The Home That Was To Be Their Nest Egg
ABC 7 News reports from California. “Monday was just another day at Marsh Creek Elementary in Brentwood. School keeps kids focused on things other than the housing slump which has devastated this community. Just a few miles away is the City of Oakley where 620 homes so far this year have been lost to foreclosure. ‘If you drive through a subdivision you see all these vacant and empty homes, and the prices on the homes are 50 percent less than what they paid just two years ago,’ said teacher Dave Behling.”
“Behling bought a house while waiting to sell his old one. When the market collapsed he was unable to sell, forcing him into foreclosure. His wife now has a second job. ‘We’re pretty much like everybody else, pay check to pay check, which is something new to us, because we were never like that,’ he said.”
The Ventura County Star. “More than 400 people who waited in line early Monday morning — some for more than 24 hours — to apply for one of 140 affordable apartments at Oxnard’s RiverPark. Two years ago, Ismael Martinez never thought he’d be in need of an apartment. After years of running his own carwash business, he saved enough money to buy his own home. Then the economy turned, his business decreased and his mortgage reset, doubling from $1,800 to nearly $3,600. He’s sure that his house will be in foreclosure and he’ll need a place to live.”
“‘When your dream comes down and you can’t keep going, you have to give it up,’ he said from an RV where his family took turns warming up over night.”
The Daily Press. “The San Bernardino County Board of Supervisors Monday launched what officials say is a ‘bold economic recovery plan’ to address area foreclosures and the mortgage meltdown. About 42,356 homes in San Bernardino County currently are bankowned, scheduled for auction or have been subjected to notices of default. In the past 11 months, property values in San Bernardino County have plummeted nearly 42 percent. Neighboring Riverside County has seen even more dramatic rates of foreclosures, pushing the two-county region to the forefront of the nation’s foreclosure crisis.”
“County officials say the Economic Recovery Corporation is the best way to manage thousands of residential properties that once were owneroccupied but are now vacant magnets for crime, or that are being snapped up for prices below their real value and turned in to rentals.”
“‘Inland communities are becoming blighted, unemployment is soaring and demand for countyprovided social services is on the rise as a result of this unprecedented economic crisis,’ said Board of Supervisors Chairman Paul Biane.”
“In the next two years, about 240,000 homes in the Inland Empire homes are expected to enter into foreclosure, with experts predicting cataclysmic economic losses that may reach $100 billion.”
The Desert Sun. “The growing number of foreclosed home in Desert Hot Springs is taking a toll across the city, officials say, and on Tuesday the City Council voted unanimously to tighten regulations on owners to better maintain those properties. More than 1,500 of Desert Hot Springs’ nearly 11,000 homes are either bank-owned or in some stage of foreclosure, according to a recent Riverside County report.”
“‘There are literally blocks that are empty,’ Councilman Karl Baker said during a Tuesday meeting. ‘Things are tough – they’re going to get tougher.’”
“The median price of Coachella Valley homes fell 34 percent in October to $225,000, a level not seen since February 2003. In September, the 865 home sales closing escrow posted a 65 percent year-over-year hike, the strongest since January 1988. Fifty-one percent of the homes that closed escrow in October across Southern California had been foreclosed on at some point over the year, according to DataQuick.”
“‘The rise in sales indicates that buyers continue to take advantage of bargains in the marketplace, as the inventory continues to trend upwards, and as more properties with troubled loans contribute to the number of properties for sale,’ said Greg Berkemer, executive vice president of the California Desert Association of Realtors.”
“Most of the price reductions have taken place, and new properties coming in are matching the prices, Berkemer added, observing: ‘Buyers are in a good place.’”
“Thousands of applicants showed up Tuesday and more are expected today for the Jackalope Ranch job fair, where 200 jobs are up for grabs. Job fairs earlier this year at the SuperTarget and Winco stores in north Indio also drew thousands of people looking for work. ‘We expected big crowds, but this is overwhelming,’ said Lee Morcus, co-founding principal of Kaiser Restaurant Group.”
“Coachella resident Rosa Gonzales hasn’t had a job in seven months and was there Tuesday hoping to snag one. ‘It’s hard. There are no jobs,’ she said in Spanish. Carlos Quintanilla, 20, of Indio said he’d take any position they offered him. ‘I pretty much need a job. Not a lot of places are hiring,’ he said.”
The Burbank Leader. “When retailers opened their doors early Friday at the Town Center Mall, it was not to the huge crowds usually seen the day after Thanksgiving. ‘I’ve been here for three years, and I’ve never seen it this slow,’ said Jessica Carls, of Los Angeles, as she came out Old Navy just before 6 a.m. Friday morning laden with three shopping bags.”
“For Pasadena schoolteacher Ana Morales, sales at Old Navy and Bath & Body Works mean gifts for the kids, but not as many for the adults in her life. ‘I’ve definitely cut down on my Christmas spending,’ Morales said.”
The North County Times. “Key measurements showed the region’s economy buckling dramatically in October and suggested that the situation will continue to worsen for the next six months, an economist said Tuesday. The University of San Diego’s Index of Leading Economic Indicators fell 2.3 percent in October, the sharpest drop on record.”
“‘An already difficult situation took a decided turn for the worst,’ economist Alan Gin, who compiles the index, wrote in an accompanying report.”
The Union Tribune. “‘What that says is that there’s no end in sight as far as the downturn is concerned,’ said Gin. ‘And there’s at least a little bit of worry that things could be accelerating on the downside.’”
“Residential building permits declined by more than 50 percent over the past year, largely because of a sharp drop in apartment and condominium construction. Economists previously hoped that San Diego’s early entry into a slowdown meant that the county would be able to recover earlier than other regions. But the depth of the national recession and the constriction in credit has darkened that outlook. Few economists now believe that the county will recover before the nation as a whole.”
The San Diego City Beat. “Of all the unpleasant changes that have come John and Jessica Browning’s way during the past couple of years, perhaps the hardest was the realization that they’d been living in a fantasy world. Anxious to be part of the booming San Diego real-estate market, the Brownings purchased a two-bedroom, 830-square-foot condominium three years ago in Point Loma.”
“‘We bought at the high end at the time, when the market was peaking,’ says Jessica, about to have her second baby. ‘There was a kind of panic at the time that if you didn’t get in the housing market now, when home values were gaining $50,000 to $60,000 in equity every six months, you’d be completely priced out.’”
“The Brownings secured an adjustable-rate mortgage for the $420,000 condo. Soon after, the housing bubble popped, and as it deflated, so too did the couple’s illusions that they were financially well situated.”
