is part of a growing army of Coachella Valley residents seeking a return to stable, well-stocked neighborhoods.”

“One day last week, alone, notices of default were listed on properties in the Coachella Valley with mortgage defaults totaling $18.1 million. The next day, the troubled paper count on yet another round of properties heading toward the auction block stood at $3.1 million.”

“‘We lobbied heavily for the funding,’ said Fred Bell, executive director of the Desert Chapter of the Building Industry Association. ‘The primary goal is to make sure the maximum amount of money that can be allocated reaches the end-user.’”

The Daily Herald. “Many working people can’t get the credit they need, said Richard Pittman, a counselor with (a) nonprofit which offers personal credit counseling in Los Angeles. ‘We’re crossing our fingers that this will work,’ Pittman said. ‘If we don’t get the market moving again, the biggest industry is going to be soup lines.’”

“The small businesses that rely on loans to stay open need to see more liquidity in the credit markets, said Scott Hauge, president of Small Business California. ‘There have been situations where a guy went to have his credit line increased but instead they cut it in half,’ he said. ‘I’ve also heard about people who don’t even know their lines or credit cards have been cut until they try to use it. It’s a mess.’”

The Enterprise Record. “Builders, planners and real estate agents have seen a significant decline in the local housing market, with new construction taking the biggest hit. ‘The new home housing market is about as slow as we’ve seen in a long time,’ said Chris Giampaoli of Epick Homes.”

“Jason Bougie of the Butte Community Builders Association said the builders who are struggling are the ones that are sitting on unsold built homes. Locally that hasn’t happened much, but it was a big factor in the Sacramento area where corporate builders built hundreds of homes, he said.”

“Debbie Brodie, president of the Chico Association of Realtors, said plenty of loans are available for normal-priced homes, but she’s seen people have problems getting loans if they’re seeking a higher amount, have poor credit, or are trying to finance commercial loans or ‘anything outside the box.’ She said first-time buyers are able to get loans as long as they have good credit scores.”

“Bougie agreed. ‘All the while, it is the best time to buy a house. If I had money I’d buy a few of them.’”

Inside Bay Area. “Washington Mutual’s departure from Pleasanton could do more than eliminate 1,200 jobs and erode the local economy and office market: The exit could leave the failed thrift’s landlord in the lurch without rental payments. ‘We have the right to exit from those leases,’ said Gary Kishner, a Washington Mutual spokesman, said of the Pleasanton rental agreements. “Chase will not be making those lease payments.’”

“LBA Realty Fund, WaMu’s landlord at the Pleasanton office complex, would have to get in line with WaMu’s other creditors if LBA wishes to enter a claim to recoup at least some of its lost revenues from the unpaid lease.”

“The LBA group paid an estimated $66.5 million in June for the 217,000-square-foot complex. LBA used a previously established $150 million line of credit to finance the acquisition, according to Alameda County property records. That loan, obtained from Bank of America, would need to be paid to keep the Pleasanton buildings out of default, the county records show. The mortgage also is being used to finance other buildings in California, including a property in Fremont.”

“‘”LBA is a pretty deep-pocketed owner that is successful and has hit some home runs,’ said William Nork, a senior vice president who manages the Emeryville office of Cornish & Carey Commercial. ‘But who would have thought this would have happened? When LBA bought the building, WaMu was a real quality tenant.’”




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59 Comments »

Comment by Blano
2008-11-26 12:10:15

“We just have to trust in people who are wiser than us to decide on our behalf.’”

And who the hell would THAT be???

Comment by colomountains
2008-11-26 15:46:40

If you find out, let the rest of us know.

 
Comment by Big V
2008-11-26 17:21:09

Methinks that you would not need to travel far before finding someone wiser than Larry Harris, American of the moment and HBB feeding frenzy FB poster boy.

 
Comment by Chucky
2008-11-26 18:10:11

Would you pay $40,000 tuition a year this drivel??

