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Ripple effect: Foreclosures causing job losses, office closures in area real estate market

By Ross Farrow
News-Sentinel Staff Writer
Updated: Monday, December 10, 2007 6:59 AM PST
Comments (112 comment(s))

The real estate market's downturn in San Joaquin County and throughout the nation has not only affected homeowners, it's also hurt the professionals who serve them.

Real estate, lending, appraisal and title company offices have laid off employees and closed offices during the housing slump.

"They're laying off long-time employees right and left," said Lodi Realtor Rose Mendonca. "It's a sign of the times ..."

Earlier this year, Chicago Title Co. closed its Lodi office and consolidated with the Fidelity National Title Co., and four employees have lost their jobs, according to Renee Primasing, a marketing representative at the Fidelity office on Kettleman Lane. That leaves four in Lodi's Fidelity office.

And in Galt, Alliance Title Co. will close its doors in the near future, with two employees being transferred to the Greenhaven office off Interstate 5 in south Sacramento. Alliance's Elk Grove office has already closed, according to employees in the Galt and Sacramento offices who asked to not be identified.

"(Real estate) sales activity in the area has gone away," said John Knight, who teaches finance and real estate at University of the Pacific in Stockton.

"The offices that were supporting 10 or 15 employees in the boom days of 2005 — we have quadruple the inventory, and sales have declined substantially."

So there isn't a need for employees to do the work, Knight said.

"It wouldn't surprise me to see offices consolidate," he added.

Stockton-based Grupe Co. has suffered with their new-home market, said CEO Kevin Huber. But the firm remains strong in the resale housing, retail, industrial and self-storage markets. Nevertheless, Grupe has felt the housing crunch as well.

Employment figures

FOR SAN JOAQUIN COUNTY
Category: Unemployment rate *
October 2007: 8.1 percent
September 2007: 7.8 percent
October 2006: 6.3 percent
Category: Real estate jobs
October 2007: 2,800
September 2007: 3,000
October 2006: 3,200
(includes rentals and leasing)
Category: Professional, business service jobs
October 2007: 18,400
September 2007: 18,400
October 2006: 19,300
(includes title and loan brokers)
* Total employed: 67,000; unemployed 23,600 (October 2007).

FOR CALIFORNIA
October 2007: Employed: 17,286,600
January 2007: Employed: 17,077,100
October 2007: Unemployed: 981,700
January 2007: Unemployed: 959,000
October 2007: Unemployment rate: 5.4 percent
January 2007: Unemployment rate: 5.3 percent
Source: California Employment Development Department

"We've had some layoffs, but most of those are related to the new-home construction," Huber said. "We couldn't just transfer everybody over into a new department. Sometimes their skill level is in new homes."

Huber estimates that 20 Grupe employees have been laid off in the past year, leaving the firm with 200 to 250 employees.

So why are these layoffs taking place? These figures may explain why:

• Banks own 211 foreclosed properties in Lodi. Another 354 properties were listed as pre-foreclosures and sold cheaply, Mendonca said. Those 354 properties, which were delinquent on payments, would have gone into foreclosure if they weren't sold quickly, she said.

• There are 500 properties for sale in the Lodi area. Normally, there are only about 100 during a given month.

Local experts aren't so sure that President Bush's plan to freeze adjustable interest rates will help too much.

Mendonca said that people who have defaulted on their loans won't get any help from Bush's plan for homeowner relief. It will only be available to those who are current on their payments. And it won't help anyone who has defaulted.

"People who lost their home will wonder why their neighbor got preferential treatment by the government," Mendonca said.

Brian Hyzdu, president and CEO for Service 1st Bank, said the mortgage freeze will allow homeowners to catch their breath, but that's about it.

"I think it is a short-term relief for some homeowners, but it postpones the day of reckoning," Hyzdu said. "They have too much debt for too big of a burden that their cash flow doesn't allow them to service."

Contact reporter Ross Farrow at rossf@lodinews.com.

Reader Feedback

Unemployed and Struggling wrote on Dec 17, 2007 2:21 PM:

" Count Alliance title in Stockton too... "

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MMike wrote on Dec 17, 2007 1:01 PM:

" You notice it's the sales of EXISTING HOMES that supposedly have gone up. his number also includes auctions and short sales. I'll bet 3/4 of those were sold for at least 30% less than their appraisal value. A pig is a pig. "

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LandBarron wrote on Dec 17, 2007 10:27 AM:

" Add "Alliance Title" to the list of casualties in Lodi. They closed their doors here last week. "

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Mike wrote on Dec 16, 2007 9:32 PM:

" Lodi sales have NOT been up for three consecutive months. The Lodi Association Realtors website disclosed the following sales: May-07 55, June-07 38, July-07 29, Aug-07 51, Sept-07 32, Oct-07 35, Nov-07 28. Counting back three months I see 32>35>28. August 07 was an outlier, and was the worst DOW crash since 1987. Looking at the same months of 2006 I see 52>37>50. I don't see the housing boom you speak about. 28 sales is 1/2 of last years 50 sales for November. I see a definite downward trend from these numbers. "

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To Mike wrote on Dec 16, 2007 1:06 PM:

" You can count the number of houses withheld from MLS each yr. on 1 hand. As noted, this can only be done at the Sellers request. And as previously noted, that auction you mentioned, the houses did indeed sell for 90% of listed price. Just didn't make for sensational TV news. How much have you heard about existing home sales being up for the 3rd consecutive month? "