“‘We needed to refinance,’ Jessica says. ‘We were pretty confident—we thought that when we refinanced, we’d have a small amount of equity to reinvest. But the market kept depreciating, and we almost couldn’t even get the condo appraised. The mortgage companies were being more cautious about who they lent to. We had to borrow about $50,000 from a friend to stay in the condo.’”
“The Brownings finally managed to refinance into a fixed-rate, negative-amortization loan. The Brownings soon found that the home that was to be their nest egg was only sinking them further and further into debt.”
“Desperate to get out of their mortgage, the couple concluded that the only option left was to ’short-sell’ their home. The couple put the condo on the market at $100,000 below the value of their mortgage. At the time CityBeat spoke to them, they had two offers on it and reckoned they’d have to move out right around the time their baby was born.”
“Three years after wading into the San Diego real-estate market, the Brownings were leaving it deeply in debt, their credit shredded, their confidence shaken. Unable to afford another property in the Southern California market, the couple was considering leaving the state for Reno, Nev., where Jessica has family.”
“Nonetheless, Jessica remains optimistic about her family’s future—to a point. ‘If we can get into a situation where we don’t have a lot of debt, we’ll be OK,’ she says. ‘But once I start thinking about having bad credit—I’ve never been in a situation like that. I’m just nervous about the unforeseen things popping up and having bad credit.’”
“In the next two years, about 240,000 homes in the Inland Empire homes are expected to enter into foreclosure, with experts predicting cataclysmic economic losses that may reach $100 billion.”
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
240,000
Isn’t that just about every home in the Empire?
Isn’t that just about every home in the Empire?
Found memories of the ‘Its contained’ quotes.
Got Popcorn?
Neil
This is a good collection of articles and videos, but it sickens me that everyone portrays themselves as mere hapless victims. Even the school district in the first video is a victim, less funding for less students. But don’t they have to educate fewer kids, WTF??? I also wonder how many people showing up to the job fairs in the IE are people who decided to quit working a few years ago since they were on their way to becoming millionaires by sitting at home accumulating properties.
Even though they educate fewer kids, there are fixed costs that have to be paid, and now must be paid with a smaller tax base. I am not defending their lack of planning, just observing that it is not necessarily that much cheaper to school fewer kids.
California has lots of cases in point even in good times. Some districts would have X dollars if every kid attended district schools, because the district gets money on from the state partly on a per kid formula. However, if X-Z kids attend district schools, they only get dollars for X-Z kids. So, now have to teach Z fewer kids, but the loss revenue is more damaging than the gain they accrue by not having Z kids in the schools.
I imagine a lot of businesses and governments encounter the same problem–economies of scale bite back on the scale-down.
IAT
It’s the CTA (Cal Teachers Association) fault. They won’t let us have vouchers for a excellent education.
Good point, analysis. Btw, schools here promote the h3ll out of exemplary attendance - that’s how overpaid administrators get paid.
Victims eh? And the banks had nothing to do with it? Buyers=drug user. Banks=drug dealer.
Get it quickly.
Well. SB is certainly in for a foreclosure earthquake (the “big one”). However, wonder if 240K is overstating. According to city-data.com, there are only 245K housing units with a mortgage. Surely 95% of all SB homes will not be foreclosed! …or will they???
Inland Empire also include Riverside counties I believe so add those in.
Sad enough but what caught my eye was the term Experts!” If that is not a term to make you run for your life, you are doomed!
Teacher. Two houses. California. Does not compute.
Why doesn’t he get a second job?
Why doesn’t he get a second wife? A third wouldn’t hurt..
Big V and the other fine ladies that post here aside… warning sexist rant ahead…
How would another wife cause you to save anything? Haven’t you ever been married?
Guys use the same set of scrounged furniture we had in college.. you know old wood boxes and folding chairs… till women get in our lives and convince us to buy new junk. Then they make children to play with the new junk.
OK. I’m kidding here.
Who says we have to pay for everything? Women’s lib liberated men, not women. It’s acceptable that women can now go to work and support the family and most that do so actually enjoy it.
I figure the 3 wives work two jobs each.. 16 hours.. do housework and sleep the other 8. No time for shopping. Even at minimum wage we’d gross near $140,000 a year. Not bad..
And lots of businesses have daycare so i’ve got the house to myself.
“Then they make children to play with the new junk.”
Recognizing that you are just joking, the utter lack of acknowledgment there that men bear a hand in the “making” of children is so totally offensive.
Can I borrow that line sometime?
We might help make em but its truly just a transaction. From then on its the women who call all the shots!
Thank gawd for “Man Caves”
yeah, i think it’s long been established that it’s the woman’s right to choose to have a birth or not. not sure what’s offensive about that, it’s more just reciting law.
Men sometimes marry women because they’re tired of living in caves filled with old junk and need help figuring out what new junk to buy. That, and the act that results in the children.
OK bluprint, that’s going a bit far. Because women are allowed to use birth control, we’re supposed to all pretend that fathers have no responsibility for their own children? There are so many immature, self-obsessed, bitter, hateful male posters on this blog. I swear. You guys represent, like, maybe 20 or 30% of the population. How did you get that way?
“not sure what’s offensive about that..”
Say it to a woman in the context in which it was delivered above and see what kind of response you get.
By the way, I meant that others would find it offensive, not me. That’s why I’d like to use it. I’ll surely get punched in the gut by a few of my female friends but it would still be worth it.
Oh, you can use the line if you want.
A typical man cave is the garage. I spend a lot of time there with my folding chair and work bench.
Someday, I will have built some substandard furniture.
The fact that it’s a woman’s unilateral choice, irrespective of a man’s wishes, is a legal fact. That statement by itself does not imply anything, although it’s clear some of the implications of that choice may disturb you.
This law may present some interesting philisophical/ethical issues (as you point out), such as whether a man who did not choose to have a child should be responsible for it in, say, financial regards. Or whether a woman should have dominion over a man’s right to make an equivalent choice as a woman has an option of making. Those are interesting thoughts.
And I’m not bitter or hateful. I’m a pretty nice guy happily married to my one and only wife whom I think is great.
RE: There are so many immature, self-obsessed, bitter, hateful male posters on this blog. I swear. You guys represent, like, maybe 20 or 30% of the population. How did you get that way?
Divorce court…
“There are so many immature, self-obsessed, bitter, hateful male posters on this blog. I swear. You guys represent, like, maybe 20 or 30% of the population. How did you get that way?”
