Hummers, Beemers and Foreclosure Notices

By Chris Padilla, San Diego

E-MAIL STORY

Monday, April 30, 2007 | Can you say "under Acqua(water) Vista?" As a person who posts notices of sale and notices of default on San Diego properties, I have seen first hand the escalation in the sheer volume of notices going up in the county. Acqua Vista is no exception. I post at AV least once every other week. The thing that really amazes, is how many of these properties (in trouble) have new Hummers, Beemers, Jeeps and LandRovers parked in the driveway. Yet the yard always stands out as being the worst on the block? Go figure.

5 Comments so far on this story...

Hahah....you have not seen anything yet.....if you have never been around a real estate depression, like from 1989 to about late 1996/97, you know that the market was in the tank. Apartment units are foreclosed on in such HUGE numbers that they were selling for between 12-20K/unit in many areas for several years. yes-an apartment could be bought for as low as 12K per unit. Those same units were selling for 150K at the height of this bubble.......But, what goes up must come down, and it will and we will see a tsunami wave of foreclosures, much worse than the early 90's, because this run up has been much more speculative. Mark my words...This correction is going to make the 90's look like a little hiccup...

Posted by Billy Bob Henry | reply to this comment
April 30, 2007 2:43 am

After speaking with some real estate broker friends of mine, they believe home values could drop as much as 50% before this crisis ends

Posted by RW | reply to this comment
April 30, 2007 9:18 pm

These people fall into two categories, generally: Those who gambled and lost, and those who are trying to keep up with the Joneses. My appraiser friend tells me about a woman he knows who has remortgaged her property to send her children to a private school, and the tuition equals her yearly income. What an idiot.

Posted by Poppa | reply to this comment
April 30, 2007 10:40 pm

Obviously this audience is misunderstanding the market. The overall Market is coming down but for places where there is an excellent schools, great jobs, homes are flying off the market in a week (Carmel Vally). 50 percent decline? No way! Reaganomics is making sure that won't happen. Even with all sub prime loan problems it is still 100 times easier to get a loan now than it was back in the 80's and 90's. Deregulation of the Banks is the symptom of all this housing problems also contributing all of those shark mortgage brokers pushing Negative Amortization Loans (option payment loans) to people who are unaware how they function. Remember we all have to live somewhere and its either that were are renters or owners. San Diego is 50 percent renters.

Posted by Abel | reply to this comment
April 30, 2007 11:55 pm

Well BBH, I was here and a homeowner during the 89 to 96/97 downturn—I survived, as did most of my friends, no big deal as long as you weren’t playing the speculative real estate game. By the way, were you here in the mid-60’s when Santee became a “ghost town” because Convair laid off over 30,000 workers in one week—I was! I survived! RW? I suggest you reevaluate your friends who are saying that property will devalue as much as 50%--I suspect they want to buy your home and sell it for a profit! BBH, there is only two flies in the ointment here and they are not the pension issues or the financial health of San Diego, much to your chagrin!

Posted by Howiek | reply to this comment
May 1, 2007 12:15 am

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