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to to killo wrote on Dec 16, 2007 11:28 AM:

" been to the real eastside in the last 10 years? i think not lodi nicer? the east side environment and looks have now spread clear to ham lane on lockeford street and keeps heading west as fast as the new homes head west "

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TO killo wrote on Dec 16, 2007 9:16 AM:

" Lodi doesn't have the rate of foreclosures of Stockton. While some may lump them together, a useful analysis is to examine them separately. Lodi has far far fewer foreclosures per the total homes. Why? Well demand is the reason. Moreover , the cost per square foot between a custom or spec home in Lodi and that of a tract home in stockton is comparing oranges to apples. Land costs are higher in Lodi, and development fees build parks, sidewalks and improve the community. It's far nicer here. "

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Mike wrote on Dec 15, 2007 10:05 AM:

" The new Hovnanian houses at Liberty Ranch are all at least 2200 sqft on .25 acre lots. They have already been reduced 100K and they still can't sell them. The asking prices on these new houses with larger lots are the same as the oldy moldies on the east side of Lodi. Its only a 6 mile drive. Thats a lot of money to spend so you can say that you live in Lodi. "

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Mike wrote on Dec 15, 2007 10:01 AM:

" KCRA reported on the auction and nothing was said about 90% bids. They did have an interview with a new homeowner who paid $180,000 more for the exact same house three doors down the street in July 07 (Manteca). You want to see anger? You would be mad too! Hovnanian was still making Big money on the deal at these big discounts. He was not giving away houses. There was that much profit in them to reduce prices 180K and still make a profit. I like your last commment: chocolate or vanilla. Make mine neapolitan. "

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To Mike wrote on Dec 14, 2007 11:57 PM:

" Why are costs higher in Lodi? Supply and demand is 1/2 of the equation and then add the City of Lodi building fees. Plain and simple, most people choose to live in the city. Living in the country next to a "goat farm", on a 20,000 sf lot, is not what most people want. Do you want goats and garbage or a nice neighborhood? That's why there is chocolate and vanilla. "

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To Mike wrote on Dec 14, 2007 11:49 PM:

" Typical of folks like you, only 1/2 the story is told. The auction you mention with a "starting bid" at 50% of July prices ended up selling at 90% of that price. It was a marketing ploy that worked! Repos that banks choose to sell at auction are going at 80% to 90% of value. "

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Former Realtor wrote on Dec 14, 2007 7:49 PM:

" Mike, Realtors must obtain permission from the Seller to withhold their property from the MLS. The document informs the Seller that by doing so their property will NOT receive the exposure it is entitled to receive. The only purpose I have ever withheld a property from the MLS is if the client is doing some remodeling and the property is not ready to show. My experience is not only do Seller's want exposure in the local area but they want exposure in the Bay Area as well. "

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Mike to Killio wrote on Dec 14, 2007 2:36 PM:

" It seems that there is a mystical aura of "Lodi"? So Woodbridge, Lockeford Bluffs, Acampo, Morada all have "dumps" because they are not in Lodi? The schools are the same and Lodi utilities are higher. Why would you want a tiny 6500 sqft Lodi lot, when you can get a lot thats 12-20,000 sqft with a house for less than an Eastside lot? Hovnanian stopped building his houses because at $130 sq foot prices, no one is buying. His houses are cheaper than the responder could build a starter house in Lodi. Why? "

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R.w.i. wrote on Dec 14, 2007 2:35 PM:

" You have to remember that Lodi has a 2% growth limit which reduces the number of big tract builders in town. That is why Stockton, Modesto, Elk Grove etc. have all sorts of tract builders putting up as many homes as possible. Those cities did not care about growing at 8 -10% per year during the boom. But now they do. That is why Lodi is in better shape than Stockton because we really did not grow to quickly. "

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Mike to Killio wrote on Dec 14, 2007 2:31 PM:

" I agree. The response "to Jose 2" said that starter houses cost $180/sq ft to build. He said nothing about lots, streets, sewers, or utilities. Yet, Hovnanian has a project on the San Joaquin County line that has asking prices less than the "building only" prices that the responder "To Jose 2" discussed. It gets better in Valley Springs! Why do nails and lumber cost so much more in Lodi? "

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killio wrote on Dec 14, 2007 12:50 PM:

" Jebus Christo, I guess, Stockon-Lodi MSA, Modesto, merced and Sacramento all being in the top 10 nationwide for forclosures means that everything is going to be well here. Get over it - Lodi is a bedroom community just like Stockton, manteca and merced, it will suffer the same fate. As far as my numbers, give it time, we are only in the bottom of the 2nd inning and this game has a long way to go. "

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Mike to jose 10:02 wrote on Dec 14, 2007 12:24 PM:

" We were looking at new houses today with tree lined streets, large lots, underground utilities, granite tops, high quality plumbing, concrete driveways, hard wood floors. The lot sizes are 50% larger than Lodi. Why are your building costs so high? These houses are within 5 miles (NOT STOCKTON). The same builder had an auction last month where they were selling NEW houses for 50% less than the same exact houses they sold in July 2007. Some had upgraded amenities? Why are Lodi SFR construction costs higher ("basic starter at $180/sq ft") than NEW home asking prices? "