Dead on BULLSEYE. Worse for them, they got their ideological heads handed to them recently, making them even more spiteful and angry. But HDman is correct… the civil courts are unduly oppressive.
BigV,
My post was more humor intended than some serious discusion. There are plenty of defective carbon units of either gender. As I said before, recently there were a lot of people close to me that had their wives go off the rails.
Now, to be fair there are plenty of people that I’ve seen do some pretty sucky behavior that had the Y chromosome too. Just recently, in my personal circle, I began to wonder about women in general and why they seemed to trash their relationships. So, asking in a general kind of question way “What the hell is going on with all of you?”. Is this some bizzare thing from Oprah?
Anyhow, a lot of the women folk were “unhappy” and were doing bad things. Drugs, cheating, gambling, shopaholics.
I realize their probably isn’t an answer for this. What I got from talking this over with the wife was “she was unhappy” as the repeated answer about couples we discussed.
So basically what I’m saying here is… ah… hell… I have no idea what the hell is going on with people out there. I feel like “consumerism” is poison to everyone. We don’t feel value because all we seem to be doing is using things up. People, food, space. I think its a vacuum for existance. Some people are filling it with political mania… some with hedonism… some with religion… some, as Kundera would say, seem to have extreme lightness of being and nothing holds on to them. That would be the thing I notice the most.
We don’t appreciate the things we have in our lives. If anything that frightens me more than any monitary depression that might arise.
OH DUH! Check the bankrupcy records in your locale. Bet 3/4% of listings are Bitsy, Muffin, Fluffy, etc or any other Frux-frux that the bitch underwater mother could get out of her hardworking husband.
Case in point. My son went thru a divorce where she wanted a 1996 Nintindo Golf game as part of the settlement. Even got a doctors statement that her well being would be affected in a negative way. Now how stupid is that?
I suggest that the Realturds are not the only ones to blame for our greed. Suggest that the young quacks out there, will attempt to pay there $200K loans via crap like this.
Isn’t that what they call “Expertl” Witnesses?
She was screwing the sales manager at the auto dealer where she put in her time within (4) months after they did the deal.
I knew this little love deal was going down the poop-shute in a heartbeat, but I kept my mouth shut.
Yeah, Fluffy get’s all! Now,grow up and deal with it.
@ Big V 15:22
I think you left out of your list of pejoratives “judgmental”. And, uh, “censorious”. Maybe “didactic”. And definitely, “prone to ad hominem attacks”, a rhetorical tool in which a commenter avoids engaging the substance of an argument in favor of reciting a string of derogatory adjectives.
Have any of you divorced males ever wondered why you got divorced? If you went in to your marriages with the same attitude that you have now, then I can see why your wives ran screaming out of the relationship. Why would any chick want to “carry the burden” for her husband, when she already has to carry the burden of her kids? Sorry Blano, but it’s not normal for a guy to complain about having to take responsibility for the family finances. And yes, if you get divorced, you should expect for some of the loss to be taken by you. The wife and kids will not be expected to walk away with nothing. The courts do not allow husbands/fathers to have complete control. This is a mechanism to prevent unbridled abuse. Everyone suffers financially in a divorce. It’s really not as one-sided as some of you guys make it out to be. Furthermore, if you married a trophy wife, then you deserve it, now don’t you?
The aforementioned who posted thereafter rest your case, Big V.
Not sexest, True!
Amen. Get 5 wives and put them all to work. That should do it.
Let the chick carry the burden for once.
(Runs for cover)
This is the old California scam. Take out as much equity on first house and use as downpayment on new house. Let old house go into forclosure. Bridge loans are still available.
Which means its still early in this mess.
Actually, this sounds like a “buy and bail” maneuver.
“We bought at the high end at the time, when the market was peaking,” says Jessica, about to have her second baby. “There was a kind of panic at the time that if you didn’t get in the housing market now, when home values were gaining $50,000 to $60,000 in equity every six months, you’d be completely priced out.”
For a moment I thought someone, in an alternative paper not the MSM, had finally discovered someone to write about who could be considered a victim.
“We needed to refinance,” Jessica says…The Brownings finally managed to refinance into a fixed-rate, negative-amortization loan.”
What, needed to refinance? Why? And they borrowed $50,000 from a friend to stay in a condo their family will soon outgrow.
Still looking for innocent victims, other than renters kicked to the curb when their speculator landlords defaulted.
“…when home values were gaining $50,000 to $60,000 in equity every six months, you’d be completely priced out.”
Has this EVER happened nominally or even on a percentage of current value basis? I think not. Shouldn’t this thought be followed quickly by, “Huh, that’s weird. I wonder if any of this is sustainable.” Nope, they decided it was best to call Suzanne instead.
Not to be truculent, but how could she be considered a victim under any set of circumstances? Because she was panicked that she’d be priced out if prices kept going up?
When I saw prices going up, I thought the increase was crazy and unsustainable. I didn’t know anything about the real estate market or asset bubbles at the time, but I knew that something was…wrong…and that a humdrum 2BR condo isn’t really worth $400,000.
I’m a pretty smart guy, but I don’t think you have to be a brainiac to figure that out.
“And they borrowed $50,000 from a friend to stay in a condo…”
Anyone want to lay odds on whether they are still friends?
He could be the rapper at the bar where thet met. He is the rappee after the bling was bought. Either way, he always gets raped!
“Coachella resident Rosa Gonzales hasn’t had a job in seven months and was there Tuesday hoping to snag one. ‘It’s hard. There are no jobs,’ she said in Spanish.”
How ’bout saying it in English?? Or can’t you??
I don’t care who you are or how un-PC it might be: no ingles, no job. Period.
El Dorado is no more.
Blano, you are *such* a meanie! But I agree with you.
Tell that to governor Bill Richardson.
He just recited his acceptance speech of nomination for Commerce Secretary in english and spanish.
I don’t care who you are or how un-PC it might be: no ingles, no job. Period.
Funny, round these parts it’s no ingles “plus spanish” no job
Round here, a strong back and lungs that can tolerate metam sodium vapors will get you a ladder and some fruit baskets. Maybe some water and shade, maybe not. Don’t need no stinkin’ papers. Border Patrol and INS are AWOL from citizenry.
I’ve hung tobacco as a summer teen gig, planted pine seedlings in Vt. riding on back of tractor.
Maybe a moot point.
President BO and Congress could grant amnesty that would legalize 20 million, making 1986 reforms look like a roundup.
Si we puede - get control of borders again.
countries that don’t have spines of jellyfish.
se puede.
“I don’t care who you are or how un-PC it might be: no ingles, no job. Period.”
