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Builders feeling pinch of housing slowdown

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Posted: Friday, August 31, 2007 10:00 pm

Three years ago, builder Tom Doucette was "moving at 100 miles per hour" trying to keep up with the demand for new homes at his project sites.

Potential buyers were "camping out" at his FCB Homes subdivisions, hoping to snatch up a piece of real estate at the peak of the housing boom.

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Welcome to the discussion.

150 comments:

  • posted at 4:33 pm on Fri, Sep 14, 2007.

    Posts:

    This is peacher man. I pray for you, your health and your finances. I received a "word of knowledge" and was told that you could be in better financial shape if you sell everything but one place to live as soon as possible", i pray that you find the right price and will be successful and happy. God bless, and get rid of those properties. When I receive these messages, they are correct 100%of the time. List and sell. Get your hard eraned money before you get stuck holding worthless stucco.

     
  • posted at 7:55 am on Fri, Sep 14, 2007.

    Posts:

    And then there are the "retired" real estate appraisers in our area that'll give you a great appraisal if you just take him out for a dry bean dinner. That "nice" little home on east Locust street will appraise in the 1/2 million dollar range. LOL t&C

     
  • posted at 7:52 am on Fri, Sep 14, 2007.

    Posts:

    All my investments are in cold, green, hard cash at a worldwide brokerage firm. The housingmarket has crashed and the stock market isn't far behind. My cash is in neither' but in funds, bonds, solid commodities. I'd suggest you consider the same venue while you can. Good Luck! Everyone invests inwhat they either think is best or what mommyand daddy already left for them. You appear to be the latter. My mother-in-law made me rich because I cared for her all her life and I still do. She gave me quite a sizable fortune, which I converted into green cash.

     
  • posted at 7:45 am on Fri, Sep 14, 2007.

    Posts:

    You said in your earlier blogs you'd already made millions? Did you bother to turn that into liquid cash or invest it again in more paper investments? The bank won't even give you any kind of loan nor buy any of those "investment" properties today. I wouldn't brag about having any money on paper or plastic, it's not cash and vever will be. If they're 70's purchases, they're probably in the less desirable part of town and when the new immigration laws pass, you,ll lose most of your renters.t&c

     
  • posted at 8:13 pm on Thu, Sep 13, 2007.

    Posts:

    Homebuilders tell appraisers what the house values are and don't want the appraisers to do their jobs. "Either hit our values", the homebuilder wants, or they find another appraiser that will give them their values! The real estate bubble has started to burst in March 2005, and homebuilders are already slashing their false valuations. Inflating real estate appraisals and massive appraisal fraud is the ticking bomb that could crush the US economy and real estate markets nationwide. Foreclosures and bad loans on over-priced houses may cause worse disaster than the Depression of 1929-1941 where houses dropped 95% in value.

     
  • posted at 7:57 pm on Thu, Sep 13, 2007.

    Posts:

    Homebuilders exclude borrowers from getting quotes from other mortgage lenders and charge homebuyers 50 to 125 basis points over par (par=the best available interest rate for the borrower). These are loaded with junk mortgage fees. If the borrower tries to get another quote he/she will be told, " the house will cost more", or they will not get a "bonus". Homebuilders won't tell consumers that they are NOT a "mortgage banker", and are NOT required to disclose the "yield spread premium" to the borrower=higher monthly mortgage payment. Mortgage brokers are required to disclose yield spreads to consumers.

     
  • posted at 3:31 pm on Thu, Sep 13, 2007.

    Posts:

    To Blue plate special. They did that after the 1929 crash when houses lost 90% of their value. That where the term came from. Its happened before and it can happen again. Make mine with brown gravy okay friend. The Realtor Blue Plate special- funny. I think you need a meal for bean managers. Can you sprinkle aome onions and cheese on mine? LOL

     
  • posted at 3:27 pm on Thu, Sep 13, 2007.

    Posts:

    You can't eat the houses! They are worth NOTHING, not a dime, until you find a sucker who will buy them. You can pretend its an ATM, but the interest will eat you alive. Some day, when you are destitute and want some food, just ask for the Realtor blue plate special. I'll let you wash dishes if your lucky.

     
  • posted at 3:23 pm on Thu, Sep 13, 2007.

    Posts:

    People prefer paying off plastic rather than the mortgage on an overpriced house. You can buy food with plastic but you can't eat your house. The US GOVERNMENT finger pointing will start after the HUGE crash of 2007, and they will point to Realtors and their buddies first! Democrats WANT the crash so they will win. The Republicans are hurting, and "the people" will have to clean house and start over again. No politician will ever admit they were a Realtor! All of these people will go back to flipping burgers.

     
  • posted at 3:20 pm on Thu, Sep 13, 2007.

    Posts:

    I love the fact that the market went up today, and the last few days.! YES! Because thats how many MORE points it will drop when we have the BIG crash. We will learn that the FED can't charge less than 0% interest to the banks!! Society has changed the last 6 months! 84% of the people 90 days past due on a mortgage paid ALL of their credit card bills within 60 days!

     
  • posted at 1:45 pm on Thu, Sep 13, 2007.

    Posts:

    Pay attention, you could not be further from the truth, please get with the program..

     
  • posted at 12:59 pm on Thu, Sep 13, 2007.

    Posts:

    TO T&C: You're a fool who doesn't even know me! Sorry to upset you but I have rental properties purchased in the early 70's (houses,duplexes,triplexes, apartment complex) so I know what they are worth now, much more than you can imagine! I was smart enough to get my real estate license many years ago so I do not pay Realtor commissions IF and when I do sell or purchase, AND my family and I are set for LIFE!! good for me!

     
  • posted at 11:38 am on Thu, Sep 13, 2007.

    Posts:

    T&C and Chuck are going to hate this. Stock Market is up 130+ points today, on strong gains from blue chips and Country Wide Mortgage. Does this mean Country Wide, the largest mortgage lender in the US, isn't going down the drain? How could that be. Holy cow Batman, could our financial wizards Chuckie and T&C be wrong again? Shocking. Absolutely shocking.

     
  • posted at 11:09 am on Thu, Sep 13, 2007.

    Posts:

    I'm sure the Lehrer Report and WSJ know more about our local market than those fools at UOP. I don't know why all of them don't call you for your expert opinion. 160 little chicken ----mortgage companies gone. Do you think that hurts the market? Plenty of lenders there for qualified buyers. Values will go down 50%? You boys have overdosed on your stupid pills.

     
  • posted at 9:05 am on Thu, Sep 13, 2007.

    Posts:

    But UOP---has said there is NO housing bubble. They also said that the mortgage industry is doing well. 160 mortgage companies bankrupt. The top mortagge lended is going BK and they stole the Taxes and the Insurance of the PITI payments sent to them. What happens when the insurance companies start looking for the payments already made...and the County starts looking fore the taxes already paid? They spent the money wooing politicians. Oh yes, the top economists at UOP. Maybe Spanos knows something we don't?

     
  • posted at 8:54 am on Thu, Sep 13, 2007.

    Posts:

    Aren't they a Stockton Community College? Big financier, try reading the WSJ or looking at your portfolio and call your financial manager to get the real figures. I think you are using duhhh...bya's "fuzzy math" process. It hasn't even hit Lodi and vicinity hard yet. 700 or so properties on the market and rising, while the prices are falling and very few buyers. No decent jobs, no loans, no buyers. Get used to it.

