The Collected Works of Author and Blogger Larry Roberts

Archive for May, 2012

Stonegate is an Irvine Company Village located northeast of Woodbury bounded by Sand Canyon Avenue, Portola Parkway, Jeffrey Road, and Irvine Boulevard. Stonegate has easy access to Highway 133 which provides speedy access to I-5 and I-405. The entire Village is far enough from the major freeways to be very quiet, particularly locations distal from the bounding arterial streets. The only problems with traffic or noise comes from the steady stream to garbage trucks driving up Sand Canyon and down Portola heading to the Bee Canyon landfill. The landfill itself is over the mountain nearly two miles from the housing development. Odor or groundwater contaminants should never be a problem. The Irvine Company developed Woodbury as the premium community in…[READ MORE]

Lenders hope they can solve all their problems by making the housing market hit bottom. If prices bottom, people who bought at the bottom gain equity with rising prices, and they in turn reignite the move-up market which will allow the banks to sell their high-end shadow inventory. Further, rising prices makes for fewer short sales and fewer foreclosures and distressed sellers become equity sales. Rising prices would be a panacea for lenders, which is why the full weight of our government and the federal reserve is working to make house prices go back up. They tried and failed to create a bottom in 2009. They hoped they had created momentum with tax credits in 2010. They failed. Lenders and…[READ MORE]

People read this blog for a variety of reasons. Some like the in-depth coverage of housing issues unfettered by bias and bullshit. Some like the entertaining cartoons and HELOC abuse stories of woe. Some like the market information and cogent analysis of current trends in the OC market. This last group usually has one question in mind: is it a good time to buy a house? The answer to that question is an unequivocal maybe. There is no perfect time to buy a house. For those who want to buy at the absolute bottom of the market, unfortunately, there is no definitive sign as to when that will be. Further, to actually time the bottom of the market, one must…[READ MORE]

Statistics across most markets show rents are going up. The monthly OC Housing market report has shown steadily declining prices and steadily increasing rents over the last two years. Resale prices are falling because loan owners are being forced out of homes they can't afford, and the resulting REOs and short sales are deflating the housing bubble. These same former loan owners end up becoming renters which increases demand for rental houses. Ordinarily, if loan owners were becoming renters, prices in the rental market wouldn't be disturbed because the REO would be converted to a rental and supply would equal demand. However, since banks have been withholding supply in an effort to hold up prices, the conversion from owner-occupied to…[READ MORE]

John McMonigle fully embraced the California housing Ponzi scheme. He claims to have represented $2.1 billion in real estate transactions during the housing bubble. If he made 3% of that figure, that's $63,000,000 in real estate commissions. In a game of financial football, that is a powerful offense. Unfortunately, his defense wasn't quite as good. Falling from housing peak: John McMonigle's ride According to bankruptcy court papers, McMonigle, 46, has amassed some $50 million in debts. His assets – even after selling his Newport Beach condo, his cars and personal effects – total $2.4 million – plus the value of the properties he owns that are facing foreclosure. Critics say McMonigle let his ego get the best of him, that…[READ MORE]

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