Oh, I’m with you on this but the Coachella Valley is not. My husband and I had to walk out of the Circuit City in Palm Desert (’bout five years ago) because none of their salespeople spoke English. We went to Best Buy instead.
I didn’t exactly shed tears when I heard that Circuit City was circling the drain.
Waiting in line for an apartment? Why? There are lots of empty ones. Taking turns warming up in an RV? What the? What is this reporter TALKING about? Wouldn’t they just all go in at once? I could click the article, but I just. can’t. take it. I hope one of you reads it and then comes back and explains this for me.
+1
Rent controlled apartments i think ? the rent is way lower than market value and its very expensive to live in that area Ventura County.
It is 24 hour carwash.
One person works at night while the other warms up and sleeps in the RV. Then they switch. If they all went in the RV at once there would be nobody staffing the carwash.
It is a brutal lifestyle but this is how you run a small business when you can’t afford staff.
GD1: suits and derbies
GD2: hoodies and skull caps
I read it. The way I see it, too many people with too many kids living in an area they can’t afford anyway. Very sad picture of the future of the US, since Cali has been known to set the trends. This is the result of unfettered immigration.
The apartments are at Oxnard’s RiverPark and are available through the Cabrillo Economic Development Corp., an affordable housing developer.
Obviously based on the line, one can surmise the rents must be below-market rates. Basic econ there…
More from the article…
Marixsabel Cardenas clutched a shiny pink binder to her chest that held her application “to keep it nice,” she said.
Cardenas has been living in a garage for the last 10 years and her wife and three daughters now live there, too. The worst part isn’t having to share the kitchen and bathroom with the seven people who live in the house; it’s how cold the nights get in the drafty room meant for cars, not people.
Nancy Mendoza thought that by getting her associate degree, she’d have a leg up on a good job. But the 22-year-old knows friends who have master’s degrees and can’t find work.
I have never understood this. Who gets an associates degree thinking it really means something? I know a couple people who have gotten “associates degrees”. They work at Target, which they could have done right out of high school.
For the record; depends what the associates degree is in and depends what the masters degree is in.
We have trouble finding qualified people. Need more technical people and less business majors.
Yeah, I can kinda see that. I was also thinking for some certifications, like my brother is a surveyor and requires some amount of education less than a bachelors to get that license.
Technical? Who do you think all the layoffs are.
Not long ago, our company had a job fair. Out of 100+ resumes, 90+ were rejected outright. Why?
- Nearly all of them were whelps who wanted to “play manager.” Fresh out of business school with no skills other than PowerPoint and playing with their Blackberry, they dreamed of “running the place” and making lots of money with minimal work. They had no ability to DO any of this, of course, and we needed people with actual technical skills, but there you go… “looking the part” is more important in America these days than doing anything.
- A few were nearly uneducated semi-grifters who just floated in and wondered why the company couldn’t just hand out jobs to random people on the street who lacked skills, resumes, etc. Right…
This is the future of our nation - sad, isn’t it?
A few were nearly uneducated semi-grifters
Send them to Bear-Stearns, AIG & Lehman Brothers. If they’re also corrupt and completely lacking ethics, I think they may “have what it takes” to succeed at those outfits.
Sounds like a great time for some of these foreclosees to become squatters. Why not? Just move back in.
Girl from iconic Great Depression photo: ‘We were ashamed’
MODESTO, California (CNN) — The photograph became an icon of the Great Depression: a migrant mother with her children burying their faces in her shoulder. Katherine McIntosh was 4 years old when the photo was snapped. She said it brought shame — and determination — to her family.
This article should be required reading for every teenager.
Concur Blano. Add adults too.
Not sure how accurate it is but a good movie for the kids is the Kit Kittridge movie (seemed pretty accurate based on what I’ve read about the GD). Watched it with my 7 and 9 yr old. Good lessons for everyone. It really hones in on the unemployment problem most middle class families faced in the mid 1930s. And the “pride” factor that goes along with having a job and what people did back then to make ends meet.
One of the few movies I’ve seen lately that actually has some substance to it. And rated G BTW.
what’s it called?
Kit Kittredge: An American Girl (maybe)
“Kit Kittridge An American Girl”
You can also buy the doll and book for only $90. http://store.americangirl.com/agshop/static/kitdoll.jsf/title/Kit+%26+Ruthie/saleGroupId/300/uniqueId/59/nodeId/11/webMenuId/5/LeftMenu/TRUE
Kitt Kittridge: An American Girl
made in China by Mattel
— sold with her own milk bottle, which brings on giggles, tinkles and renal failure.
It is just an infomercial designed to sell a $1.00 toy for $100.00. It bears semblance to reality. It is a hook.
Note how the story says that the lady is 77 and still working as a housecleaner in Modesto. If nothing else, that shows a work ethic that just won’t quit.
Yes, but how many houses did she buy with toxic loans?
Actually, in her case, probably none… how “un-Amerikan!”
But I have no fear of the Depression being repeated… at least not the part about people wanting to work, looking for jobs, etc.
I’ve seen that picture so many times. Interesting to get the background on it. Interesting and sad.
The rise in sales indicates that buyers continue to take advantage of
bargains in the marketplacethe healthy credit market.unbold
What a sad summary of what has happened to what was once such a nice place to live. I am glad I got out of there and the housing situation where we came to (NM) is much more healthy than where we left (Bay area). Certainly not perfect here, but not seeing whole neighborhoods abandoned, and the type of desperation that seems to be pervading many parts of CA.
but not seeing whole neighborhoods abandoned
That has to be simply mind blowing to see. I have seen a few foreclousures in Loveland. There was one in our neighborhood. It was empty for about a year and it finally sold for about 20% less than the previous sale circa 2004.
2 bedrooms and 830 square feet beneath the flight path for a family of 4 is considered “high end”? My brain feels fuzzy.
This is why the condo market is going to especially pounded this go around. Young yuppie couples bought condos in droves to get in on the action because kiddies and related expenses were still on the other side of years more of wine and cheese parties.
A quick survey of most peoples’ family will show that until this boom - couples typically didn’t buy anything until they knew what their long term space demands would be.
The next group of young families will catch on and they will rent - and the prices of these luxury condos will plummet.
But, but, but its in Point Loma! Its different there!
Its been a while since I flew out of Lindbergh, but I seem to recall that as soon as the plane cleared the runway it veered rightward towards Mission Bay.