     
  • posted at 8:46 am on Thu, Sep 13, 2007.

    Posts:

    The Lehrer businessreport and WallStreet said the we won'tsee the bottom until the END of 2008 and it could be two to three more years after that to even BEGIN torecover. My 12% or so in my UBS cash portfolio is good enough for me and you orwon't see any large financial corporations put very little money into any kind of real estate. You want to play the game, you have to take the chances. T&C is right on this one, stay away from real estate. It'sdown nearly 20% already, with at least another 30%drop by the end of 2008.

     
  • posted at 7:03 am on Thu, Sep 13, 2007.

    Posts:

    You financial giants need to read LNS aritlce about UOP Business Center, noting the economy is strong in spite of housing slow down. They predict a housing recovery starting in 2008. Of course these UOP folks aren't as smart as you and are more than likely Realtors or Mortgage Brokers working part time as economists. They must be breaking some law. Let's investigate.

     
  • posted at 6:49 am on Thu, Sep 13, 2007.

    Posts:

    Just 3 simple questions: What mortgage company is selling houses? What mail fraud? What RICO statute are you referring to?

     
  • posted at 6:42 am on Thu, Sep 13, 2007.

    Posts:

    Name one Realtor in this town that conducts business in the manner you describe. You watch too many infomercials about people who make their money from selling books and tapes, not real estate. Do you think Lodi realtors buy houses from sellers who are too stupid to price their house fairly? I guess nobody knows this but you.

     
  • posted at 5:54 am on Thu, Sep 13, 2007.

    Posts:

    Has anyone questioned the sales in the housing market by mortgage company`s? I have yet to read or hear on the news anything that questions mail fraud,RICO.

     
  • posted at 4:06 am on Thu, Sep 13, 2007.

    Posts:

    Oh my: That was funny! How about... "Readers of the LNS are not allowed to post on the LNS boards!" LOL!

     
  • posted at 3:26 pm on Wed, Sep 12, 2007.

    Posts:

    Investor lady?, I know five nice families with 15 children between them that'd like to rent your nice little house. Hope you made enough of those "millions" to weather the financial and real estate storm for at least two more years when that nice little home will be worth 40% less than you paid for it. I'm happy with my 12% return for the year from my financial portfolio, which is all in liquid CASH. Good luck. Hope your plastic's good!

     
  • posted at 2:45 pm on Wed, Sep 12, 2007.

    Posts:

    Just telling it like it is...
    you will get over it, i am sure...

     
  • posted at 1:49 pm on Wed, Sep 12, 2007.

    Posts:

    I agree 95%. They should be allowed to own one home. Thats it. Are you in it to help people or are you in it for YOU. Its legalized theft. Realtors run a monopoly called the MLS. Without an MLS and without the silly 6% FEE, they will leave the "profession" in droves. One of the great Realtors of our time bragged that his "best Real estate salesman" were people who had "sold used cars on commission". "They will say anything to close the deal".

     
  • posted at 1:44 pm on Wed, Sep 12, 2007.

    Posts:

    The "idiotic statement"? There are FEDERAL LAWS against insider stock trades. We have many "good ol boys and women" (Martha Stewart) who have gone to prison for this crime. We need to ADD Real estate INVESTMENTS to the equation. If you want to buy ONE house I see no problem. The "flipping" to hurt innocent victims of phoney "get rich quick" schemes must stop! Late night TV informercial scams? Realtor, Realtor and Realtor. Don't be mad at me, THEY are the ones who brag about being "Realtors". Why won't Realtors clean up their own mess?

     
  • posted at 1:03 pm on Wed, Sep 12, 2007.

    Posts:

    Went to usauction.com and guess how many houses in Lodi, Acampo and Woodbridge are going to auction? ZERO! Only 25 in Stockton and surrounding area and those are all $300K to $400K starter homes. YOU ARE AN IDIOT!

     
  • posted at 12:21 pm on Wed, Sep 12, 2007.

    Posts:

    Let's take it a step further Chuck...car dealer's can't buy cars, waiter's can't go out to eat, bankers can't save money, doctor's can't receive health care, and telephone operator's can't have phones. What an idiotic statement.

     
  • posted at 7:39 am on Wed, Sep 12, 2007.

    Posts:

    realtor's should NOT be allowed to purchase property...

     
  • posted at 5:43 am on Wed, Sep 12, 2007.

    Posts:

    Sorry Mr. Agreeable. Realtors have absolutely no financial "kickbacks" with the mortgage industry. It's already illegal. Once the Buyer chooses which mortgage company or bank they are going to work with they're on their own.

     
  • posted at 7:07 pm on Tue, Sep 11, 2007.

    Posts:

    To Investor: your right, my lips are sealed...let all the buyers sitting and waiting keep on waiting until the prices go back up again, and we know they will.

     
  • posted at 6:46 pm on Tue, Sep 11, 2007.

    Posts:

    Hurry up buy them ALL, including that 50 year old RAT trap that has been sitting on the MLS for 300 days. Grab these babies up. But YOU have to pay the taxes and insurance on them....YES!

     
  • posted at 6:44 pm on Tue, Sep 11, 2007.

    Posts:

    We Realtors always get first dibs at the deal. Many listngs are purchased by Realtors BEFORE they are listed. If you a see a house on the multiple listing service, the price is way too high. Because if it were a good deal one of us would have grabbed it up. We can change the rules by making it illegal for Realtors or RE brokers to buy property. We also need to make it illegal for them to deal with any part of mortgage financing. Thats where they get their "back end profits".

     
  • posted at 12:50 pm on Tue, Sep 11, 2007.

    Posts:

    You can see all the "former" illegal alien construction workers at the corner of 47th Street and Martin Luther King Blvd, in South Sacramento, one block West of the 99 freeway. Don't believe me? Check it out and prove me wrong.

     
  • posted at 8:52 am on Tue, Sep 11, 2007.

    Posts:

    Investor Lady....shhhhhh! Last thing we need is all these other people competing for these good deals. Causes the prices to go up. Knock it off!

     
  • posted at 5:06 pm on Mon, Sep 10, 2007.

    Posts:

    Chuck and all of you who think Real Estate is not a "viable" investment better think again, the market ALWAYS swings from a buyers to a seller's market. Even if prices are going down somewhat most of us will be just fine & have lots of equity... my family made millions thanks to all those Renters out there who should have bought when prices were lower years ago, I only feel sorry for couples trying to buy their 1st home & cannot get too much these days. PS-IF you hate Realtors then do it YOURSELF, GOOD LUCK .

     
  • posted at 3:38 pm on Mon, Sep 10, 2007.

    Posts:

    In addition to Realors you can always buy from an auction.

    There are home auctions all over the place. Here is another one: on Disposition Real estate Company:

    http://www.ushomeauction.com/auction_details.php?auctionID=H-006 OVER 500 local houses including Lodi and Stockton. On Sept 30th. There are lots more! The Realtors had their chance with these, now its your time to make some money.

     
  • posted at 3:37 pm on Mon, Sep 10, 2007.

