Archive for the 'mortgages' Category

Rancho Palos Verdes and Palos Verdes Estates welcome the California housing crash – From $1.75 million to $1 million in an elite market. MLS has 1 listed foreclosure yet 200 homes are in some stage of foreclosure in Rancho Palos Verdes. A $4.7 million loan made on a $1.5 million home sale in 2003.


The financial allure of renting – How the real estate industry silences the voice of one third of Americans. Homeownership back to 1998 levels because owning a home requires income and affordability. $650 billion in real estate wealth evaporated in the last quarter of housing data.


Culver City real estate example of a mid-tier city tipping over into correction. Average income $77,000 yet most MLS listed homes selling for $700,000 or more. Few foreclosures selling for 33 percent below MLS non-distressed properties.


Home equity loans in California still over $600 billion. Pasadena and the mid-tier correction starting. Short sale for 50 percent off and HELOC machine being sold at auction for 70 percent below the outstanding loan debt.


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