Comments on: The Great Freeway Phenomenon

By: capbreeze

capbreeze — Fri, 26 Sep 2008 05:49:45 +0000

2 1/2 months…..just relisted for $649,900.

I can’t help but feel for the family after seeing the children’s furniture, as it doesn’t appear to be a flipper or investor. After all, these are my neighbors. I hope they land on their feet.

http://www.redfin.com/CA/Arcadia/750-Katherine-Ln-91006/home/7229278

By: Ken

Ken — Tue, 15 Jul 2008 20:24:19 +0000

Yeah. This is four or five in a row located just north of the 210 west of Baldwin. I think you’ve got two or three of them by THE SAME OFFRAMP!

(I remember that offramp from 25 years ago, when I lived in Monrovia and worked on the far side of Glendale; used to pass it every morning.)

By: T K Eng

T K Eng — Mon, 14 Jul 2008 00:30:51 +0000

Hi, can anyone point me to the website that calculates the risk of price drop based on zip code and cities for residential properties? I visited the site once before but forgot to save it. Thanks!

By: Anonymous

Anonymous — Sat, 12 Jul 2008 22:29:38 +0000

I took foreclosed home tour today in Pasadena. Most properties are owned by the South Hills Properties. It turned out this south hill properties belongs to IndyMac. No wonder IndyMac was closed.

By: TheArcadian

TheArcadian — Sat, 12 Jul 2008 08:48:08 +0000

Oh, I am pretty certain that the pain will be felt throughout the local economy. Very few companies are expanding at the moment and those that are have many job candidates to choose from.

Weak housing, severe job losses and increasing prices on fuel, food and commodities will be felt throughout Los Angeles. Anyone who tells you otherwise is living in their own isolated bubble.

Local restraurants will definitely be impacted due to the layoffs. Just look at Irvine after the collapse of their local subprime lenders. Eateries went from overbooked lunches to empty store fronts literally overnight.

By: Anonymous

Anonymous — Sat, 12 Jul 2008 08:35:54 +0000

I have two friends who work at IMB; both up until a few weeks ago when I last talked with them insisted that things would be ok, at least that’s what they were told by management. The sad part is they sincerely believed it.

I don’t know if they will lose their jobs, but one had gone so far as to move all their 401k money into IMB stock back when it was still around $10/share. I don’t know how much but he has about 10 years with the bank in their finance department. Not quite Enron, but it still must have been shocking for some IMB employees this afternoon if they didn’t already realize how bad it was when the stock price slipped under $1/share recently.

Any thoughts on the effect on the local economy with so many local employees losing their jobs?

By: TheArcadian

TheArcadian — Sat, 12 Jul 2008 08:03:45 +0000

I heard about the IndyMac collapse on my way home from work Friday. An associate decided to dump money into their 4% CDs earlier this week…

By: nobailout

nobailout — Sat, 12 Jul 2008 04:53:38 +0000

Given the current bad situation of the Freddie Mac and Fannie Mae and the collapse of the IndyMac Bank, the real estate market will become more interesting.

By: nobailout

nobailout — Sat, 12 Jul 2008 04:50:27 +0000

It is amazing to me. There are still so many flippers out there even in today’s market. It is high likely the new owner is a realtor because my realtor told me that many her realtor friends did bid for this house. It will be interesting to see how long can this flipper hold on before he/she lose big.

By: george8

george8 — Fri, 11 Jul 2008 19:38:13 +0000

$100k (in a year)- $300k ( in 3 years) loss written over it depends on how soon the new owner takes the stop loss.