    Posts:

    Thank you, and I repeat your nice offer. Very well said! You don't need a REALTOR to buy OR sell. On September 16, 2007 at 10 am. "Auction House" will be auctioning close to 800 houses in Sacramento. They have a free class that teaches how to protect yourself from bad home purchases (most people who lost their house USED advice from a Realtor -who got his 6%). See them at
    http://www.theauctionhousesacramento.com/calendar.htm

     
  • posted at 8:00 am on Mon, Sep 10, 2007.

    Posts:

    Why are you complaining about a service you are not forced to use??? If you do not like using a Realtor. Don't use one. Sell and buy yourself...no one says you have to use a Realtor!

     
  • posted at 6:58 pm on Sun, Sep 9, 2007.

    Posts:

    The Informercial last night on slowdown in Lodi. A licensed Realtor/Millionaire told us that even if we had NO job, NO savings and knew NOTHING about real estate, he would make us millionaires before Christmas. Just follow his step by step program! All we need is 4-5 hours a week of spare time and his super dealmaker program for only $7,785 charged to any credit card, with a triple money back gurantee. You can't beat that deal! He guarantees it! How do all these wonderful licensed Realtors become so excited and happy?

     
  • posted at 3:35 pm on Sun, Sep 9, 2007.

    Posts:

    I agree with Lodian, times are in a downswing right now but Real Estate has always been one of the best financial investments a person can make! Any financial advisor will tell you that! And to "FCB Homeowner Too" - I have beeen on the FCB website too but changed my mind after they started building those off Harney - do you think they are going to put negative stuff on it anyway??? Time will change your mind, & you do need to do YOUR research on your neighbors homes!!!

     
  • posted at 2:08 pm on Sun, Sep 9, 2007.

    Posts:

    Am I next? Nope... not in the market to sell or buy at this time, although I enjoy looking around. We're doing fine with what we have. :-)

     
  • posted at 11:20 am on Sun, Sep 9, 2007.

    Posts:

    The 5 D's are the engine or motive for sales that Realtors prey on for their profits: Divorce, Disease, Death, Disability, Discharged (job loss), also called Destitution. Sometimes they brag about the "opportunity" (their word)of these D's: Death, Disease, Drugs, Divorce, Denial(sub prime borrowers), Duty, Disaster. Its ironic that Realtors are "positive about your hell" as they smile and secretly rejoice about your pain. Realtors are always circling for "the kill" ("The Quick Six) on one of these D's. Are YOU next?

     
  • posted at 11:17 am on Sun, Sep 9, 2007.

    Posts:

    Economists found that houses appreciate at 0.5 % per year over the long trend. From the perspective of a homeowner, it may look like a profit, but only during a short term boom cycle. The typical home is sold every seven years. Where are you in that seven year cycle? Cycles can run high or low for years, producing the illusion of either boom or bust. Two factors that soften the profit are large Realty commissions, and abusively high property taxes. People have reasons to sell which are more powerful than any investment strategy.

     
  • posted at 8:54 am on Sun, Sep 9, 2007.

    Posts:

    It appears I have been misunderstood...

    To buy real estate AS an investment, to make $$ is not viable, that was what i meant.

     
  • posted at 2:19 am on Sun, Sep 9, 2007.

    Posts:

    Chuck, thanks, keep preaching that theory. It does me wonders when I don't have to compete with others.

     
  • posted at 8:30 am on Sat, Sep 8, 2007.

    Posts:

    Who would YOU rather be? A person with 15 plastic cards charged to the hilt, or a person with one plastic card (not a bank card) with NO limit, and nothing owed? And the money that would have gone to a mortgage company? Save it, in a REAL "bank" of your own. You can buy a good safe at Pauls locks. The safe won't steal your money, like the banks (the interest they pay is NOTHING). Pay me more interest and I'll deposit it in your bank. What comes around goes around.

     
  • posted at 8:26 am on Sat, Sep 8, 2007.

    Posts:

    Oh I forgot our renter who couldn't come up with the 1st & last and deposits and instead bought a house with no money down? He became VERY rich in his own mind. So he got a loan on the house---why not you deserve it...and bought a new boat and later paid off all his credit cards, so they would zero out his debt and give him MORE credit...Guess what when this happens to a person who can't save, they buy more.

     
  • posted at 8:14 am on Sat, Sep 8, 2007.

    Posts:

    Chuck: I don't agree with you. I think real estate is still a good investment. It depends on what you plan to do with it.

     
  • posted at 6:26 am on Sat, Sep 8, 2007.

    Posts:

    Again, real estate is NOT a viable investment, those days are over, just like the bust of the dot. coms

     
  • posted at 3:32 am on Sat, Sep 8, 2007.

    Posts:

    Wow only $259 in 2001. It was probably $600,000 in March of 2005, the peak. When a renter who can't afford to pay first and last + security and cleaning, can buy a house with No money down, no proof of income, 1% teaser interest, a free car and plasma TV and cash at close of escrow. What else would you think would happen? Now, its time to pay back the loans, their house is worth less than they owe, bye bye mortgage, bye bye house. The Realtors got their money "up front", they aren't stupid.

     
  • posted at 12:52 pm on Fri, Sep 7, 2007.

    Posts:

    This was not the best of times to be selling a home. The market was flooded with homes for sale. We were lucky to get a final price of 135k. Upon returning to Lodi in 2001 our old home was on the market for $259k! Home prices in Lodi today are so inflated as in 2001 that they will return to the price they should be. What goes up must come down...

     
  • posted at 12:44 pm on Fri, Sep 7, 2007.

    Posts:

    My wife and I bought our first home as newlyweds in 1992-93. We found a quaint 50 yr old home off Fairmont Ave that was in decent shape for its age. This home was 1600sq ft at a price of $160k. We put about 10k into it and just loved our new home. The real estate market then was a sellers market. We moved away from Lodi in 96 and had to sell our lovely home due to job relocation.In 1996 the market had changed and was now a buyers market.

     
  • posted at 8:41 am on Fri, Sep 7, 2007.

    Posts:

    Anyone buying a house today is crazy! Yesterday I was talking to a so-called buyers agent, who told me to offer $125,000 less than asking. They must know something! If the house prices can drop that fast (5 minutes), I am still paying to much. Use google to find "Flippers in Trouble" "Sacramento". Some houses have already dropped 50% and have been on the MLS for over a year! And the weeds are still growing. If it were such a good deal, an RE broker would buy it. They aren't and won't.

     
  • posted at 8:40 am on Fri, Sep 7, 2007.

    Posts:

    I am almost ready to party. But we are still going UP the first hill of the roller coaster called the NY stock exchange. It dropped only 250 pts today and the FED will let it drop more. Even if they lower the prime rate 4 pts, it will drop like a bomb. I see drops of greater than 400 pts per trading session. I wonder how much home prices will drop to? I am looking at 40-60% before its over and finds where it should be.

     
  • posted at 6:10 am on Fri, Sep 7, 2007.

    Posts:

    Here we go: You really can't be so naive as to think that the official FCB website would make sure they would add negative feedback for the public to read. Come on! FCB is running a business. They want to make sure any complaints are squelched. Just look at recent news and reports from homeowners that are dissatisfied, disappointed and disenchanted with their well promoted FCB home. Some are happy, but who knows where their standards for a new home are. This will get worse as these homes age. They are still basically brand new!

     
  • posted at 3:50 am on Fri, Sep 7, 2007.