Catching ‘those shows’ once in awhile, buyingahouse or some such name, and they
almost always focus on ‘will my furniture fit here’ and ‘gee, don’t like the bad chandelier/paint color’ instead of really seeing the house, its environs, and other important stuff. But then those shows have got to be reruns from 3 + yrs ago?
“Three years after wading into the San Diego real-estate market, the Brownings were leaving it deeply in debt, their credit shredded, their confidence shaken. Unable to afford another property in the Southern California market, the couple was considering leaving the state for Reno, Nev., where Jessica has family.”
Moral of the story: Never go wading at the beach when a tsunami is rushing in to shore.
“Unable to afford another property in the Southern California market, the couple was considering leaving the state for Reno, Nev., where Jessica has family.”
Hah! Good luck with that! Have these people considered where or how they will work? The economy in Reno is in a shambles. And, they’re looking to buy a house? Well, they should have their pick of the litter, as the sheer number of foreclosures in Reno is mind blowing. Fortunately for them, THEY DON’T QUALIFY to buy. They’ll be renting, assuming they even find a source of income.
“Unable to afford another property in the Southern California market, the couple was considering leaving the state for “Reno, Nev”., where Jessica has family.”
Move to another bubble?
Repo, Nev?
Or Bendover, OR.
Repo 911
college years during Jaws release..made for scary midnight swims even With alcohol..some jerk(hehe) would always start the jaws theme as you were wading into the ocean in SD.
Ahh sweet memories of youth. yikes.
How does one “reinvest” equity through a refinance? Aren’t you just reborrowing?
.
RE: Reinvesting
In my native land of Las Vegas, NV, I believe this compulsive behavior is termed “doubling down”.
“Marixsabel Cardenas clutched a shiny pink binder to her chest that held her application “to keep it nice, she said.”
Cardenas has been living in a garage for the last 10 years and her wife and three daughters now live there, too. The worst part isn’t having to share the kitchen and bathroom with the seven people who live in the house; it’s how cold the nights get in the drafty room meant for cars, not people.
“It’ll be a big change,” she said.
What is this…..lesbians living in garages?? For 10 years?? Something wrong with this picture??
I find that part of the story hard to believe.
There are a number of lesbians in my neighborhood, and lemme tell you something, their work ethic could erase our nation’s balance of trade deficit, eliminate the budget deficit, and balance every state and local budget around. And, if that isn’t enough, it could also power several electric plants.
I’ve hired lesbian tradeswomen for some of the work on the Arizona Slim Ranch, and, to a woman, they have been fabulous. More meticulous workers would be hard to find.
I know. Women are usually more meticulous and better at getting things done in a no-nonsense fashion. Guys always seem to forget hugely important “details” that, when left out, will literally prevent a project from being completed.
Yet, for some reason, there are so many on this blog who insist that women are a waste of time, are the root of all evil, and should be blamed for all of society’s problems, especially the housing bubble.
And I’ll bet your female employees actually clean up after themselves, too.
RE: there are so many on this blog who insist that women are a waste of time, are the root of all evil, and should be blamed for all of society’s problems, especially the housing bubble.
Suzanne says so!
Big V, for someone who’s so offended by apparent sexist comments from the men on this blog, I’m surprised to see such a sexist post from you. Honestly, I don’t really care either way..I see merit in both points of view…but it seems like someone should call you out your hypocrisy here …
Hey, everyone else started it with the lesbian talk. I was just going with the flow. Well, I guess it is possible for a dude to be detail oriented. What gets me is the people like hd74man and Dr. Fartlestein and bluprint and Blano and whoever else wants a piece who act like all of the stereotypically feminine traits are to be hated, when in fact they are vital!
Unless they’re from the Isle of Lesbo, they’re not true lesbians.
Isle of Lesbos.
RE: I’ve hired lesbian tradeswomen for some of the work on the Arizona Slim Ranch, and, to a woman, they have been fabulous.
Hey WTF!
You make your gender quota while at the same time lowering your chances for sexual harrassment suits; and everybody can use the same men’s room!
Sounds like a human resources Wonderland!
Lesbians never sexually harass anyone? My, but you are naive.
May be a regional thing, though–I heard a lot more guys (gay and straight) complain of being sexually harassed by a female boss in Boston than I have in Florida. Then again, you’re less likely to HAVE a female boss in Florida. Oink, oink.
if that isn’t enough, it could also power several electric plants.
Living in the desert during March/April, now I realize why there are surges in the huge auto dealership lighting. HAHAjustkidding.
What’s so strange? Lesbians are more likely to live in poverty than heterosexuals.
Bravo for the lesbian couples who stay together, raise their children and make it work.
Brown unveils mortgage help plan
PM announces repossession reprieve for struggling homeowners
People hit by the downturn will be able to defer part of their mortgage interest payments for up to two years under plans unveiled by Gordon Brown.
The plan is designed to give those who lose their jobs or take a big cut in their income an extended breathing space before their home is at risk.
The scheme will cover mortgages worth up to £400,000, the BBC understands
http://news.bbc.co.uk/1/hi/uk_politics/7763044.stm
We’re saved all saved. Truely it’s a honour to live under such dedicated leaders
“Buyers are in a good place…”
Yes, the sidelines.
A little off topic but very important to Cali due to its/our dependence on small business:
http://yourbiz.msnbc.msn.com/
Make sure you read the comments section. This is what’s happening to small business owners all across the US. And to think that small business makes up 70%? of the employment in this country (much more so in Cali). Bailout the big Co’s and the thieves and fraudsters that run these cos but “you get nothing and like it” to small business. What a joke.
What about providing some relief for small business (no I am not a small business owner but realize the important role small business plays). What about tax relief, incentives for small manufacturing cos, companies that are creating jobs, etc. Nope, not enough lobbying and palm greasing to help SB out. Why do states even have reps in DC?
The Republic is dying…
I’ve been in the small business arena since 1992.
When it comes to seeking government help to expand or sustain my biz, I’ve pretty well given up. This despite the fact that I could qualify for MWBE status. (Sorry, but I’m just not interested in filling out a 14-page application to certify what’s already obvious about me.)
This is not to say that I haven’t done business with the government. Much of my clientele hails from higher education, and, once you get the payment systems figured out, the work is pretty good. I’ve also had great experiences doing projects for the U.S. Forest Service.
So, seek business from ‘em, but don’t expect ‘em to help you when you’re down.
“County officials say the Economic Recovery Corporation is the best way to manage thousands of residential properties that once were owneroccupied but are now vacant magnets for crime, or that are being snapped up for prices BELOW THEIR REAL VALUE and turned in to rentals.”