 
 
Comment by Mo Money
2008-11-26 12:18:52

‘The only choice she has is to sell the house or file for bankruptcy, which she doesn’t want to do.’”

And I don’t want to get up and go to work every morning. Cry me a river loser.

Comment by HARM
2008-11-26 13:25:29

Wait a minute… she “doesn’t want to”?? This changes everything! Get Hank Paulson on the line, pronto and tell him someone “doesn’t want to” pay any consequences for their own bad decisions. He’s really on board with this whole “moral hazard” thingie. I bet he’ll lend her at least a couple $billion.

Oh… wait, Delfa Robles probably isn’t one of Hank’s drinking buddies. Too bad –no ponies for her.

Comment by EastBayRenter
2008-11-26 15:01:34

Good one! I want my billion too!! Nah, I only really need a couple of million - small potatoes…

Comment by Big V
2008-11-26 17:22:43

A couple million small potatoes? Dang, girl, how many ponies you got over there anyway? BTW, I think they prefer apples over potatoes anyway.

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Comment by REhobbyist
2008-11-26 20:12:56

She bought the house thirteen years ago, the bottom of the last LA housing bust, presumably with a 30-year fixed. I’ll bet the farm that she took money out of the house to start her ill-fated, poorly-thought-out restaurant.

 
Comment by pullthetrigger?
2008-11-26 20:15:27

[“California home sales climbed 117 percent in October as buyers took advantage of properties selling for nearly 40 percent less than the year before, according to an industry report released Tuesday.]

You just can’t make this stuff up. Actually, I’m beside myself in amazement. I mean, I expected 20% to 30% tops off of prices, like in the early 90’s, but this is something unprecedented.

 
 
Comment by pismoclam
2008-11-26 20:26:06

No pain. Hussein Obamma will bail you out. Don’t worry. NO ONE should have to be a loser. Call your local fraudster at the ACORN headquarters. hehehehehehe

 
 
Comment by Mo Money
2008-11-26 12:22:30

“We made them ‘Turkey of the Year,’ for not working with the people.’”

So now I’m a “Turkey” if I expect you to pay your loan back and give you every chance to do it except for forgiving the debt ? Gobble Gobble !

Comment by DinOR
2008-11-26 12:48:44

Mo,

Just another example of various groups attempting to hi-jack the media with timely and catchy phrases to quickly and irreversibly shape public opinion. With the way the MSM reports ( it’s always at least worth a shot )

Not to start the holidays off on the wrong foot but the FB’s in Cali are starting to sound like “40 acres and a mule” only now it’s a McMansion and no payments.

Comment by edgewaterjohn
2008-11-26 13:41:10

Expectations have been rising since the election and the annual holiday shopfest is always a good distraction.

Wait until the real winter sets in…

Comment by DinOR
2008-11-26 14:09:15

“real winter”

Oh you mean that deep, dark depression that sets in when you realize your team *isn’t going to the playoffs, the wife’s car will need a jump (again) and in spite of all that “putting concerns on the back burner during the holidays” you only have 3 weeks of unemployment left?

‘That’ real winter?

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Comment by SanFranciscoBayAreaGal
2008-11-26 19:44:52

“The Winter of our Discontent”

 
Comment by pismoclam
2008-11-27 11:50:45

I wonder what ‘Elsinor’ would sell for?

 
 
 
Comment by Itsabouttime
2008-11-26 15:52:05

One big difference, that I’m surprised you have ignored. The slaves of the 1800’s did not ask to be enslaved. The (debt) slaves of 2008 did ask to be enslaved, and now they want to be liberated with profits thrown in just because. BIG difference.

IAT

Comment by DinOR
2008-11-26 16:10:45

Totally fair and to be truthful, it makes FB’s just-that-dumb. I think (1) other major difference is that so many saw massive debt as an intermediate step toward becoming “independently wealthy”?

To show you how whacked out this got, the most recent boom wasn’t even sold under the age old premise of “building a portfolio of rental properties”. Winding up w/ a renter was either an accident ( or an after thought ) but never, the intent.