    Posts:

    with more misinformation from LodiGal and rest of her gang.
    Hey, why don't you actually do some research and check out FCB Homes' website www.fcbhomes.com and look under "News" (I just did) and you will see how highly FCB is rated by their own homeowners = #1 in Customer Satisfaction in the Nation !!! earlier this year as ranked by an independent Southern California homebuilding watchdog group, Eliant. But, why let the truth get in the way of all the crabby grumbling you all spew out!

     
  • posted at 3:43 am on Fri, Sep 7, 2007.

    Posts:

    "House Poor" party??? LOL! That's about right!

     
  • posted at 2:22 am on Fri, Sep 7, 2007.

    Posts:

    When I bought my home, your mortage payment could only be as much as one (1) week's wage. My, how things have changes.

     
  • posted at 12:49 am on Fri, Sep 7, 2007.

    Posts:

    Whether we like it or not, with these stats comes artifical growth. This information came from: ILLEGAL ALIEN "CONTRIBUTIONS" TO THE U.S.
    2006 (First Quarter) INS/FBI Statistical Report on Undocumented Immigrants. There are way to many Banks and landlords/businesses committing fraud! Here in Lodi I have a friend who was cashing checks of illegals with the same SS card. The bank manager told them to cash the checks and dont ask questions because their client is a big customer! I would love for the FBI investigate it!

     
  • posted at 12:45 am on Fri, Sep 7, 2007.

    Posts:

    HOUSING; 300,000 plus illegal aliens in Los Angeles Country are living in garages. Nearly 60% of all occupants of HUD properties in the United States are illegal aliens.POPULATION; Over 70% of the U.S. annual population growth (and over 90% of CA, FL, and NY) results from immigration.SOCIAL SERVICES; 43% of all Food Stamps issued are to illegal aliens. 41% of all Unemployment Checks in the United States are to illegal aliens. 58% of all Welfare payments in the United States are issued to illegal aliens. Less than 2% of illegal aliens are picking crops but 41% are on welfare.

     
  • posted at 12:42 am on Fri, Sep 7, 2007.

    Posts:

    There has been a slowdown going on for years. It has not hit us because of the 1000s of illegals coming across the borders! these criminal aliens have caused an artifical growth:BIRTHS; 380,000 Plus "ANCHOR BABIES" were born in the U.S. in 2005 to ILLEGAL ALIEN PARENTS, making 380,000 babies automatically U.S. Citizens 97.2% of all costs incurred from those births were paid for by American taxpayers. 66% OF all births in California are to illegal alien Mexicans on Medi-Cal whose births were paid by taxpayers.

     
  • posted at 2:45 am on Thu, Sep 6, 2007.

    Posts:

    Ever been into a McDonald and noticed those tasty looking photos of hamburgers. "May I help you?" Yes, I would like one of THOSE burgers. Well, thats only a photograph, of course our burgers are delicious try one?"

    Well that the KB home website. I wen there and was shocked. How did they get all that furniture in thet house?

    Not the house I am in! The furnishings look more valuable than the house!
    Who wouldn't want house that looks like that? Now go visit them and see for yourself.

     
  • posted at 2:38 am on Thu, Sep 6, 2007.

    Posts:

    Don't be so sensitive and paranoid. Thye word was spelled county, but it was obvious she meant county. I don't see FCB's name on the "big board". I wouldn't buy their stock anyway. My favorite is Toll Brothers, but I haven't seen them around here. KB home, Hovnanian, Centex, Lennar have been kicking up dust the past few years but they are hiding from the storm of non-buyers.

     
  • posted at 4:56 pm on Wed, Sep 5, 2007.

    Posts:

    Just ask your neighbors. Ya know, the ones trying to sell their homes.

     
  • posted at 4:10 pm on Wed, Sep 5, 2007.

    Posts:

    We need a new kind of celebration called the "House Poor" party. You mail in your house keys to your bankrupt finance company (most are) and let the lawyers, accountants and banks worry about it. President Bush is changing the IRS rules so that Banks and mortgage companies won't be sending you a 1099 if they sell short. Its a short sale, ONLY if they sell it. Thats not going to happen for a long long time. Lets have the first party at the Grape Bowl. There might be enough rooom?

     
  • posted at 4:07 pm on Wed, Sep 5, 2007.

    Posts:

    Homeowners are realizing that they will have to live to be 200 years old before their house is worth what the Realtors tell them its worth. So people are getting frustrated and walking. The new federal bankruptcy law has very high fees that most people can't afford to file. The only exception is for business like Realty offices and builders. They are legally allowed to leave everyone with the debt and they can lock the doors and pretend they never had anything to do with it.

     
  • posted at 4:06 pm on Wed, Sep 5, 2007.

    Posts:

    Do you remember mortgage parties, where careful homeowners paid their monthly mortgage payments when it was due? They would have a party and celebrate by "burning" the old debt papers and Real estate sales literature. Now the house was REALLY theirs. No doubletalking middlemen with their sticky fingers in the till. Now we have the reverse.

     
  • posted at 12:53 pm on Wed, Sep 5, 2007.

    Posts:

    I think they meant "county" not "country". Sometimes these blog postings have misspelled words. It has to do with the type of browser the PHP script and other? I have looked inside the model homes at one of their developments. I only had two opinions. The salesman in the office were rude and tried to talk with me as though "I knew nothing" about Real estate. I sold my first house while they were still watching romper room and running around in diapers saying goo goo. They still say goo goo.

     
  • posted at 10:50 am on Wed, Sep 5, 2007.

    Posts:

    Lodian: FCB Homes is a regional builder that constructs homes in the Central Valley of CA. Therefore, they cannot have problems all over the country. I have searched for these "problems" on the internet and on the Contractors Board site and have yet to find any. Could you please substantiate you claim?

     
  • posted at 10:38 am on Wed, Sep 5, 2007.

    Posts:

    Its exciting watching the GOB sweat it out. Did I cross all of my 'T's" on that last one, or is the IRS going to come looking for me? How many shredders will I need? I wonder if I can make them think it is okay for 12 workers to have the Same Social Security Numbers and the same last name?

     
  • posted at 10:35 am on Wed, Sep 5, 2007.

    Posts:

    Oscar, I didn't give you permission to goof off. Get back to work swinging that hammer.

     
  • posted at 10:33 am on Wed, Sep 5, 2007.

    Posts:

    They are paying them cash. Drop by any Taco truck where you see people wearing work belts. Se habla expanol? You do know that paying wokers cash is illegal in addtion to not/or under paying Social Security Taxes, Unemployment insurance, State taxes, Federal Witholding taxes, no work permits, no Social Security nunmbers, No Workers' Comp insurance, the list goes on. We know about the lies and the cheating. President Bush said he was going to find these cheaters and make them pay. He should put them (GOB), in Prison where they belong.

     
  • posted at 10:23 am on Wed, Sep 5, 2007.

    Posts:

    when I see these 'keep us the jones'" homes, I have to laugh. Just think of how and where Warren Buffet lives...humility and being practical goes a long way.

     
  • posted at 9:48 am on Wed, Sep 5, 2007.

    Posts:

    Hey T&C, if getting into the Union has all of those requirements then how did you get in? Come on now, allow me a little humor. You sure as heck give it to me. Now bring it on! Maybe the Unions will come around and back the legislation to eliminate non-documented laborer's.

     
  • posted at 7:43 am on Wed, Sep 5, 2007.

