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A Thermometer for So Cal Real Estate Hell
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4908 Reads
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 To hear some spinny-eyed realtors tell it, the California housing bubble will never burst.
Sure, we're due for a "market correction" but the value of real estate in L.A. is too solid and strong to collapse.
Well, Another Fucked Borrower is already choking like a coal-mine canary on our behalf by blogging market hiccups, bad-lending trends, dire predictions and early-90s horror stories to remind us what will could happen if we're all wrong ...
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The site seems to be something of a shingle for the blogger's mortgage consultancy, but it's got some interesting perspectives on keeping your head in the now-softening SoCal realty market.
The author, identified only as SoCalMtgGuy urges us to rent instead of buying, beware of ringing up too much on credit, and general observations about the slippery shale slope on which the market seems to be built.
As his header says: Another FB is a mortgage 'insiders' view of the lending industry, the housing bubble and the loose credit standards that drove it all. This site is dedicated to educating people on how to make good financial decisions and not become another F@CKED Borrower (FB)!! Many of these bwrs had NO business getting a loan ... but lax underwriting standards, low rates, stated income, interest only loans, option-ARM's, neg-ams, no-doc loans, and more, made this froth/bubble possible. He's also got an active message board with some interesting horror stories from the last SoCal realty collapse in the early '90s, like this one from a buyer who found himself upside down on his Canoga Park mortgage.
Of coursse, now I'm glad we sold our house for a scary-high price, but I'm terrified that when we bought our current place at the same scary-high price we stuck our necks out a little too far ...
(Thanks to Erik for the pointer!)
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| Posted by: Mack_Reed on Thursday, February 09, 2006 - 11:21 AM
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