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Comment by bluprint
2008-11-26 13:30:47

Dang. Wish I’d been selected turkey of the year.

Comment by Mo Money
2008-11-26 16:24:45

I hereby deign you “drumstick of the year”

Comment by Eudemon
2008-11-26 18:29:18

LOL.

Doest that mean you are reserving the title “giblets of the year”, for yourself, Mo Money?

Thanks for the laugh.

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Comment by Eudemon
2008-11-26 18:32:18

By the by -

Anybody here have news of this year’s Turkey Testicle Festival in Oregon, Illinois? Served on toothpicks, both a la carte and with a side of sauce, I’ve heard they taste a tad like corn nuts.

 
 
 
 
Comment by reuven
2008-11-26 20:31:12

The only Turkeys are us taxpayers

Her business fails and she expects someone else to cover her failure? I didn’t realize that we have an inalienable right to life, liberty, the pursuit of happiness, and not to ever lose money in a speculative investment.

Comment by denquiry
2008-11-26 23:37:54

Her business fails and she expects someone else to cover her failure?
————————————————————————-
but, uhhhhh, are we not covering the failures of our banks and our govt? I would classify her as a fast learner.

 
 
 
Comment by FP
2008-11-26 12:28:02

I’ll pretend I’m the guy at “”Mystery Science Theater 3000″ with the two robots.

“They gave her a year to pay, but she has to pay the back mortgage and the monthly payments as they come” - whhat’s the likely chance that is going to happen.

“‘Sellers need to be realistic — the world kind of changed after the stock market crash,” Umm..you mean the housing crash?

“We just have to trust in people who are wiser than us to decide on our behalf.” They are not wiser, they are just in a position to do so and we elected them. DOH!

“‘In some cases it will buy them time for folks who may be out of work to get them started, and that’s great,” It’s giving them more time for the inevitable. More of sleepless nights, arguments, depression.

‘The primary goal is to make sure the maximum amount of money that can be allocated reaches the end-user.’” I think the end users already wasted theirs away. Why give more?

“The small businesses that rely on loans to stay open need to see more liquidity in the credit markets” , You know, my friends have nusinesses and they still can get short term loans. The key here is if it is a stable business. Typically, if you want a bigger loan, you create another business plan. You get it or you don’t.

“Bougie agreed. ‘All the while, it is the best time to buy a house. If I had money I’d buy a few of them.’” ahh but you probably wasted you equity away with stupid purchases. Maybe a $100K backyard remodel? or the Rome decor bathroom. Just guessing.

Comment by DinOR
2008-11-26 12:43:11

“Maybe a $100K backyard remodel?” LOL!

Well said Tom Servo! Yes, of course, and what backyard couldn’t use one?

( My favorite scene was when there was a hole in the Satellite of Love and Tom is plugging it with his p@cker, reporting “new” and “pleasant” sensations )

Comment by FP
2008-11-26 12:47:43

My Landlord recently put up some new sod in the backyard which was very cool. My friends didn;t really notice it, they only noticed my new GAS BBQ grill. They oogled it like it was in the Hawaiian Tropics pagent.

Comment by DinOR
2008-11-26 12:52:51

GAS you say!? ( What sod? )

My guess is that it won’t be long before builders will be showcasing “features” like sod as an “upgrade”.

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Comment by Brian in Chicago
2008-11-26 14:53:19

Sod is for impatient people. If you want a nice yard, hire someone to come test your soil and create a seed mix that is perfect for what you have. With a little luck it will look pretty good the first season, but as long as you take care of it by the second or third it’s going to be 10 times better than the more expensive sod option.

 
Comment by FP
2008-11-26 16:44:52

hey, I didn’t spend one penny remember. I’m just a renter :)

 
Comment by Leighsong
2008-11-26 20:49:56

FP - Har!

Hubby and I are renters, but the native (hubby) is getting restless.

Thank heavens for locking closets - he’s bigger but I’m faster and I have the keys! HAR!!!