HA HA HA HA HA!!!!!!!!!!!!!!!!!!!!!
The Snapped Up Side the Head Land Lobster Strikes Again!
I agree! And even more:
If a property is purchased and turned into a rental the responsibility and management of that property is with the owner.
Just what kind of “management” would the County and it’s Economic Recovery Corporation need to perform on these properties? Can the County even legally perform “management” services for private lands owned by investors?
Swish!
And, I might ask, why is there a county Economic Recovery Corp. in the first place? And why is there a U.S.. Commerce Secretary? And why, never mind.
“The Brownings finally managed to refinance into a fixed-rate, negative-amortization loan.”
What kind of BS is this? If they were only gonna pay the minimum payment, they were effectively still in an ARM. Paying the 4% minimum instead of the full 6% fixed-rate plus principal, they’re still f****d.
“The Brownings finally managed to refinance into a fixed-rate, negative-amortization loan. The Brownings soon found that the home that was to be their nest egg was only sinking them further and further into debt.”
Why can’t it just be their nest? So sick of the entitlement mentality.
Hard work, research, living within one’s means, saving money and investing is difficult. They would have rather have their retirement financed through their kids, and their kids friends, by having prices go so high the younger generation would have to work 80 hours a week a piece to buy a 400 sq foot condo and never ever, ever be able to have the quality of life they did. They sound like great people. Too bad their plan failed.
Once again, how can a primary residence be a nest egg?
You’d have to downsize or relocate to cash in and those aren’t options for an entire population. This nest egg stuff emerged from what history will record as an complete aberration - the macro postwar housing boom.
Fine, so I couple early Boomers made out well, good on them. First in, first out wins every time.
Yep.
The Boomers, born from 1938 to 1954 or so, made out like bandits. Both literally and figuratively.
Sleepless….
I swear someone should make up a batch of those “Dude, Where’s My Bailout?” caps mentioned in an earlier thread. He11, we could pass the hat around HBB and have a few gross manufactured (in the USA). Maybe pimp Ben’s baby on the headband in the back.
Or not.
Just saying.
LOL. Did you see the “Bailout the Lions!” sign during the game on T-day?
I about spewed some cranberry sauce across the table when I saw that one.
I regret to inform you that I have a Bengals logo glued to my laptop. Wish I could rip the thing off.
Browns fan, here. You’ll get no sympathy from me.
Because prices were so high (and remain high) in some areas that folks could not afford to BOTH buy a house AND contribute to a 401(k). Some of them, like myself, moved to places where we could do so. But the long-held sentiment was that in those areas, one would buy the house, pay it off, and later sell it and move to a lower-cost place.
Housing, excluding the bubble period, has been an historically bad investment. I dont see how anyone could realistically believe this would work given the opportunity costs. If someone wants to pay me to live in a high cost area, I would expect them to pay me enough to be make me whole today. A low rate of return forced investment program seems more disadvantagous than the other way around.
We cut back our 401k so that we could take out a 15 year mortgage. So far it’s looking like a good choice. My “investments” are down hard.
Country Western Bar: We play both kinds of music.
Fidelity 401k: We offer both kinds of investments
Ever notice how the 401k system seems to only let you buy stuff that companies couldn’t sell to real investers?
It was the right choice given the alternatives presented. Note that investment does not always mean equities or real estate. Price is key. I chose not to buy a home and put all my money including my 401k savings into 4-5% cds before the fall. Considering that that the equities I would otherwise consider are down over 40% and housing is down 10% in my area, I view it as double digit returns.
Or , once you put your money into 401k, you can’t get it out, unless you make it to that golden year of 59+ or is it 67?
Sheesh, I want my money back. Period.
I can lose it on my own, thankyouverymuch.
desertdweller…
I feel your pain.
But here’s a tale. Before I was laid off from McClatchy last summer, i participated in 401K deal. You know, they match some contributions with company stock. The symbol is MNI. It is the worst chart imaginable of any company that hasn’t been delisted. Don’t say this to pile on McClatchy… only in hopes that you haven’t been stuck with such performers in whatever “basket” of stocks you may have twisting in the winds.
Actually I have all of my retirement money tied up in several Fidelity 401(k) plans.
The real kicker is VIIIX , which is an “institutional” S&P 500 index fund. Minimum initial purchase: $200 Million. So only really big companies can offer it in their 401(k) plans.
The expense ratio is 0.03% . That’s not a typo.
“The Brownings finally managed to refinance into a fixed-rate, “negative-amortization loan”. The Brownings soon found that “the home that was to be their nest egg was only sinking them further and further into debt”.”
The Brownings are certifiable idiots. “We wanted to build a nest egg, so we got a negative amortizing loan. LMAO!” Where do they find these people?
Jessica says. “The mortgage companies were being more cautious about who they lent to. We had to borrow about $50,000 from a friend to stay in the condo.”
Jessica, have you been able to repay your friend the $50,000? If not, is that person still a “friend”?
When I saw that, I said I’d hate to be that friend. That friend is not going to get that money back. Hopefully, they don’t care about money too much.
“County officials say…thousands of residential properties…are being snapped up at prices below their real value and turned into rentals.”
Well, I almost don’t need to comment, do I. County officials should thank their lucky stars that there are enough people who can actually pay some rent, thus reducing the supply of abandoned bldgs.
“More than 400 people who waited in line early Monday morning — some for more than 24 hours — to apply for one of 140 affordable apartments at Oxnard’s RiverPark.”
There will soon be a whole lot more affordable housing in this country. Within a mile of my house in Brooklyn NY, there are dozens of huge condo developments in various stages of construction.
Obama will not need to raise taxes on the top 5%. Turns out that they were all building affordable housing.
IMO, the PTB has officially lost all control. We have finally reached the critical juncture where the snow has piled so high that no amount of tiptoe-ing around can prevent the avalanche from falling. It’s sliding now.
The only way to save yourselves is to get out now, if you haven’t already. If we’re lucky, we’ll be able to come back later and salvage whatever fine China was cushioned well enough in the bottom of the hutch.
Gold — Finis
OPEC — Finis
Stock market — Finis
Real estate — Finis
US dollar — ???
If the Federal Reserve Bank is pushing on a string, and banks are hoarding bailout money like Michael Jackson hoards small boys, then what do you guys think will happen to the US dollar? For a long time, I was pretty sure they would inflate it all to Hell. I didn’t think we had really reached the point of no return yet. However, with the world turning to the $ as a safe haven, and all other stores of wealth contracting in concert, I can only conclude that $ is the best place to be right now.