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Mike to former realtor wrote on Dec 14, 2007 11:51 AM:

" Thats informative. But about the practice of "holding" listings? Many times brokers will NOT list with the multiple. They want a double-ended deal where the buyer and sellers agent are technically separate (from the point of view of dual agency), but they work for the same broker. How does this advocate for the seller by limiting the number of prospective buyers? It only enriches the listing broker from 3-6%. You will probably say "I was only doing what the buyer wanted", but who gave them this lame idea? Also, what does "spotty" mean? "

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Former Realtor wrote on Dec 14, 2007 8:36 AM:

" Mike, Buyers are much more informed today than they have ever been. I recently read that over 80% of all Buyers research the homes online before even contacting a Realtor. I can assure you that individuals that can afford to purchase a home are not stupid. They want crime statistics, information about schools and most access the sex offender information. Especially if they have children. Our documents encourage them to research this information. We cannot legally do it for them. "

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killio wrote on Dec 14, 2007 7:53 AM:

" Well it is good to see that prices are moving up in some places, though all of them are over 50 miles away. As you realtors know Real estate is always local. Take a look at the Lodi Association of realtors website for a better picture of this area. Spin me some good news from that. The cities you mention have had recent up ticks but their trend is down, check the data. This will affect everywhere for a long time. "

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killio wrote on Dec 14, 2007 7:45 AM:

" I stand corrected, technically yes the banks can hold the homes, but the fed through reserve requirement, makes holding non-performing assets very expensive. In this current environment where cash is king, tying up more assets to hold these homes is the last thing the banks are going to want to do, ergo the banks will liquidate the assets and take the loss against other gains. "

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To Killo wrote on Dec 13, 2007 6:31 PM:

" What 1000's of homes in this area. What 10,000's of out mirgation are you talking about. You and your clone Jose are idiots that have 0 facts to back up your dribble. We are concerned with Lodi numbers, not some crappy community in another part of the country. Please don't insult us and use Stockton and Manteca as comparables. "

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To Killo wrote on Dec 13, 2007 5:07 PM:

" Banks can hold the properties and there is nothing in fed or state regulations or imposed by the central bank (the "Fed") that prevents them from having physical assets so long as they are for sale or lease. Additionally, while some areas are impacted there has been little spillover. In fact, prices are rising in Walnut Creek, Concord, Berkley, Davis, Auburn, Folsom and other communities nearby. For good reason...short on inventory there. "

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S & W 500 wrote on Dec 13, 2007 4:02 PM:

" T&C, not all realtors and contractors are bad! The CA State Licensing Board for Contractors has a system set up to license qualified contractors, and it is NOT easy, NOR is it perfect. I guess you can equate the system to the DMV! How many drivers should have licenses? "

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Killio wrote on Dec 13, 2007 12:18 PM:

" To Jose, You forgot to include the 1000's of homes in the area bought by speculators, the 10,000's of foreclosures and the outmigration that will occur in the coming years due to lack of jobs. There will be no recovery next summer. Banks can't hold the properties. There is this little entity called the Fed that requires them to liquidate non-performing assets. "

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To to Jose 1-4 wrote on Dec 13, 2007 11:32 AM:

" Thanks for adding a big dose of reality to this blog. Jose and his alter egos have been spreading b.s. for months. Nothing more than a disaffected renter thinking he's smarter than everyone else. Have to admit, its fun reading his posts. "

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TO JOSE 4 wrote on Dec 13, 2007 10:16 AM:

" Fewer homes are being built and communities will closely scrutinize new developments bec. of the glut of homes in 05 and the supply of inv. now. The quality and amenities of many of the homes on the market are now much superior to what was being sold at the turn of the century (00). Lots are larger and more developments have sidewalks and nice street lamps and are enclosed by walls and fences, etc. These are simply more expensive homes because they were built to be and that is called community development. "

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To JOSE 3 wrote on Dec 13, 2007 10:11 AM:

" It also is evident that banks can hold on to these repos because they will make a buck when the available supply of houses is too few. The inventory is not being sold at "fire sale" prices. Banks are simply waiting on these homes because they know that theses house will maintain their intrinsic value over time. They will hold the value, BECAUSE land is not getting cheaper, nor is building supplies and they are fewer competitive builders now (and in the near future) and becuase "

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TO 2 JOSE wrote on Dec 13, 2007 10:05 AM:

" Several reports are available from economic analysts that account for the land available , population growth projections, relative incomes and wealth, cost of building as well as available inventory like many banks have accumulated and they independently determined that the over-supply of homes will end this summer (and quicker with interest rate cuts) and it appears clear that demand will well exceed supply in about two years if not sooner because there is so little building happening now. "

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To Jose wrote on Dec 13, 2007 10:02 AM:

" Money cost less now (m2 is much larger than in 03 and a dollar is now worth considerably less 4 years later), so the square foot price would be well over 90sf for the same 2003 deal your seeking in 2008. Moreover land grows more scarce daily. That's a fact that's been tree since before the days of Malthus (first person to recognize that populations grow exponentially). Building supplies have also become more expensive so no one can build a decent $90sf house in Lodi now. A basic home is more like $180sf. "

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Mike to form Realtor wrote on Dec 13, 2007 12:10 AM:

" People new to Lodi don't know where the terrible areas. $355k for an old old bungalow on Hilborn? That is gang central. Which Realtor will lose their license for hiding that fact? ITS A BLIGHTED ZONE! WHERE IS THAT IN THE fancy glossy color ads? I want to hear your answer. Many of those houses need more than another coat of paint. "

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Mike To Former Realtor wrote on Dec 13, 2007 12:06 AM:

" How can ANY HONEST REALTOR think they can even sell a property on the East side? I don't want to give details of the "gang map" of East Lodi. It is obvious that if you live on certain sides of certain streets on the East side your life will be hell. Thats why the CC wants it to be declared BLIGHT. Especially if you have kids. I have never seen a Real estate ad that says "caution:gang-controlled area". There are STREETS which are dangerous, why do you think so many windows have iron bars? "

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T & C wrote on Dec 12, 2007 5:48 PM:

" Realtors licenses are just as easy to come by as contractors licenses. The company will buy them for you or have someone take the test in your name if you're too stupid, of which about half are. There are realtors that advertise in the paper guaranteeing you your license. I've seen them here in Lodi a good friend who's been with Century21 in Fort Bragg assures me that they can get ANYONE licensed that agrees to work for them. No different here, right grem? "

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Realtor wrote on Dec 12, 2007 5:10 PM:

" Working 40 hrs a week, with weekends off, scheduled vacations and a weekly pay check sounds like a fantasy. Good Realtors work well over 40 hrs wk, evenings, weekends, etc. You try to squeeze in off days and a vacation when you can, knowing your phone will be ringing constantly. Jose, Sandra, Sandy, Melva, need to be Realtors so they can get this "easy" money too. "

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Amusing wrote on Dec 12, 2007 4:55 PM:

" To "unemployed & struggling".....I apologize for lumping you in with Jose, Sandra, etc. I hope you find work in another field very soon. "

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www wrote on Dec 12, 2007 4:25 PM:

" well hey they went crazy buying those houses and the price went way too high. now they are loosing them and can't sale them to pay them off. And keep building new homes so the old ones don't sale "

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cdw wrote on Dec 12, 2007 4:20 PM:

" Most of the houses for sale are crap. Pleope tore them up!!!! I have seen them wow what a shame. They were loosing them and let them go to heck! "

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Renters get screwed wrote on Dec 12, 2007 2:51 PM:

" Just spoke to my son who received a noticed stapled to his door. The owner of his rental is in foreclosure. Surely she has known about this for awhile but knept it to herself. Now its the holidays and he has to be out. I really feel for the renters who really do get screwed in all this. They are in situations where they have absolutely no control over their destiny. "

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Former Realtor wrote on Dec 12, 2007 12:25 PM:

" And by the way.....the Realtor has a legal and binding responsibility to disclose all known material facts that impact the value of the home. The homeowner has the responsibility to inform their Realtor of those facts. I can't tell you how many times I've had a client get made at me when I told them they had to disclose something they didn't want to disclose. I cant tell you how many times the client "conveniently" forgot to tell me something. My license is on the line when that occurs. "

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Former Realtor wrote on Dec 12, 2007 12:21 PM:

" Melva, I couldn't agree more. Obtaining a real estate license is way too easy. I'm aware of the fact that California Association of Realtors has been introducing legislation to increase the requirements but the legislature considers it protectionism and won't budge. Realtor's do dictate their own hours. The good ones are working about 60 hours/week including evenings and weekends. Realtors have to be available when their clients have free time. I'm too old for that and is why I finally retired. "

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Chuck wrote on Dec 12, 2007 11:29 AM:

" It IS the realtor's fault... PERIOD. "

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Melva to realty wrote on Dec 12, 2007 11:21 AM:

" Licenses should be difficult to get. We should require annual records on ALL houses listed or sold and REALTORS should be put on a salary like everyone else- 40 hrs/week. This way our government can learn who is cheeating. If a Realtor has 30% of his clients in foreclosure, what does that say? All the crooked salesmen should be kicked out and only the professionals left. No side "deals", or dishonesty because you will be on a salary. You would get paid for the professional WORK you do, not the sales pitches and doubletalk. "

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Melva to former realtor wrote on Dec 12, 2007 11:18 AM:

" Realtors can take vacations any time they want, and can get the best deals on houses. The biggest problem with the Realtors is they KNOW the inside information and won't tell because they get paid on commission. If they tell the truth they lose the sale. Are you going to tell a buyer that the whiole street is owned by a street gang? No. California Needs to increase requirements. "

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Melva To former Realtor wrote on Dec 12, 2007 11:14 AM:

" I agree with some of what you say. Unless you work for the government, ALL of us are on commission. If your company loses money, you get laid off. Some workers get paid daily, weekly or monthly. Its all the same. If your employer can't pay the bills, you will get laid off. I don't think Real estate is any different. Except, I can't pick my hours, and I have to be there rain or shine 40 hours per week. "

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Hank wrote on Dec 12, 2007 10:57 AM:

" To OMG. I read the posts and I didnt see any whiners. Read the news, watch CCN, everyone is talking about the mortgage and housing disaster but Lodi. A few miles down the street in Stockton, is the largest number of forelosures in the US! Its a big story in Germany because it was they are losing big time on the bad loans. Where is Stockton? Do you know how BAD it is there? It looks like the whole city is going kaput on the housing. "

