Defaults moving beyond sub-prime

Click on title link above for full LA Times article by E. Scott Reckard, Los Angeles Times Staff Writer

Joan Olsen, a retired welfare worker, fears she’ll join the ranks of the delinquent. She said she didn’t fully understand the loan terms when she refinanced her San Diego condominium 15 months ago with an option ARM. “I have no one but myself to blame for signing off on something I didn’t understand.”
Delinquencies among holders of risky option ARMs are increasing as their minimum payments climb.

Thought the mortgage meltdown was just a sub-prime affair? Think again. There's another time bomb waiting to explode, experts say: risky loans made to people with good credit.

So-called pay-option adjustable-rate mortgages, or option ARMs, were the easiest and most profitable home loans for lenders and brokers to make for much of this decade. Last year, they accounted for about 9% of the volume of all mortgages made in the U.S. and were especially popular in California, Florida and Nevada -- states where home prices rose the most during the housing boom and are now falling most sharply.

Fence Painting Project

Please, Please someone tell me that the fence has some kind of primer only....because it sure does look pink to me! anyone know if thats the final color?
thanks,
#125

New year looks to be good for buying a home

Let's dub 2008 the "Year of the Home Buying Opportunity."

That's my glass-half-full take on what's going to happen with the residential real estate market.

But the extent of the opportunity will materialize over time.

Perhaps market tracker DataQuick Information Systems and the California Association of Realtors provided a glimpse last week with sales and price statistics for November.

DataQuick noted that the median price across the Southern California region stretching from Ventura to San Diego fell a record 10.3 percent from a year earlier, to $435,000. (DataQuick's stats include new and previously owned houses and condominiums.)

The price drop was bigger - 12percent across California and in Los Angeles County - in the state association's report, which focused just on previously owned single-family houses.

Both reports noted that prices have dropped to early 2005 levels.

Robert Kleinhenz, the association's deputy chief economist, recalled that during the market slump of the 1990s, the biggest price decline statewide was 7.2 percent in May 1993.

Los Angeles County's biggest drop was 11.6 percent in March 1993.

Price drops back then for the state generally didn't exceed 5percent annually, he noted.

Parkridge For Sale Prices Drop

Both #25 and #102 have reduced their asking prices again. #25 is now listed for $260,000 and #102 is listed at $314,500. Below is some of the language on the listing at Realtor.com.

Move up to this listing and I'll buy yours for CASH! This home is also protected by the ONLY real Buyer Protection program around. If you are not satisfied with the purchase of your home within 12 months we'll buy it back. Call Listing Agent for details. (800)765-3150 x111 ********** They say buy the worst home in the best neighborhood. Well, this condo is a great home in a great neighborhood at a rock bottom price. Room to negotiate. If you're a buyer looking to get a great deal on a home in the current market, join our Foreclosure Buyers Club for access to all the best listings that even other agents don't have access to. (800)765-3150 x112 .

Santa Ana, Anaheim top O.C. in distressed homes for sale

Santa Ana, Anaheim top O.C. in distressed homes for sale
November 5th, 2007 · 129 Comments · posted by Jon Lansner of the O.C. Register
Market watcher Steve Thomas at Re/Max Real Estate Services in Aliso Viejo has a new stat out: foreclosures and short sales listed for sale — what I’m calling distressed properties — as a share of total for-sale inventory by major O.C. communities. Short sales are where the bank agrees with a troubled borrower to take less than the loan amount due at sale.

The report (derived from MLS listings) shows that as of last Thursday, Santa Ana’s home inventory had the highest share of distressed properties in O.C. at 32.8%, just ahead of Anaheim at 32.6%. While we’ve discussed mid-county housing woes before, it’s noteworthy that the next two communities with high levels of distressed property for sale were Rancho Santa Margarita (31.3%) and Lake Forest (29.8%.) Read how beach towns fared HERE.

Overall, Thomas found 17.5% of all O.C. inventory was of the distressed variety. Here’s a look at the distressed property count and share of inventory by key O.C. neighborhoods ….

How did the laundry room really get painted? Here is the story:

How did the laundry room really get painted? Here is the story: The team came together when Kirsten asked Sally (current Board member) if the laundry room can be painted. Since our association is low on funds, Sally said it would have to be done by volunteers and Kirsten immediately said she would help. Another resident present at that time volunteered too. Sally brought it to the Board and the suggestion was well received and all members assisted in the event. Thus, Sally created the "ParkRidge Community Volunteer Team". Please review the posted pictures (thanks Howard) and meet the team who made it happen: Lee and her husband Jimmy, Kim, Kelly, Sally, Deanne, John, and Josh were present and Kevin helped behind the scenes. There is still a couple of things to be completed in the laundry room and must be reviewed by the Board. But thanks to volunteers, the painting part only cost the HOA $173.10 for paint and supplies, thus far.