Alad — You are a Ferengi, no? SELL YOUR GOLD AND GET OUT NOW, DUDE.
Bluto: Over? Did you say “over”? Nothing is over until we decide it is! Was it over when the Germans bombed Pearl Harbor? Hell no!
GermanS???? HUH?
LOL. On Amazon you can get the 30 year anniversary edition of Animal House on DVD with a Faber College Yearbook.
http://www.amazon.com/National-Lampoons-Animal-House-Anniversary/dp/B001CW7ZXK/ref=sr_1_1?ie=UTF8&s=dvd&qid=1228385663&sr=1-1
http://www.amazon.com/National-Lampoon-1964-School-Yearbook/dp/1590710576/ref=sr_1_1?ie=UTF8&s=books&qid=1228385999&sr=1-1
So, what’s left? I hear that the Swiss lent a huge pile of francs to the developing nations that are now bankrupt from the currency crash.
Just the US Dollar and RE are Finis. People don’t take out debt contracts to purchase stocks, gold, or oil. When the US Dollar is finis, people aren’t going to trade hard assets or shares in businesses for even less a quantity of laughably magically multiplied colored paper rectangles. The temporary deflation tsunami sucking in retreating of the beach front water into the delayed oncoming waves is solely due to forced debt contract liquidation deleveraging. That briefly sucks out all the money outward into the oncoming future wave, just like a tsunami.
Word on the street is the Fed has already increased the national debt by $8.5 TRILLION, an increase of 85% in the NATIONAL FREAKING DEBT, in a matter of a couple months. Don’t think of “money” at all. Think of pure strict “antiquated” black market barter. A dollar is just a supply of another good, colored paper rectangles. But yeah, everything that is financed by debt — houses, cars, government entitlement programs — is going to be washed away. Nobody is going to work as a lifetime indentured servant slave for a POS box to live in, no matter how many nominal colored paper confetti rectangles the PTB drop from ticker tape parades.
The coming -hyper, -mega -whatever inflation tsunami wave is going to make the housing bubble look like beach sand castles.
*This opinion is highly speculative and subject to ongoing real time volatile revision.
Crook:
Yes, people used debt to buy stocks, gold, and oil. They also used debt to buy things from companies that sold stocks, thereby inflating corporate profits. The credit expansion pushed up prices and opressed the dollar. Hence, the credit contraction is now doing the opposite.
Darnit. I posted a conclusion, but it never showed. I think I’ll e-mail Ben.
In short, my conclusion was that Alad should sell his gold.
I advised him & others to short paper-wafers last week because of the extreme Gold-Oil ratio of over 400 to 1, which by the way still applies.
“IMO, the PTB has officially lost all control. We have finally reached the critical juncture where the snow has piled so high that no amount of tiptoe-ing around can prevent the avalanche from falling. It’s sliding now.”
+1. I think you right, Big V; it’s just too big to stop.
WASHINGTON — The Treasury Department is considering a plan to revitalize the U.S. home market by reducing mortgage rates for new home loans, according to people familiar with the matter.
The plan, which is in the development stages, would use mortgage giants Fannie Mae and Freddie Mac to bring loan rates down as low as 4.5%, a full percentage point lower than the prevailing rates for 30-year fixed mortgages.
Government officials are under pressure to stem foreclosures, which underpin much of the current financial crisis. Treasury has struggled for months to come up with a plan that would ease the market without appearing to bail out homeowners and lenders.
Under the plan, Treasury would buy securities underpinning loans guaranteed by the two mortgage giants, which are temporarily under the control of the government, as well as those guaranteed by the Federal Housing Administration. Fannie and Freddie guarantee a large proportion of all new home loans made in the U.S.
Say it ain’t so!@#$%^&*(
WASHINGTON — The Treasury Department is considering a plan to revitalize the U.S. home market by reducing mortgage rates for new home loans, according to people familiar with the matter.
The plan, which is in the development stages, would use mortgage giants Fannie Mae and Freddie Mac to bring loan rates down as low as 4.5%, a full percentage point lower than the prevailing rates for 30-year fixed mortgages.
Government officials are under pressure to stem foreclosures, which underpin much of the current financial crisis. Treasury has struggled for months to come up with a plan that would ease the market without appearing to bail out homeowners and lenders.
Under the plan, Treasury would buy securities underpinning loans guaranteed by the two mortgage giants, which are temporarily under the control of the government, as well as those guaranteed by the Federal Housing Administration. Fannie and Freddie guarantee a large proportion of all new home loans made in the U.S.
WASHINGTON — The Treasury Department is considering a plan to revitalize the U.S. home market by reducing mortgage rates for new home loans, according to people familiar with the matter.
The plan, which is in the development stages, would use mortgage giants Fannie Mae and Freddie Mac to bring loan rates down as low as 4.5%, a full percentage point lower than the prevailing rates for 30-year fixed mortgages.
Government officials are under pressure to stem foreclosures, which underpin much of the current financial crisis. Treasury has struggled for months to come up with a plan that would ease the market without appearing to bail out homeowners and lenders.
Under the plan, Treasury would buy securities underpinning loans guaranteed by the two mortgage giants, which are temporarily under the control of the government, as well as those guaranteed by the Federal Housing Administration. Fannie and Freddie guarantee a large proportion of all new home loans made in the U.S.
Say it ain’t so! $%^&*()_
“After years of running his own carwash business, he saved enough money to buy his own home. Then the economy turned, his business decreased and his mortgage reset, doubling from $1,800 to nearly $3,600. He’s sure that his house will be in foreclosure and he’ll need a place to live.”
They keep getting this wrong. If he had ’saved enough money to buy his own home,’ he wouldn’t have a MORTGAGE.
I wondered about the “owned a car wash business” myself. I’ve got a feeling this was a guy that washed cars at a service station or car repair shop, not at what most people consider a car wash.
His mortgage broker probably put on the app that he owned a cash only business and grossed $200K per year.
I guess he had saved enough to make the first couple of mortgage payments. Too bad the Fed wasn’t buying mortgages then. Why does the fed give the money to Fan/Fred? Why doesn’t hank just write his own low-low-loans?
Unable to afford another property in the Southern California market, the couple was considering leaving the state for Reno, Nev., where Jessica has family.
Guess she hasn’t been back to visit relatives lately. Sure RE is cheeper than San Diego… But find a decent job paying enough to make a house payment - that’s the trick here in NorNev.
Even casinos are closing. And gaming was supposed to be a recession-proof business. Cat houses are contemplating BOGO - and the workers are complaining that profit is way down.