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Unemployed and Struggling wrote on Dec 12, 2007 10:56 AM:

" Actually I am not Jose or Sandra and I work in Stockton. I am NOT a homeowner. I am trully unemployed and struggling. I am not familiar with real estate I came from a totally differnt field. This job was the difference between homless or not so Itook it. Now I am back where I started. "

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Former Realtor wrote on Dec 12, 2007 9:44 AM:

" I've been out of the business for over a decade but I take exception with many of the derogatory comments made about Realtors and others in related businesses. These people are no different than you and I. Have you ever worked for a commission? There are good and bad times. It comes with the territory. Realtors DO NOT control the market. They facilitate the transaction. There's a tremendous amount of liability associated with the sale of a home and if you are willing to take that on then so be it. "

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Darren wrote on Dec 12, 2007 9:27 AM:

" The SACBEE today reported about 3 state senate bills that were submitted in 2002 to stop predatory lending practices. Ameriquest mortgage (now bankrupt) and others spent tens of millions lobbying our representatives to vote against the bills. These bills would have not allowed California loan companies to provide loans to buyers who had no income, no savings, no job, no credit would have prevented dangerous lending and appraisal practices and would have provided millions to investigate fraud among Real estate licensees. Now we have a recession on the way. Its not too late to stop the fraud. "

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To "to Realtor" wrote on Dec 12, 2007 8:37 AM:

" Realtor is right. Everyone did benefit from the housing boom. Don't just think "buyer & sellers". Think about what goes into building and maintaining a home. Think about craftsman and laborers who collected their pay, went to the movies, bought groceries, went on vacation and raised kids to turn around and buy and sell homes and buy groceries...and so on. This correction will come around and everyone will be fine. You'll be back to bitching about something else. "

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AJAX wrote on Dec 12, 2007 7:36 AM:

" Funny thing but when you examine the available land, population growth projections, relative incomes and wealth as well as available inventory like many banks have...it appears clear that demand will well exceed supply in about two years. These banks can hold on to these repos because they will make a buck when the available supply of houses is too few. We know what happens then. Home builders have virtually stopped building and as a result inventory will hit a cliff --there won't be any. "

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To having a sale wrote on Dec 11, 2007 11:48 PM:

" You can have enough room in that 712 square foot "executive estate" to have three families working 6 jobs to pay the mortgage. I love the "curb appeal" and the special architecture from just before the GREAT DEPRESSION. Yup, thats a great "Lodi special" just waiting for "love". Would you pay $4,000/month to live in a BLIGHT zone on a lot smaller than some mobile homes? There are more cockroaches in some of these houses than nails. "

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To Having a sale wrote on Dec 11, 2007 11:46 PM:

" Shh, don't tell anyone. Buy up all of them that you can. Wait a few years and then laugh at us. If you believe your story! Buy them up, pick up all those deals. The "cozy fixer" on East Locust built in 1921 for only $359,000. Yeah thats a good one. "

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Amused cont. wrote on Dec 11, 2007 4:50 PM:

" Don't forget to add, "to unemployed" and "to stuggling" to the "all-the-same-person" list. He's trying to get creative, but missing by a mile. Think this person is a homeowner? NOT! Don't know why this guy does'nt attack all of the people that sold their existing homes over the past few years as greedy, no-good, low-down, scum-sucking, money grabbers. Funny guy. "

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Amusing wrote on Dec 11, 2007 4:12 PM:

" Notice that Jose, Sandra, Unemployed and Struggling are all reading from the same book. Not a very good job of trying to be someone else. The MLS for the "Lodi area" (your words, would not include Stockon, Galt or other parts of SJ County) indicate just over 500 listings. Give us actual number of foreclosures & sales for "Lodi". Very, very low number isn't it. "

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To Realtor wrote on Dec 11, 2007 3:51 PM:

" If your Loan debts are more than 50% of your house "sales" value, you are in for hard times. A new study by two large mortgage banks predicts that house prices will bottom out at local 1998 prices (adjusted for inflation) on the Coasts and 1996 prices in the interior areas of the US. We have a long way down to go. This will only change if everyone gets a 100% raise. This isn't likely. "

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To Realtor wrote on Dec 11, 2007 3:51 PM:

" I do have a smile in my heart deserved for these cheaters and wannabe con artists. Its too bad they hurt so many innocent victims. I understand that prime borrowers of the 1990's are now sucked into the vortex of mortgage hell. "

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To Realtor wrote on Dec 11, 2007 3:50 PM:

" We needed strong government regulation of several industries, instead our government was asleep at the switch. Some of us are unfettered by the mess, but no one would listen to us. It is not fun to watch the misery and poverty of the naiive! I can't gloat about their(gullible buyers) pain. But the pain for Realtors, developers, mortgage companies, appraisers and the rest of the "Get rich quick Real estate bunch" was predictable. "

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To Realtor wrote on Dec 11, 2007 3:45 PM:

" There are people who Realtors didn't take down ..and I am one iof them watching on the sidelines amused at your fast talking fiction. Its just like watching a worm on a fish hook. What will the worm try to do this time? It really is unfortunate that so few people (Realtors and their buddies) can cause so much trouble and pain by being sneaky and immoral yet "legal". "

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To Realtor wrote on Dec 11, 2007 3:40 PM:

" Your vision is myopic with this quote: "we have ALL benefited from the housing boom". What? Do you really believe that rubbish? Honest homeowners from the 1990's and earlier who were prime borrowers are NOW hurting thanks to your (Realtors) shenanigans. What did they ever do to hurt you? Realtors are trying to take everyone down to their level of misery. Your statement proves it. "

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Having a sale wrote on Dec 11, 2007 3:34 PM:

" Yes, loan companies gave loans to folks who simply didn't qualify and yes the buyers were just betting the market would grow enough to re-fi and yes it all just isn't fair. But, if I had some cash to throw around, I'd be buying because the entire real estate industry is on sale. Correction or whatever, this market IS good for some. Funny, the same thing happens when the stock market goes on sale. Everyone is doom and gloom when they should be buying! "

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Realtor wrote on Dec 11, 2007 1:19 PM:

" It's called life. The downturn was bound to happen. It's happend before and will happen again. Say what you will we have ALL benefited (inlcudung home onwers who cashed out their equity, good paying abundant jobs etc.) from the latest housing boom. The market (just like all Markets including stocks) have ups, downs, cylcles etc.. Pray for those who have lost and keep trudging along things will look up eventually. "

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They deserve it! wrote on Dec 11, 2007 12:49 PM:

" All those bad loans are catching up to the professionals and I'm supposed to fell sorry they are unemployed now? I think not! "

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OMG wrote on Dec 11, 2007 12:32 PM:

" I don't think I've ever seen a more ignorant and whining bunch of individuals as I have seen blogging here. This is embarrassing. Pointing fingers, world conspiracies, everybody else's fault. Who's holding your hand this week? Get a grip on life and take some personal responsibility. You must be part of the "X" generation where mommy and daddy have taken care of you all of your life. Cut those apron strings and move on! "

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T & C jose wrote on Dec 11, 2007 10:05 AM:

" reality, this is your lovely little Lodi being invaded by realtors, land grubbers, car dealerships and illegals. Remember, the conditions you and your good ole boys created all these years to accumulate your booty? Now you've got Mr. King and that $131 million in redevelopment funds to divvy up until the land and housing business pick up. Love, mayor jose "

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To struggling wrote on Dec 11, 2007 9:42 AM:

" The GOB strips all the cash off the top. Thats why you should NEVER buy directly from a builder. They are exempt from RESPA, and can play all kinds of games with their "hourly" sales associates pretending to be "Real estate professionals". Most have hidden fees on self-financed mortagges. They use "free upgrades","amenities" , or "phoney "discounts" to trick you into their loans. Don't do it. Do you think they are giving you stuff for free? LOL "

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To struggling wrote on Dec 11, 2007 9:40 AM:

" This morning, I was drinking coffee at a local cafe, and a well dressed man approached me (not a homeless), asking if I would be interested in buying some tools. He was really hurting. The fear in his face was haunting. I helped him out, but he was really trying to fight the tears. He was most likely one of the tradesman who was laid off by the GOB. Its sad. I know the money those overpriced houses never got "down" to his worker level, and he helped build them. "

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To unemployed wrote on Dec 11, 2007 9:38 AM:

" Hopefully, the cost of living is lower in the new area. The Lodi area suffers from higher prices do the higher income of all the commuters to the BAY AREA or Sacramento. You do have some excellent situations: You don't have to worry about losing your house or looking for a second job just to pay your mortgage payment. "

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To unemployed and struggling wrote on Dec 11, 2007 9:38 AM:

" You are not "bad' because you are out of work. During the depression of 1929, 29% of workers were unemployed. I suggest that you evaluate your skills and keep a positive attitude. If the local economy does not value your skill set, it may be time to move. San Joaquin County has one of the highest unemployment rates in the state. If the locals don't need your skills, try to determine who needs your skills and move there. "

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Reality wrote on Dec 11, 2007 8:11 AM:

" Is everybody blogging named Jose? What's with this? "

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Unemployed and Struggling wrote on Dec 10, 2007 7:58 PM:

" Mr. Jose... that dont help people like me who are no longer working and are struggling to servive. Living paycheck to paycheck before I was placed on part-time. With all your advice do you have any for me? I rent becuase I am not stupid enough to jump into a house I can not afford but some idiot says I am approved for an outragious loan amount. Its called common sense! "

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Sandy wrote on Dec 10, 2007 7:11 PM:

" Realtors are in the 'Denial' stage of DABDA (Kubler -Ross). You have four more phases before you accept that Realtors have had their day, now its time to be productive selling something else. How about brushes, or vacuum cleaners? When you sell everyone a new vacuum cleaner it may be time for the housing market again? ROFL. Knock on my door I can use a new brush. "

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Sandy wrote on Dec 10, 2007 7:10 PM:

" Flip that House. Qualified and willing buyers are laughing at this circus. I liked the large ARROW board wavers on the street corners. That was brilliant - for morons. Anyone who would put themselves in serious 30 years of debt because of an "alien" waving a BUY NOW sign on a street corner has got to be a little daft. "

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Sandy wrote on Dec 10, 2007 7:10 PM:

" Its sad that Realtors should have stopped the cheerleading while they were ahead. But No, they still scream "Now is the BEST TIME TO BUY!" and "THEY AREN'T MAKING LAND ANYMORE". Well if the house is that great a deal, be my guest. Why don't YOU buy that old 1920 bungalow for $350,000? LOL - you won't, but promise your sellers that we are in a small housing "correction" and that its priced to sell. "