How can you be a part of the “ParkRidge Community Volunteer Team” you might ask? Attend the meetings and advise the Board or contact our property manager, Nancy Martin, and she can get your information to the Board. Many hands make light work and saves lots of money too!

It needs to be clarified at this time that it is the current Board who is making things happen around here. Rene voluntarily quit the Board some months ago and has not had anything to do with what is currently happening. Sally was voted in, in August, and Kelly has agreed to rejoin effective this October. Therefore, the current Board consists of Lee, Kevin, Kim, Sally, and Kelly. Since August you have seen the start of the trees trimmed, the sidewalks repaired, sewer lines cleaned, water regulators installed on the boilers, minor repairs to a block wall, and slab leaks repaired.

Keep up the good work Board and thanks to ALL volunteers who help make our community a nice place to live.

Deanne #59

Anonymous Comment

Anonymous said...
I noticed the notice posted on the clubhouse this AM. Glad to see Rene and the Board are finally getting this project done. The clubhouse has been left unfinished for far too long. Good for them!!

Property Tax Reassessment?

Is anyone familiar with the process to have your property tax reassessed?
Your Blogger

#105 2 Bed/2 Bath listed this week for $319,900

We are getting close to the $200,000's for 2 bedrooms at Parkridge!

New-Home Sales, Prices Plunge

WASHINGTON (Dow Jones) -- New-home sales resumed falling in August, sinking to the lowest level in seven years, and prices tumbled, signaling the housing sector will remain a drag on the U.S. economy.
The median estimate of 26 economists surveyed by Dow Jones Newswires was a 4.6% decline in August sales to an 830,000 annual rate. The level of 795,000 was the lowest since 793,000 in June 2000.
Year-to-year, new-home sales were 21.2% lower than the level in August 2006.

Garage Break Ins?

The Newsletter only mentioned multiple garage break ins. Were they all the same night? Were the garages locked? What types of things were taken? When I return to Parkridge at unusual times I often take a loop around the complex to see that things are as they should be. Let's all be on the look out.

Issues with their garage door opener?

Is anyone else having issues with their garage door opener? Mine was working fine, I went on vacation, when I returned it no longer worked. Apparently there was some eletrical issues with some of the garages. It appears that during the repairs, the circuit was overloaded and burned out the motor of the garage door opener. I know at least 4 other units have the same problem, I was just wondering if the problem is localized.

No Hot Water in 3000 Building 9/18-9/19

There was no hot water in my part of the 3000 building last night or this morning. Anyone know what's going on? Howard

Water Seeping Up Into Driveway?

Does anyone know what's going on with the water that looks like its coming up out of the asphalt in the driveway area in front of the clubhouse?

You'd better have great credit and be prepared to put down a big chunk of change!

Stacey Vanek-Smith: Gone are the days when you could land a home loan with less-than-sterling credit and no money down. Mortgage lenders and big banks have gotten very finicky in the last few weeks.

Mitch Ohlbaum is a mortgage broker in Los Angeles. He says if you want to get a decent interest rate now, you'd better have great credit and be prepared to put down a big chunk of change.

Mitch Ohlbaum: For now, the standard is really going to be 10 percent if you want to buy something. Which in the real world's not so bad, it's just a little bit more difficult where we live, where everything's a million dollars. Ohlbaum says 10 percent down is unrealistic for many of his middle-class and working-class clients, even those with steady incomes and good credit. The result? They can't get the loans they need to buy in L.A. where the median home price is well above a half-million dollars.

Dan Arguelles is a real estate agent in Manhattan Beach, California. He says the restrictive lending practices mean homes in his tony area are taking longer to sell.

Dan Arguelles: Now it's getting even tougher, that you have to state your income. It is getting a little harder to find that qualified buyer. The same thing is happening in New York, San Francisco and Washington D.C.

Housing market economist David Lereah is with move.com. He says a couple months ago it was too easy to get a loan, now it's too hard

Gate Timer Fixed

I noticed that the gate timer has been fixed so that the entry and exit gates are now open at the appropriate times. Big thanks to the board for getting that done!
#56

Recent Parkridge Sales

Anonymous has left a new comment on your post "#136 & #37 Sold?":
-According to Zillow.com, #37 sold on 7/2/07 for $300,000.
-The next most recent sale was #83 on 2/20/07 for $290,000.
-The last sale of a 2-bedroom unit was in 8/06 at $354,000.
Record high for a 2-bedroom unit was $375,000 in 2/06 and for a 1-bedroom unit was $330,000 in 1/07 (followed by $326,000 in 2/06).

Close Your Neighbors Garage

I received a warning letter in the mail yesterday for my garage being open. I remember the day I came home from work a couple of weeks ago to discover it open. I was glad that my crummy old golf clubs were still there! Whoever took the time to make note of the "violation" could have simply been a thoughtful neighbor and closed it for me. I would close yours for you. Howard

We can't sell our place because of the water issue

Well we can't sell our place because the water issue alone makes it tough and devalues our home anyways. We are losing money just sitting here and doing nothing. Lets pay the very expensive price and get this job done already, stop being such a tight wad. I tell all new prospect buyers that I see on Sundays and let them know of the water situation and that really tends to turn them off. I wish someone would have told me about the water problems.