In my defense, I do water and feed him, and give him his due of sunshine.

But,

Wait for it -

He wants a house NOW. (As in, yesterday).

There is only so much closet space, and dang, did I mention he’s stronger and all?

I love him so. He just wants to build things and is retired and all!

No, realy, we have the cash and life is tooooooo short.

Thanks for reading!

Happy Bird Day!

Leigh ;)

 
 
Comment by Doug in Boone, NC
2008-11-26 15:17:46

I stuck one of those revolving targets into the ground in my backyard. If I wanted to sell my house, maybe I could jack up the price a couple hundred thou, because now it has a private rifle range in back!

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Comment by bromeo
2008-11-26 12:45:54

[quote]‘We have the right to exit from those leases,’ said Gary Kishner, a Washington Mutual spokesman, said of the Pleasanton rental agreements. “Chase will not be making those lease payments.’”
“LBA Realty Fund, WaMu’s landlord at the Pleasanton office complex, would have to get in line with WaMu’s other creditors if LBA wishes to enter a claim to recoup at least some of its lost revenues from the unpaid lease.”

[\quote]

Translation, we are already functionally bankrupt so who gives a $hit! Commercial real-estate is the next time-bomb that will be detonating shortly. There is a tremendous glut of commercial property out there with all of the new strip mall construction and new office space; all with rents that most businesses can not sustainably afford especially in the economic climate today.

Comment by Frank Giovinazzi
2008-11-26 12:55:31

Now wouldn’t it be funny if WAMU had made the loan to LBA, and would now be in the awkward position of foreclosing on the property because they themselves went bankrupt?

Animal House flashback: “… so that means an entire universe of planets and stars could be in my fingernail …”

Comment by Insurance Guy
2008-11-26 14:35:26

Some would call it “poetic justice” but I would call it “divine injustice”

I know you were attempting to be funny but I see great wisdom in the comment. The reason banks have bad loans is that they made bad loans which put the banks in trouble which made the loans “bad”.

 
Comment by Big V
2008-11-26 17:57:10

What’s more ironic is that a major RE lender did not see fit to purchase the very RE it was using. Hmmm…. wonder if they knew something.

 
 
 
Comment by motorcityjim
2008-11-26 12:57:03

“‘They gave her a year to pay, but she has to pay the back mortgage and the monthly payments as they come, and they have raised her mortgage by $800,’ Mazariegos said. ‘She has a whole year to figure it out, and we will put a little bit of pressure on Wachovia to help her out. We made them ‘Turkey of the Year,’ for not working with the people.’”

“The bank won’t work with me!!!” means “The bank won’t give me free money!”

I nominate BMW “Turkey of the Year” because they won’t give me a free car.

I nominate Citibank “Turkey of the Year” because they won’t give me a million dollars.

I nominate Jessica Alba “Turkey of the Year” because she won’t give me a blowjob.

I am the entitlement generation! Hear me roar! I should get everything I want just because I exist!!!!!

 
Comment by Château d'If
2008-11-26 13:08:10

“The LBA group paid an estimated $66.5 million in June for the 217,000-square-foot complex. LBA used a previously established $150 million line of credit to finance the acquisition, according to Alameda County property records. That loan, obtained from Bank of America, would need to be paid to keep the Pleasanton buildings out of default, the county records show. The mortgage also is being used to finance other buildings in California, including a property in Fremont.”

“‘”LBA is a pretty deep-pocketed owner that is successful and has hit some home runs,’ said William Nork, a senior vice president who manages the Emeryville office of Cornish & Carey Commercial. ‘But who would have thought this would have happened? When LBA bought the building, WaMu was a real quality tenant.’”
==============================================

LBA may have hit a few dingers, but what were they thinking banking on WaMu being there?

They struck out, looking.

Comment by CrackerJim
2008-11-26 17:12:15

“‘”LBA is a pretty deep-pocketed owner that is successful and has hit some home runs,’ said William Nork, a senior vice president ..”