    Posts:

    We licensed and accredited craftsmen go through a 5-year apprenticeship program, including school one night a week and some weekends, are required to have at least a high school GED or diploma, take a physical, drug test, and be able to speak fluent English at ALL times. Many of our apprenticeship programs start in the $15 an hour range with benefits after a 90-day probationary period. Call your local unions for more info. There's a dire shortage of apprentices in nearly all construction trades.

     
  • posted at 7:39 am on Wed, Sep 5, 2007.

    Posts:

    And when you see 7 or 8 men working on a small roof? They use "laborers" to do 95% of their work, not qualified carpenters, plumbers, electricians, HVAC or anyone with a certificate that shows he's ever attended a course or apprenticeship class in his life. These cheap builders figure if you can hit the nail head the first time, you must be a carpenter. Real accredited craftsmen work for the unions and make a very livable wage and not $10 an hour.

     
  • posted at 7:32 am on Wed, Sep 5, 2007.

    Posts:

    Lodian, could you please tell us your expertise in the area of home building that qualifies you to make such remarks? Could you also give me the website address of where I can find out about the problems FCB is having around the country. In what other States do they develop? Just the facts please.

     
  • posted at 7:31 am on Wed, Sep 5, 2007.

    Posts:

    No expertise? I smell the fear of a "Good ol Boy"? The NYSE is a party of retribution - Retributive Justice. Its a long way down to where the market will go. Buckle up and say hooray to all the Realtor cheerleaders who have celebrated until NOW! If you bought a house before 1998, and did't treat it like an ATM, the only money you will lose is on paper. Get out of the market while the going is good. The Great Depression of 07 is upon us. Depression cookbooks on sale here.

     
  • posted at 7:18 am on Wed, Sep 5, 2007.

    Posts:

    We are the happiest we have ever been, especially watching the Housing and mortgage disaster brought about by Greed. We love to watch the sarcasm, bittnerness and nastiness from those who were walking around boasting of their "paper wealth". Today the DOW has teased us by dropping only 150, and the TV news shows President Bush crying. Crying, because all these millions of good Americans who bought overpriced houses with no money down will soon be homeless. The roller coaster has barely begun, and its WHeee! on the way UP the first BIG Hill.

     
  • posted at 6:53 am on Wed, Sep 5, 2007.

    Posts:

    Unbelievable: Who are you claiming is doing the whining and who is claiming to be an expert?....and on what? You are not making any sense.

     
  • posted at 5:20 am on Wed, Sep 5, 2007.

    Posts:

    You people are pathetic! Whine, whine, whine. Experts with no expertise. How do you guys sleep at night?

     
  • posted at 4:42 am on Wed, Sep 5, 2007.

    Posts:

    FCB Owner: Hopefully you can get out of your FCB home before there are problems. Or maybe you can re-do some of things that may be a problem. Some of the problems with these homes and neighborhoods cannot be re-done or changed as they are now permanent. The streets are too narrow, the homes are too close together (like condos) and the materials and workmanship are not the type that last for decades. Look up FCB homes and all the problems that this company has had all over the country.

     
  • posted at 3:16 am on Wed, Sep 5, 2007.

    Posts:

    Great, go get him! Thats why they have large porches. Its where the cosigners will live. $3,000/month for one of these?

     
  • posted at 3:14 am on Wed, Sep 5, 2007.

    Posts:

    On your E Tokay listing: I like the description of your listing, BUT. I would definitely change the market. "Scraper ready to go on close-in R2 lot". "Amazing potential opportunity for entrepreneur. Zoned for multiple dwellings." I think you would get more bites. Remove it from the SFR category and promote the obvious investment/income potential. "The zoning is a huge plus here." I would also have someone cut the grass and water it. Position a few flats of flowering bedding plants around the front and remove the junk from the porch. Show and sell!

     
  • posted at 2:23 am on Wed, Sep 5, 2007.

    Posts:

    A developer is just that, a developer. They know money, the law, and put the deal together. That is all. When you have an accountant put together a development company, you are not getting a craftsman, you are getting a money-man and nothing more.

     
  • posted at 2:21 am on Wed, Sep 5, 2007.

    Posts:

    The FCB homes are new, just wait for 5 years and then tell us what you think. If you want to know the quality of the home you are getting, just watch the crew that puts it together--not build it, put it together. My home was built by European craftsman that knew their trade. Take a level to your walls and than we will talk.

     
  • posted at 2:19 am on Wed, Sep 5, 2007.

    Posts:

    I saw that listing. Did you write it? Looks good. You should have added, windows will open to let in the cool ocean breeze. Its on Tokay?

     
  • posted at 2:17 am on Wed, Sep 5, 2007.

    Posts:

    I think its so funny--- You are correct, but be careful. I think Doucette is one of your NW neighbors? I saw the FCB houses and am not impressed. For that kind of money, I could retire. People forget even with low interest rates you will be spending over 1 million dollars for one of these shoe boxes. Vist the almost new KB Villas off of Cherokee. Thats where these FCB houses are going to be in one year. Lets keep the tract stuff in one place, thank you.

     
  • posted at 2:06 am on Wed, Sep 5, 2007.

    Posts:

    You go girl! Every house I see with a big porch reminds me of BAD experiences. Thats where the homies will live when the "nice" pople move out. In large cities with lax code enforcemnt(sound familiar), they enclose the porch and convert them into rental units. Stockton here we come.

     
  • posted at 2:02 am on Wed, Sep 5, 2007.

    Posts:

    Well that new hummer you want to buy looks good. Why don't you RAISE ALL THE RENTS?...And then tell me if you can "afford" it. Please raise the rents - I beg of you. There is so much inventory, you need to lower the rents! LOL You forgot about the non-Realtor flippers. LOL

    Raise it! Raise it! Raise It? Good ol Boy" Actually wannabe GOB.

     
  • posted at 4:56 pm on Tue, Sep 4, 2007.

    Posts:

    FBC homeowner.... bahahahahahahahahabhahahahahahahbahahahaha lmao! they make crap homes! you wait! They treat you like crap too! They have a bunch of rude men working for them. Sweepers. They sweep things? mistakes under the rug, and hope you go away. have fun!

     
  • posted at 3:10 pm on Tue, Sep 4, 2007.

    Posts:

    5 families to a house? Where? What address? Do they just like FCB homes? Guaranteed Lodigal, you live in a dump and always will. You're too eager to critize what others have. Smaller homes on smaller lots is what the market is demanding. Uses a lot less of our open space. Conservation. Does that ring any bells in that empty head?

     
  • posted at 1:18 pm on Tue, Sep 4, 2007.

    Posts:

    To FCB Homeowner - I think you should stop assuming personal things about me when you say the chances are "slim and none" about what kind of house I live in... If I rented or lived in worse then I wouldn't have said anything. I believe in homeownership and have been a homeowner since I was 21 - good for me and my EQUITY! PS - Why are there SO MANY homes for sale in those brand new neighborhoods off Harney? HMM - hopefully you are lucky to be in Parkwest where the value is.

     
  • posted at 1:14 pm on Tue, Sep 4, 2007.

    Posts:

    Yes I have seen MANY the inside of the FCB homes in all areas, I am "in the business" lets say and have seen quite a lot of warranty work on bad stucco jobs, windows, etc. Doucette is in for the money not quality - the models may look good and maybe you are one of the lucky ones without a problem house. Oh but I guess you like the cramped neighborhood and narrow streets, the only nice FCB area is the one in Parkwest anyway - at least 2 cars can pass safely!

