The Collected Works of Author and Blogger Larry Roberts

Archive for May, 2012

President Obama has lost his mind. I guess I shouldn't be too surprised that Obama would embrace HELOC abuse as a good idea. After all, Obama HELOCed his home in Illinios before he became president. Personally, I find this outrageous. Our commander-in-chief, the leader of our nation, has embraced HELOC abuse as a noble behavior that should be encouraged by a taxpayer bailout. The dipshits who lose their home from excessive borrowing should be given a pass, and everyone who chose not to participate in the madness should pay for it. I think that sucks. Obama’s ‘Responsible’ Reno Homeowners: Are They? Published: Friday, 11 May 2012 | 3:06 PM ET By: Diana Olick -- CNBC Real Estate Reporter As part…[READ MORE]

    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…[READ MORE]

As the author of The Great Housing Bubble, I am an authority on the housing bubble. As someone who has written daily about the myriad of circumstances and consequences of the bubble, I have examined this phenomenon from every conceivable perspective. One of the great features of blogging is the constant exposure to other points of view on these issues. If there is something I miss, a reader usually points it out. The astute observations have greatly increased my understanding of these issues. For all these reasons, I would compare my understanding of the housing bubble with anyone, and from what I read coming from the economists at the federal reserve, they are still years behind what the readers of…[READ MORE]

For those planning on a long term of ownership, interest rates below 4% have made payment affordability the best its been in years, perhaps ever. The prices still seem ridiculously inflated, but record low interest rates make borrowing such large sums possible. Those low rates even drive the cost of ownership below the cost of comparable rentals, in some markets substantially below. It should be no surprise that many of the bubble-era communities and the less desirable older communities have prices well below rental parity. The less desirable communities always have a slight discount to rental parity, so when mortgage distress is added in, prices get pushed even farther below. The bubble-era communities were loaded with toxic mortgages and HELOC…[READ MORE]

David Richard Sparks is going to prison. I first wrote about this realtor last June in Orange County realtor lied to clients, stole their money, and admitted to massive Ponzi scheme. According to his confession, he forged bank documents, used non-existent escrow companies, provided bogus status updates and falsely reported significant profits. Victims said if they did not want to reinvest their money with him, Sparks made up excuses for why he could not give it back. He's quite a piece of work. Mr. Sparks embodies the character and ethics many have come to expect from realtors. The following is from his Active Rain profile: I have been a full-time, professional REALTOR® since 1987 specializing in the sales and marketing of…[READ MORE]

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