And just wait till the state budget comes unglued (Currently in the works - shortfall of 1.2 billion over the next two years). I am anticipating quite a bunch of displaced state workers in Carson City all looking/being forced to jump ship. Any chance of a decent paying job in Reno will be onslaughted by resumes from “ex-this and that, from the dept of whatever”.
Soon McDonalds will only be hiring people with 4+ year degrees.
I keep thinking about “Atlas Shrugged” … keep hearing the news flashes from that book and the government responses: We must keep things where they are until, at some later time, conditions will improve. Only, as anyone who read the book knows, the conditions never improve, and the main characters keep asking the people in charge - “Just what are they counting on ? ” While those people just ignore the question like it was never asked.
My mom (sadly) = 60years old, divorced, rented room in a condo, paycheck to paycheck @ 6.25/hr. Made enough to retire (401k, sold a company, etc.) but decided to party instead (bought a timeshare, went to greece, europe, lived it up). Just hit me up for a loan until her new job benefits kick in. Has a storage unit full of stuff and no place to put it. I keep wondering what she is counting on.
Mother-In-Law in almost the same position - only never made enough to live, let alone retire. Had to move in with us - was a hairdresser in forclosure capital of CA - San Jaoqin Valley.
Times are getting really weird.
TImes are getting weird… for sure.
Friend who is small bus owner, has grown kids/gkids, her sister (60) moved in with 88 yr old dementia folks-cause she doesn’t have $, and that is in a dblewide, and myfrnd’s kids lost their jobs-one due to health cond which is now cleared up, and boyf just moved Uhaul back to high desert to live in mom’s “casita”,son’s wife left him, so he moved back into mom’s house, geeze louise, and now her brother had MJR health issue/coma and who knows what is going to happen to her sisters fam.
I think we have a soap opera for sure.
I feel for her right about now. She hasn’t had an easy life but keeps laughing. Never ever one to complain.
SOunds like times are really going to get weird.er.
My business is always looking for people who want to work, we get a lot of people who want a job.
What does your business do? There are very few industries right now that get a lot of people applying, but still need more.
“What does your business do? There are very few industries right now that get a lot of people applying, but still need more.”
Note the subtle difference in terms…lots of people looking for ‘jobs’, those who want to “work” not so much. Sounds like a restaurature. I’d get 100 apps and maybe one would be worth the effort to hire, train and actually put on the floor or in the kitchen. Lots of job seekers, not many workers.
It just seems like if you’re always looking, and no one ever makes you happy, then you might need to lower the bar a little. That’s all.
Cash-strapped teacher sells ads on tests
“In tests for teacher Tom Farber’s high school class, students can demonstrate their mastery of calculus and find out where to get braces or even a haircut.
Squeezed by classroom budget cuts, the Rancho Bernardo High School teacher is selling ads on his exams to cover the costs of printing them.”
I suppose it never occurred to him to put the problems on the blackboard and let the kids work the problems on blank paper?
Seems I took a lot of tests that way back in the dark 80’s.
You mean you never experienced the high that came from sniffing freshly mimeographed pages?
You poor dear.
ohhh…I miss that smell and the sound of the machine at my grade school. Always a delight to get to be the librarian’s helper and hand crank that baby!
“‘What that says is that there’s no end in sight as far as the downturn is concerned,’ said Gin. ‘And there’s at least a little bit of worry that things could be accelerating on the downside.’”
Another clueless statement from Gin. He should be worrying more than a little bit that things are accelerating. The job losses are mounting and taking hold over every industry. No one is immune from this slaughter. Gin should be researching how the one income household is making a comeback and that unnecessary expenditures amongst the middle class will follow suit.
I just talked with my CEO today. He is confident that our business is insulated from the downturn. That is because our customers do not rely on credit and we sell telephony/internet equipment in which we have majority of the market space. In times like these, people are going to travel less and use the internet more (hard to argue that as internet access has become a necessity for almost all). We had good growth this year and he is even planning for more growth next year (by taking more market share away from companies who are less sound).
I hope he is right.
Yeah I heard that story before. I’ll let you guess how it ended. :-/
Note to Out at the Peak: don’t believe what senior management says during a downturn. Heck, don’t even believe them in the good times, either. Anyhoo, during downturns they love pumping snow up people’s asses. Just the way it has to be I guess.
The bad news is the telcos have budgets just like everyone else and will have to cut back capital expenditures just like everyone else.
they really got alot of people scared about being priced out of real estate…i remember hearing that alot. but, it was cheaper to rent so why would i buy someones old used house so they can move to the beach and drink champaign with the huge payout. and, i get to sit in my crap box and owe a ton of cash to the bank. i told myself so be it, price me out, i would rather rent or buy a motorhome and park at the beach and enjoy the fine wine knowing the bank wont be coming because i got in over my head! I never buy into conventional wisdom…like buy stocks when it is the thing to do. or houses or whatever. I will buy stocks when no one wants them and i’ll buy a house when few buyers are left! coming soon with the credit crunch and job losses!
Just to let all you HBBers know - I don’t post much at all, but have been reading since the end of 2005, and have been spreading the news of the housing bubble to all who would listen (to limited success, sometimes). Anyway, I just got a note from an acquaintance that said she was very grateful to me for explaining the bubble to her because otherwise she would be in house that she could not afford using a mortgage that was toxic.
This blog has influenced me in so many (good) ways that I almost can’t be grateful enough. With the warnings about the economy, I have gone to great lengths to pay down my student loan debts and be very careful about the money that I do spend. I have positioned myself nicely for a downturn in a way that I would not have done if I didn’t read this blog. Oh, and I didn’t buy a house. So that makes 2 that have been saved.
Viva the collective wisdom of the HBB!
Three cheers for Kris in JP!
Hip hip hooray
Hip hip hooray
Hip hip hooray
Good going, Kris.
A comment about the lesbians having a great work ethic. One of my best friends would fit that description. She has one of the best work ethics of all the people I know. She is also one of the most talented people you would find also. Not my lifestyle choice, but they do some wonderful work.
Strangely enough, lesbians also have the highest rate of domestic violence.
I think the consensus is, is that if you perceive it to be a choice, the choice has already been made for you…
Lifestyle “choice”? Sigh…
Well, you know, when I was younger, I contemplated becoming a nun.
You can always be celibate… ‘course that goes for breeders as well. I’ve noticed over my life that once a breeder gets a taste for heterosex, they rarely want to live without it. Kind of a compulsion, and it tends to override whatever religious qualms they might have. Yep, sure is interesting…