     
  • posted at 1:10 pm on Tue, Sep 4, 2007.

    Posts:

    Happy investor is correct! The housing market is slow now and prices have dropped, but that has always happened in the past and home values have always eventually risen thus making homeownership a smart move when done RIGHT. I do not feel sorry for any buyers who got stupid ARM loans during the last 5 years, their WERE OTHER CHOICES! PS - I have stepped in several FCB homes, only the models look OK but the quality is really not there...

     
  • posted at 1:05 pm on Tue, Sep 4, 2007.

    Posts:

    To FCB Homeowner: No I DO NOT RENT, I was fortunate to start buying quality custom homes in 1990 and have a lot of equity in my 2nd home in NW Lodi thank you very much! I am fortunate to have a nice custom home on a decent lot (not 5 acres) with wide, NORMAL size streets. If you are in one of the newer subs off Harney just wait in 5-10 years you will be sorry - lots of renters w/ 5 families over there & your wood porch will rot (it's untreated woood!)

     
  • posted at 9:48 am on Tue, Sep 4, 2007.

    Posts:

    Obviously, you folks are not investors. I own more than 10 rental houses in the Lodi area. Investors I know are very content. This type of thinking gives us more opportunities to buy & raise rents. If you think the housing market is going to crumble, you need to get a reality check. We buy, hold and rent. Its called investing. Thanks for the help.

     
  • posted at 9:23 am on Tue, Sep 4, 2007.

    Posts:

    Lodigal, I will bet my energy efficient FCB home, is better built than anything you live in. Of course, I could be wrong, you may live in a custom built, 5000 sqft. home on 5 ac. I think we all know the chances of that are slim and none. Then again, you might be a licensed contractor, building a much better product. Or, you might just rent. Bingo!

     
  • posted at 7:25 am on Tue, Sep 4, 2007.

    Posts:

    I love you guys who have never stepped foot into a FCB home and are such experts. I love my FCB home and so do my neighbors. They've been very accommodating and any problems have been addressed promptly. Go stick your noses up somewhere else and stay out of our neighborhood!

     
  • posted at 7:22 am on Tue, Sep 4, 2007.

    Posts:

    when the prices get down to three dollars for a house a might buy!!!. At the prices they are selling them now is crazy. people are paying for something that it's worth the money. If you are in the market to buy a home soon wait until after we get a new president. then we will know where we will be going.

     
  • posted at 3:41 am on Tue, Sep 4, 2007.

    Posts:

    FCB homes are a bunch of awful slapped-up 2-stories on teenie tiny lots with awful narrow streets, I wish they would stop building. I prefer to find Kirst or another quality custom builder myself,it's also too bad Mr Doucette is building so much in Lodi with those awful wooden porches that are going to start rotting in a few years. Forget Windwood and their pools of filth too..yuck!

     
  • posted at 1:16 pm on Mon, Sep 3, 2007.

    Posts:

    To: To Caspian 1-9: Quit rambling! Your message is very difficult to follow. It would be much better if you summarize your comments into a succinct message.

     
  • posted at 9:03 am on Mon, Sep 3, 2007.

    Posts:

    This 2 bed 1 bath charmer is cozy and needs some love. It has amenities like a wall air conditioner and large mature pine tree next to the front door which reminds one of the grandeur of Monticello. Turn on the switch and it gets cool inside! This Lodi charmer is only $301/sq ft. They aren't making any more land get this home today.

     
  • posted at 9:02 am on Mon, Sep 3, 2007.

    Posts:

    Now is the BEST time to buy! A new beauty was listed today, a wonder of home contruction, for only $249K. The motivated seller will help you make the downpayment! This high quality single story residence built in 1939 sold in 2001 for $84 k. Imagine how much it will be worth in another 5 years... $747,000? The owner only wants $27,500/year for each of the past 6 years!

     
  • posted at 8:18 am on Mon, Sep 3, 2007.

    Posts:

    Many of the GOB's are running on paper wealth and are very CASH poor.Lodi has been pointing in that direction for the last ten years. Just look at the city management team. Same old bobblehead deadheads making the same poor decisions they were 10 years ago with no insight nor future whatsoever. When major problems here are taco trucks and grocery carts, it's apparent that none of these deadbeats know how to, or want to solve a real problem. We're too broke to repair our own dilapidated sewer system. Now that's a major problem. Just steal it from LEUDagain.

     
  • posted at 6:59 am on Mon, Sep 3, 2007.

    Posts:

    Obvious: bad loans by bad mortgage companies = foreclosures. But I dont feel bad for any of these developers, they all have ton$ and ton$ of money. How these comments got off topic to mexican truckers is unbelievabel! The ol' Reagan "trickle down economics" is in force here. No new homes means all the subs lose work, which means they cant spend any exptra money.

     
  • posted at 6:25 am on Mon, Sep 3, 2007.

    Posts:

    I wonder if T&C is a union hack? Kind of like the welfare folks Gimmie, gimmie, gimmie. I want, I want, I want. It's not fair, it's not fair. Good old boys get everything and I get nothing.....Don't know who is the biggest doom and gloom cry baby, our own favorite Socialist, T&C or Caspian.
    Then we have Caveat who can see pond gas on Goggle. He needs to see a shrink.

     
  • posted at 4:33 am on Mon, Sep 3, 2007.

    Posts:

    The legislature has been running 30 days slow. Why wait for the bad news? We need to start planning now. The County of Sacramento has already started taking steps to get ready for the bad news next August 20 2009.

     
  • posted at 4:32 am on Mon, Sep 3, 2007.

    Posts:

    TODAY- We need to start trimming the fat, and start contracting out city jobs that are not necessary, rather than scramble around when the bad news hits (AND IT MUST), next September 2008 (when counties are funded by the sttae). Look at the County and State dates, its going to be frightening next September 2008, and worse in September 2009. I am including a buffer of 30 days for the state legislature to send the budget to the Governor.

     
  • posted at 4:31 am on Mon, Sep 3, 2007.

    Posts:

    This CC attitude is more than "wishful thinking". The CC has to stop trying to appease the "Good ol Boyz". Lodi will start suffering from decreased property revenue from the county starting next year. We should start our fiscal belt tightening TODAY, instead of waiting for the bad news 12 months from now. Its time to streamline, NOT add more expensive and unnecesary services.

     
  • posted at 4:30 am on Mon, Sep 3, 2007.

    Posts:

    The Lodi CC figures, incorrectly, that the new RDA will bring in MORE revenue offsetting the HUGE decline in county tax revenue??? HOW? We can't even know about these numbers until July 2009! But we do know they will BE LESS! That is sheer ignorance! All the CC has to do is to visit the SJ County tax assessor (property taxs only) to look at the dates that were SET IN STONE, when there was NO housing bubble.

     
  • posted at 4:29 am on Mon, Sep 3, 2007.

    Posts:

    Maybe we can have the GOB start building Prisons for all the criminals involved in the real estate scam over the past 7 years? We could lease or sell the new prisons to the state or US BOP for PROFIT. A new source of revenue! Its ironic that the highest income from County property taxes to Lodi was LAST year!

     
  • posted at 4:24 am on Mon, Sep 3, 2007.