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Sandra wrote on Dec 10, 2007 7:06 PM:

" To most, buying a house is the greatest debt people have. Why base such an important decision omn the "promises", "threats" and "the pleadings" of Realtors? Maybe when ALL properties stop selling they will understand the 'other' side of economics. You can't fool all of the people all of the time. Realtors have destroyed their own market through greed. "

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Sandra wrote on Dec 10, 2007 7:03 PM:

" Settle down, tell the truth, and sales will improve. BUT NOT TODAY! First, prices must come down. There are two options. Drop the prices now and let market forces take over, or keep playing "footsie" games with government bailouts and wait ten years. When inflation catches up with the proper house prices people will start buying again. You can pretend, lie and wish all you want, but most people do not make over $120,000 year. "

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Sandy wrote on Dec 10, 2007 6:58 PM:

" Some mortgage companies would rather have bad paper and an empty house then an active placed listing. Why list more houses if you can't sell the "cream" of your listings? So they still haven't learned that there are qualified willinmg buyers who have been burned too many times. Like the old saying: "Lie to me once shame on you, Lie to me twice shame on me.". Many of us are not entertained with the hysteria of Realtors. "

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Sandra wrote on Dec 10, 2007 6:57 PM:

" To responder: I haven't seen such a low number of houses the 450 you claim. Tonight I checked the MLS for Lodi in zip code 95240,41 and 42 and found 598. You are 25% of the listed houses! What about all the REO's that are listed with brokers? What about the rest of the REO's that are not placed with brokers to sell. About 1/3 of all REO are assigned to brokers. Countrywide brags that it only assigns 25%. Why? because it puts a downward pressure on house prices. "

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Jose Nueve wrote on Dec 10, 2007 3:37 PM:

" "The pleasant smile, the nodding head, the warm handshake." "Practice in the mirror looking "honest and trustworthy". "Trust is what sells, once there is "emotion"." All of this RIGHT OUT OF A RE SALESMAN handbook!! Now say it isn't so? LOL Next I'll give you some NAR titles on how to handle various "objections" using these scenarios. You know who will win! ~~sometimes. "

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Jose Ocho wrote on Dec 10, 2007 3:37 PM:

" Death, Divorce, Disease, Destitution, and Disaster. This is why many people sell their homes not related to the economy. Realtors know this and have training on how to MAXIMIZE profit from these human tragedies. Salesmen are waiting like vultures ready to "strip the meat off the bones" of anyone who has to sell because of these reasons. Experienced Realtors know how to "handle these sellers". "

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Jose Siete wrote on Dec 10, 2007 3:36 PM:

" Many homeowners have already had several expired listings and won't be able to sell because either they refuse to sell "short", go through foreclosure, or they changed their minds and will wait at least 5 more years...if they can avoid the 5 D's of Real Estate. These are the supporting reasons keeping up the flux in the market, not flippers or the greedy. "

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Jose Seis wrote on Dec 10, 2007 3:36 PM:

" You will not find any duplicates. If you do find a few, remove them. Now do this on the same day every week and you will see a trend, that the real estate BROKERS want to keep secret. The number of housing units dropping off the multiple is more than the number of sales! So, just because a house is not on the multiple (MLS) does NOT mean it is not for sale. "

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Jose cinco wrote on Dec 10, 2007 3:35 PM:

" There are several in the City of Lodi. You now need to increment tha database with these houses. Most are not yet built (some are), but the zoning and permitting process costs money and is an indication of the INTENT to build a development or residence. If no one lives there it is a good bet its probably for sale. Take the sum of all these residences less the condos, converted apartments, mobile homes and "tool sheds" which were erroneously listed on the MLS as houses. "

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Jose Cuatro wrote on Dec 10, 2007 3:35 PM:

" Merge the situs addresses or APN numbers (most have no MLS number) and increment the database by these unlisted houses which are FOR SALE. Next, check out any of the popular Databases: Trendmax, Dataquick and look at the NOD's filed with the County that are not yet on Foreclosureradar.com. Run a database search on County zoning and development APPROVALS. "

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Jose Response Numero tres wrote on Dec 10, 2007 3:34 PM:

" Deduct this number from your total. Now go to FORECLOSURE RADAR.com and compare the list (same date) with the MLS list using the SE Realtor Assn DB merge data program. You will see many more UNLISTED houses that ARE for sale. Next go to each local Realtor website and look at all their so -called "exclusive listings". "

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Jose Response numero dos wrote on Dec 10, 2007 3:34 PM:

" This will give you the maximum number of houses for sale ON THE LISTING in that database. Read the number. Jot it down. Now start lowering the high price limit until you get below 200 properties. Look on the lowest price 4 pages and you will see "apartments", "condos", "townhomes" , "mobile homes", "houseboats", "motor homes", and "tool sheds" "accidentally" misclassified as "houses". "

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Jose Response wrote on Dec 10, 2007 3:33 PM:

" The LAR has responsibilities not just in Lodi. Go to Metrolistmls.com. Click on San Joaquin County. Select the BLUE area, click next. You will see a list of areas and zip codes that includes adjacent areas like Woodbridge. Don't click on Galt since they are in Sacramento County. Click to "search" single family residence 1+ bed and 1+ bath. Click zero dollars minimum price and zero dollars maximum price. "