If LBA is deep pocketed, why did they borrow $150MM to buy a $66.5MM property? Deep pockets in the corporate world means no more than in the personal world, i.e. someone who has borrowed so much money that it is now the bank’s problem!

Comment by DebtinNation
2008-11-28 12:42:42

A chimpanzee with a mouse could have hit home runs during the bubble years.

 
 
 
Comment by Professor Bear
2008-11-26 13:49:25

“We just have to trust in people who are wiser than us to decide on our behalf.’”

Is that the way the citizens of America’s original thirteen colonies did it?

Comment by edgewaterjohn
2008-11-26 14:57:16

That’s just surreal.

He’s from USC, huh? Is that quote any inidcation of the kind of graduates they’re turning out?

Besides, how does he know that what the gov’t is doing is not causing any harm? It’s wayyyyy to early to make that call.

Comment by Eudemon
2008-11-26 18:40:34

The USC scholar is more likely than not the pride and joy of Helicopter Parents, who manage every aspect of the nob’s life, even on campus.

Just wait til said parents accompany the Boy Wonder on job interviews.

 
 
Comment by gab
2008-11-26 16:09:22

And to top it all off, his grammar sucks. ‘effin trojans….

Comment by Big V
2008-11-26 18:00:46

Trojans are UCSD. Larry is from USC. I think that’s in LA.

Comment by BanteringBear
2008-11-26 18:23:40

Uhh, the Trojans are the athletic teams of the University of Southern California, located in LA. And you say you live in CA?

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Comment by combotechie
2008-11-26 20:59:08

A Trojan means never having to say you’re sorry.

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Comment by implosion
2008-11-27 13:56:50

I imagine his parents are still regretting that busted trojan.

 
 
Comment by Mike G
2008-11-26 22:10:43

Tritons are UCSD.
Trojans are University of Spoiled Children.

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Comment by SV guy
2008-11-27 05:46:20

“You can’t spell SUCKS without USC”.

One of my all-time favorite Stanford football buttons!

Mike

 
 
 
 
 
Comment by palmetto
2008-11-26 16:01:13

Stay out of Mumbai, folks. Another reason globalization blows chunks. Brief OT rant off.

Comment by Dave of the North
2008-11-26 20:46:33

A message from Mumbai: “Welcome to the real world, Obama.”

 
 
Comment by Big V
2008-11-26 17:19:21

You all watch out for rising interest rates now, ya hear? Emigrant Direct just opened up a new type of savings account that pays 4% interest. They try to make you think that the high rate is due to their minimum balance requirement (a paltry $1,000), but it’s not. It’s due to their rapidly declining 3-star Safe and Sound rating. Something similar is going on with Kirkpatrick bank. My personal cut-off point is 4 stars. If I can’t find a 4-star bank, then I will keep everthing in a safe deposit box.

Comment by Itsabouttime
2008-11-26 21:45:26

And where will that safety deposit box be?

IAT

 
 
Comment by SanFranciscoBayAreaGal
2008-11-26 19:51:03

What will a person do for a house?

Man arrested at SFO in connection to murder-for-hire plot

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/26/BAPG14CU8M.DTL&tsp=1

 
Comment by Toast on the Coast, 90803
2008-11-26 20:36:57

The sky is falling.
Here is a new comp for Long Beach, Ca
546 Newport Ave. 03/22/07 for $790,000
REO closed sale 11/26/08 for $375,000
We are entering the 4th inning of a extra inning game

Comment by Otis Wildflower
2008-11-29 18:45:15

Think it’s time for a Body Count reunion tour?

COMP KILLA!!

 
 
Comment by Professor Bear
2008-11-27 07:01:09

“September home prices in San Diego County fell by 26.3 percent from the same month a year earlier, according to the most recent Standard & Poor’s/Case-Shiller index released Tuesday.’

A 26.3 pct drop is sufficient to wipe out a previous gain of

100*(1/(1-.263)-1) = 35.7 pct.

 
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