    Posts:

    And in the midst of this mess, and with the rapid decline of SJ County property tax revenue (The SJ Property Tax report won't go to the Auditor until NEXT July 1 2008), Lodi wants to embark on an unknown adventure into the uncharted waters of an RDA. All of this because the GOB can't sell houses anymore. They must be kept busy building something!

     
  • posted at 4:17 am on Mon, Sep 3, 2007.

    Posts:

    San Joaquin County is still hoping that the bubble maintains our tax base. NOT! San Joaquin County has the highest foreclosure rate in the US and the rate has been increasing so fast that we don't know what it really is! It takes time to have the computers and accountants figure our who really owns a house because of the tranches or slices of the Collateralized Debt Obligations (securitized loans).

     
  • posted at 3:55 am on Mon, Sep 3, 2007.

    Posts:

    The NAR still claims "there is no bubble" and that we are only in a minor correction. The NAR needs to be indicted for criminal syndicalism. The Sacramento County Tax Assessor has started an automated rollback of property assessments to match the drop in property value of SFR BEFORE THEY ARE SOLD.

     
  • posted at 3:52 am on Mon, Sep 3, 2007.

    Posts:

    The "Good Ol Boyz" don't HAVE to be evil to be successful. They are so involved with their own work, they can't see the forest because of the trees. Their work is their REALITY, whether its Real estate or "managing" Dry beans. Upton Sinclair said it correctly. These people CAN NOT understand, because their work requires that they NOT understand. It's as simple as that.

     
  • posted at 3:45 am on Mon, Sep 3, 2007.

    Posts:

    Mexican truckdrivers were allowed, I believe, only a 25-mile limit from the border. Last week they passed new laws allowing them to have full access to the wholeUS. Thank your "porky" politicians on both sides of the aisle for enacting this law. That's why the AFL/CIO wants to organize newmembers and get that money grab. That's the only way the Teamsters' truckdrivers Union will stand a chance to survive. Corporations get richer, as do your so called "politicians". And the middle class sinks further into oblivion, including you, Oscar. Your amigos will work for half your salary. Look out.

     
  • posted at 3:37 am on Mon, Sep 3, 2007.

    Posts:

    Oscar, that's a very good point you make, but it sounds a little slanted in the fact that to join any of the REAL Union crafts, #1-you have to be a US citizen, #2-you have to be fluent in English, and last-you have to have a HS diploma or GED equivalent. I don't think that would qualify many ILLEGALS to become union members. You're probably referring to the Teamsters and AFL/CIO unions that want to get these Mexican truck drivers organized, now that dub...yah is allowing them full access to the whole US.

     
  • posted at 1:53 am on Mon, Sep 3, 2007.

    Posts:

    yeah ,,,You know for the union leaders its all about the $$ dues

     
  • posted at 6:50 pm on Sun, Sep 2, 2007.

    Posts:

    How would T&C know? You better go back to swinging that hammer, I haven't given you permission to talk. GOB

     
  • posted at 4:50 pm on Sun, Sep 2, 2007.

    Posts:

    Hey T&C, did you read about the AFL/CIO opposing the legislation regarding illegal immigrants in the workforce. The government wants to get rid of them and the union is opposing it. Explain that one to me.

     
  • posted at 3:48 pm on Sun, Sep 2, 2007.

    Posts:

    To the responder of my posting: well put. It is enjoyable to read a person that is aware and uses reason. You are so right in that we are living in a melt-down of our economy and way of life. Have you read Thomas Freedman's Book, 'The world is flat'? It is only a matter of time and the Great Depression will look minor to what we are about to experience.

     
  • posted at 12:11 am on Sun, Sep 2, 2007.

    Posts:

    Corrections are inevitable, as ultimately is recovery. Time is the only consistent variable.

     
  • posted at 5:01 pm on Sat, Sep 1, 2007.

    Posts:

    The economic world has faced economic bubbles for hundreds of years, but none with the huge global interrelated effects that this one is giving us. We are watching an economic collapse in slow motion. Once things happen quickly, I hope we make the correct decisions to minimize losses and maintain our high standard of living.

     
  • posted at 5:01 pm on Sat, Sep 1, 2007.

    Posts:

    Upton Sinclair once said " It is difficult to get a man to understand something, when his job depends on NOT understanding it." I immediately think of Builders, Realtors, Appraisers, Loan companies, and Bank Managers. The truth is opposite of their financial interests. How can you advise someone who thinks ("knows") they are successful based on PAST RESULTS? The mortgage paradigm has shifted five years ago, and most of us have no idea what large problems face us.

     
  • posted at 4:58 pm on Sat, Sep 1, 2007.

    Posts:

    There are many who have known what is going on for years, and the irony of having our MAYOR, hire a DRY Bean Manager to solve some of our heady infrastructure problems. When this mess is over we know who to scream at!

     
  • posted at 4:46 pm on Sat, Sep 1, 2007.

    Posts:

    This is what we must do. Instead of playing the games that many cities play with their local infrastructure. Misadventures like a Redevelopment Agency at this time, will only mask and confuse more profound issues. Who do you think will buy municipal bonds representing our RDA debt (when it occurs)? Very few, unless we pay more interest which will come from? I would never buy Municipal Bonds to support a Lodi RDA, there are too many other safer and more lucrative investments.

     
  • posted at 4:46 pm on Sat, Sep 1, 2007.

    Posts:

    The problem in Lodi housing, is that we are lucky that we are not as closely liked to the Stockton economy as many think. We seem to be tied more closely to the Bay area economy. This only means that there will be delays where we can "see" a few weeks or months into the future. We must carefully watch the Bay area economy as an indicator for our housing sales market (not rentals).

     
  • posted at 4:43 pm on Sat, Sep 1, 2007.

    Posts:

    Few people realize that over the past month, Asian, and European banks have been throwing pumping billions of dollars into their banking systems to encourage liquidity and attempt to stop the deflation that has already startted last March. These foreign banks have heavily invested in securitized US mortgages and they have been trying to help us.

     
  • posted at 4:43 pm on Sat, Sep 1, 2007.

    Posts:

    8 years is not long enough to absorb the depreciating asset, the house. No one can predict the future, but we have a consumer based economic machine that REQUIRES that we consume. If we don't, it will have adverse effects in economic markets and stock and bond markets worldwide.

     
  • posted at 4:42 pm on Sat, Sep 1, 2007.

    Posts:

    Mortgage financing at 110% of the loan with no money down, low income and a depreciating house is one of the root causes of the problem. Another issue is that most people can not survive for any length of time paying 50% of their gross income on a depreciating asset. What about medical bills, clothes, food, repairs transportation? And, we haven't considered that in normal times, most owners changed residence an average of 7-8 years.

     
  • posted at 4:42 pm on Sat, Sep 1, 2007.

    Posts:

    The second overlooked factor is that the huge amount of unsold homes that sit cause a drop in value, make refinancing through the FHA and FNMA very difficult. How can you refinance a house for $100,000 more than its worth and still NOT pay PMI? Who pays the insurance premiums? Do you want to get a loan to pay insurance on a loan? The unconventional mortage firms causing this problem were trying to steer consumers away from the FHA and the required PMI insurance. They were very successful and so were our Realtors.

     
  • posted at 4:41 pm on Sat, Sep 1, 2007.