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T & C wrote on Dec 10, 2007 3:23 PM:

" What's wrong with first holding those responsible for writing those loans that didn't match the income levels or the one who didn't verify incomes? And the appraisers with their unrealistic built-up appraisals? Oh, I forgot, this is Lodi, where the good ole boys pass the buck. To one another. LOL "

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To Jose & Sandra wrote on Dec 10, 2007 2:01 PM:

" Jose, you live alone or is Sandra your female side? Can't be 2 people with that much whacko information. You say, "700 houses for sale in Lodi? Number is 450. "Realtors were trolling for homeless" to buy houses and that's why homeless rate fell". "Phony addresses and house pictures?" Pretty obvious what kind of "house" you should be kept in. Get help. "

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T & C wrote on Dec 10, 2007 1:14 PM:

" Look at all those nice little office buildings they built along Kettleman Lane west of Ham. Everyone dedicated to banking and the real estate or loan industry. Gee, guess who built and owns them? Almost half are unleased and the last tenants have come, took the money, and ran. Now there's more vacant office space in Lodi. Looks like those that ran were title or mortgage companies who came to grab the quick buck and were invited by local RE people to write all those sucker loans. "

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US economy wrote on Dec 10, 2007 1:09 PM:

" The only people that are liking the US economy right now is foreign investors. Since the American Dollar is low right now, Foreign investors can come to the US and buy up property for a great price. "

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Moira Weller wrote on Dec 10, 2007 12:54 PM:

" I sold my Lodi home in 2005. I had been there for 15 years, I did triple my investment but IT TOOK 15 YEARS! I also put a lot of money into the home. Those that bought what they could not afford - shame on them - I don't think taxpayers should help them out of a jam, the housing market needs correction along with the economy. "

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Cogito wrote on Dec 10, 2007 12:22 PM:

" Its been my experience that the WORST person to ask about the real estate market is a Realtor. The National Association of Realtors continually tries to paint a sunny picture over the obvious gloom. I know someone who made a large land purchase about 18 months ago. He's a multi-year master Realtor. Wouldn't one think he'd have known better if there were reliable industry information pertaining to potential markets? Apparently not! If you make a bad investment, learn from it, but it's not someones responsibility to bail you out. "

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Unemployed and Struggling wrote on Dec 10, 2007 11:58 AM:

" I have also tried local community centers, etc to see if there is help for Christmas and there is nothing available. Any suggestions??? signed: "the working poor" PS: I RENT!!! "

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Unemployed and Struggling wrote on Dec 10, 2007 11:56 AM:

" I work as an office assistant for a Real Estate Company. I was just placed on Part-Time and now I am struggling to make ends meet. Not to mention it is just before Christmas and I have children to TRY and provide a Christmas for! This is effecting EVERYONE! "

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Sandras last word wrote on Dec 10, 2007 11:42 AM:

" You would never have a shot at the deal. These people save the "goodies" for themeselves. PLUS, they get a discount from 3-6% just for being a Realtor. If they support a law defining this as insider trading, we will know they are really representing US not them. Insider trading is illegal with all investmnents but REAL ESTATE. "

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Sandra said it wrote on Dec 10, 2007 11:41 AM:

" Always look at the property in BRIGHT sunlight. The last page of Closing documents will have a disclaimer that says that "NO OTHER represntation is made". Believe that statement!! Realtors put it there for a reason. When you pay that kind of money to live in a neighborhood of gangbbangers you are taking a big risk. Realtors will tell you they "don't know anything" about it, except, if the deal was THAT good, they would buy the house! "

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Sandra says wrote on Dec 10, 2007 11:38 AM:

" I was looking at the MLS today and saw a new house that looked gorgeous. Well, I drove by and couldn't find the house. It had the same street address, but they photoshopped out the dump next door, untrimmed trees bushes weeds, and telephone poles. They even photoshopped out an old clunker parked on the street. Well say hello to honesty. I saw the most amazing clouds and sunsets in the listing, I wonder who they think they are fooling? "

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Sandra wrote on Dec 10, 2007 11:38 AM:

" Its unfortunate that so many people are getting hurt by the housing crash. But what do you expect when during the "buy" frenzy of 2004, Realtors would go trolling for the homeless so they would buy a $400,000 dump even without any income. Thats one reason the homeless statistics decreased. They were all buying new houses with no money down. LOL Now that doesn't sound honest, but to Realtors its legal. "

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Fact 1 wrote on Dec 10, 2007 11:31 AM:

" Realtors do not fiancially qualify buyers. The lender determines if a person is qualified to purchase a property, not the Realtor. If I was a seller and a prospective buyer wants to purchase my home and that buyer has been approved by the lender, should I refuse to sell? Should my Realtor tell me I can't sell? This was a greedy buyer and greedy lender problem. "

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to Greed wrote on Dec 10, 2007 10:40 AM:

" You forgot to include some buyers under the greedy list. Too many people wanted the biggest house they could buy, with no money down, to impress their friends and refinance in 18 months because they would have some equity. Wrong. Or the people who lied on their mortgage applications so they could buy 3 rental homes to sell a year or 2 later. They bet and lost. If they had bet correctly you would not hear all this whining. "

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