The Vig

From the excellent Irvine housing blog:
We generally profile 4 or 5 properties a week, and lately the average loss has been $200,000 to $250,000. We are documenting $1,000,000 a week in lender losses. It it any wonder the banks are in trouble?
That’s in one city in California.  We can lie to ourselves and say [...]

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Brother Morton and I exchanged emails yesterday about this blog post out of Orange County which details exactly what the mess is we find ourselves in.
Some have argued rampant equity extraction was not widespread, and it will not be the cause of many foreclosures. As an observer of human nature, I would argue this was [...]

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I suspect this conversation is happening in a lot of places around the area. There’s a lot of poker being played among homeowners looking to sell. Folks are taking their homes off the market rather than selling for less than their home’s perceived value. It’s their right, I suppose. I wonder [...]

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