    Posts:

    Many believe the numbers will be greater than the 7 million that will go into foreclosure before the March 08 resets. Also two other complications arise. Many of the ARM rates are only to the "old" very low rates. Many forget that a large percentage of the outstanding ARMS are at only 1-2% interest rates! The FED is not going to chop interest rates to ZERO to appease the appetite of the hedge fund managers who started this mess (securitized mortgages marked to a math model).

     
  • posted at 4:41 pm on Sat, Sep 1, 2007.

    Posts:

    These contracts are not negotiable US government contracts, but many are international civil contracts. This means that even if the FED drops interest rates in the near term, a MINIMUM of 7 million mortgage holders who have ARMS that reset between Oct 1 and Dec 20 will NOT be able to make their mortgage payments. This is assuming that the other 7 million ARM mortgages can be temporarily maintained.

     
  • posted at 4:40 pm on Sat, Sep 1, 2007.

    Posts:

    That is an astute observation! The two largest European Banks independently completed a study on THEIR holdings of CDO's and other securitized forms of US mortgage instruments, and they have determined that even with the encouragement of President Bush to try to rejuvenate the FHA, its too little too late. The US mortgage companies who originated these securitized mortgages have explicit language that dictate the contract requirements which include interest values IN THE CONTRACT, as well as stiff pre-payment penalties.

     
  • posted at 1:43 pm on Sat, Sep 1, 2007.

    Posts:

    There is a 10 month inventory of homes on the market now. The qualifying conditions are such,the average person can not afford a new home. I just do not see where the people that are needed to purchase any additional homes are to be located. I think Stockton is a very good model as to what could happen to Lodi if thought/reason is not applied.

     
  • posted at 8:10 am on Sat, Sep 1, 2007.

    Posts:

    The FCB type stick houses are going to get more expensive since they received that letter from the government warning them about employees that're not verifiable and without LEGAL SS numbers or documents. You're going to have to hire real CARPENTERS and pay some real wages. I saw only two roofers on one of your jobs uesterday and a month ago, there were seven doing the same roof on one of your other "homes" next door. Maybe this downturn will bring you back to the "real" world. But, you can always get into the dried bean or mayoral consulting business.

     
  • posted at 6:08 am on Sat, Sep 1, 2007.

    Posts:

    Are the levees bigger or stronger in Woodbridge? Not by looking at these satellite photos? What if the Pardee or Comanche dams leak? Many new housing developers, KB home, Hovnanian, Lennar, Centrex, Toll Bros, Ryland, have amenities and bonuses like Plasma TV's and New cars to encourage buyers. Will Flemmer and company consider including boats instead? We can all meet up at Wimpy's Marina and share our Real estate stories! My boat has a large flag with a cluster of Grapes/leaves and I always monitor marine channel 16. Wimpy's Marina has great barbecue dinnners!

     
  • posted at 5:57 am on Sat, Sep 1, 2007.

    Posts:

    According to the Yahoo satellite photos, it looks like only one narrow and low levee separates the Mokelumne River from the treatment facility? I Googled "Woodbridge treatment" and "Mokelumne", and got all kinds of hits. Like the one from FEMA that shows the Flood Insurace Rate Map (FIRM) 06033. I wonder if these lots can be used for a boat launch? How many of us remember the terrible levee break last Feb 1986 in Thornton, the flooding and closing of the school, and another levee break last year?

     
  • posted at 5:54 am on Sat, Sep 1, 2007.

    Posts:

    Realtor talk for " Let the Buyer Beware!" I looked at the Yahoo maps satellites images. You can actually see stuff, gases bubbling up from three of the "ponds". Five of the ten basins are right next to the estates lots? How did they get away with that? Who was on the planning commission. I guess everyone knows (61% of us) after reading the LNS poll about the Lodi "Good ol Boyz"! I never knew this treatment plant was this close to the houses!

     
  • posted at 4:37 am on Sat, Sep 1, 2007.

    Posts:

    These majestic "large estate lots" are "nestled up" against "magnificent" and "robust" wastewater settling pools. Go to Google maps and type in 95258 and select satellite view. These luscious and colorful "lime green" areas are the treatment plant settling ponds within feet of the "estates". Bring your wading boots, no "fishing" allowed. Walk a few feet and... enjoy the "swim".

    Come on Realtors "Show and Sell"! Curb Appeal! Wonderful estates!, Luxury View! Location, location location! Amenities! Is that an amenity floating over there! Buy now, there is only so much land!

     
  • posted at 4:12 am on Sat, Sep 1, 2007.

    Posts:

    I read about this tract in the LNS a month ago. Isn't this the development that Flemmer built where 50% of the houses are within 50 meters of the wastewater treatment plant. It must smell lovely when it rains? It reminds me of the movie "Apocalypse Now" when Robert Duvall says " I love the smell of sewage treatment in the morning"?

     
  • posted at 3:44 am on Sat, Sep 1, 2007.

    Posts:

    Now don't go getting too misty eyed for these builders. This housing downturn has happened before and will happen again in the future. The good builder's will survive and the not so good will go away. Lodi has had the benefit of good builder's for a very long time. The individuals mentioned in this article will be around for a very long time. They are good business people.

     
  • posted at 3:41 am on Sat, Sep 1, 2007.

    Posts:

    FCB is a good builder. Unfortunately, they have to operate within the overall building environment, which is not very favorable at the moment.

     
  • posted at 3:19 am on Sat, Sep 1, 2007.

    Posts:

    One of the "luxury" amenities is secondary wiring. If a house were built properly with a REAL foundation or a basement, its easy and inexpensive to add secondary wiring or anything other improvement.

    Can you entertain with more than 20 adults in one of these "luxury" houses? Its not possible. Where will they park their cars especially on courts? Luxury prices should yield luxury houses.

     
  • posted at 3:17 am on Sat, Sep 1, 2007.

    Posts:

    Experienced homeowners know this. Why would you want to live in a "high end" house and be able to hear your NEXT DOOR neighbor talking or..?? Or to look out a window to have them smile back at you while they are shaving. Very "cozy"...too close for comfort. If your family visits, where is the room to entertain? The "back yards" of these "luxury" houses are not much larger than a dog run. A featured "luxury" amenity is CAT5 cable. Why? Most people can have their own whole house wireless computer system for $35.

     
  • posted at 3:10 am on Sat, Sep 1, 2007.

    Posts:

    These builders prefer to build houses with "luxury amenities", rather than increase the square footage of the houses and lots. It is easily demonstrated that as the square footage of a house increases (single OR two story), the cost per square foot DECREASES. An 1100 square foot house can cost more per square foot than a 3,000 square foot house.

     
  • posted at 2:28 am on Sat, Sep 1, 2007.

    Posts:

    This market is still at a high point and there is a hell of a long way to go before it hits the bottom. Check out home sales. And for those buying now how does it feel to lose 20% per yr. Don't be surprised when the westgate/southgate plans never get built and some of these contractors are are no longer in business in 5 yrs.

     
  • posted at 2:25 am on Sat, Sep 1, 2007.

    Posts:

    How do you all like this slow growth now? 18 permits year to date. Can't get much slower than that. By this winter when the consumer spending is down and the tax revenues are short, people are going to really see how tied to construction this area really is.
    As far as FCB, Tokay and Bennett, they are all in for the ride of their lives.

     
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