5:33 PM

Water Situation & History

First, this is to the previous comment writer. I am NOT personally upset with the water situation in my unit. Why?? Because in 03 I had individual shut-off valves installed on my hot and cold water supply lines to my shower. That way, when I want hot water, I get it!! It doesn't matter if my water is too hot or too cold (it's been both) because I can adjust it at these valves. It cost a lot of money, but it was well worth it. It's called being PROACTIVE. I'm just trying to use what I know to help my neighbors, including you (believe it or not).

Second of all, to address the big picture, here's some thoughts. The three primary reasons the water is the way it is: first, so many people have modified their plumbing systems (addidng or moving sinks, installing washers and dryers, etc.) that the current plumbing system bears little resemblance to the original, making the hot and cold sides of the system incredibly difficult to balance. Second, there are still many hard-heads who own units here who refuse to change their shower valves or otherwise maintain their plumbing fixtures. Third, the original cause of the problem occurred in 2002 when the City of Fullerton mandated the installation of a Backflow preventer system. That's why when residents called the Health Department, the Health department didn't do anything. The knew full well what the root cause of the problem was.

After a couple of years of getting estimates and listening to suggestions from contractors, the "previous board" arrived at the following conclusions. Replacing the pipes under the buildings is like putting a $300,000 band-aid on a heart attack. All that will do is stop the slab leaks. And unless someone has a better idea, the long-term solution looks to be blocking off all the common piping and running a single cold water main to each unit with a hot water heater, making each owner responsible for their own water situation.

There are many issues with this: running the main under the slab or on the roof, putting the water heaters in each unit or putting them on the roof also. There's also the issue of financing this, which will be very, (did I say very) very expensive. I won't even mention the political issues.

The bottom line is in the short run, Pro-Serv needs to go, and in the long run, the systemic problem has to be addressed. Failure to do so will result in these units becoming more and more difficult to sell. And, sooner or later, we will all want to sell. It's just our bad luck to be owners during this "crisis".

Like I said, if anyone has a better idea or ideas, this seems to be a good place to let them be known. I'm in no rush to solve this problem today. Whether it's Rene or myself or whoever on the board, there very well may be a simple answer to the issue that we all are missing, and it may just require a little patience to find it.

Todd in 122

Water Problems

Anonymous said...
Water problems, anyone ??

I was just wondering if anyone was having the same strange problem I have. I live in the 3020 building and ever since those Pro-Serv guys dug that huge hole in between 96 and 105 last month, I get hot water from the kitchen faucet but almost nothing from the batroom vanity or shower. This is the opposite from what it was before. Did they criss-cross pipes or something ?? I liked it better before.

Also, a guy from the management company said I was the only one who called in a problem, but I don't believe it. I saw the guy from Pro-serv running around yesterday, but I couldn't catch him to check my water before he left.

9:40 AM

#136 & #37 Sold?

#136 and #37 no longer appear on Realtor.com. Were they sold?

Board Changes?

Anonymous said...
Are the rumors true ??
I noticed that Rene Fernandez's name was not on the newsletter this month. My neighbor said that her friend saw him in the cluhouse, red-faced and throwing a hissy-fit. Does anybody know for sure if he quit the Board or was thrown out, or whatever ??

Water Shut Off Monday & Tuesday 6/18 &19

Hello All, Nancy from the management company wanted everyone to know...that all water would be be off on Monday and Tuesday to all owners....There is a broken hot water supply line in front of unit 105 and we have to turn all the water off to get to it. She sent an email to me on Fri the 15th and I apologize for not posting this info sooner. Howard

Real Estate Signs Missing?

wrxnut25 said...
I noticed today that almost all of the for sale signs in front of the complex are gone, does anyone know where they went, or why they were removed? I checked the CC&R's, and saw nothing saying that a full sized for sale sign was prohibited, so I'm a little confused, and needless to say, my real estate agent will want to know what happened to it.

AC Replacement Suggestions

Im looking to get some recommendations and approx cost for replacing my AC in my unit of someone who might have done it recently. The number on the blog for Fisher is no longer in service.
I had a quote from AD Cooper last year and it seemed awefully expensive so i held off and im looking for other options.

Thanks
Ray #36

DSL internet service?

Does anyone have DSL internet service? I signed up through AT&T, however there seems to be some problem with the phone lines and I was wondering if anyone else has been successful with it?

Stolen Car

No, I do not have any parking trouble for now since my little 94 honda car got stolen last weekend from the parking lot, well there's one more open space to park your car. 5/25/07 Golda in 126.

Trouble with parking???

Anonymous has left a new comment on your post

Trouble with parking???
I got home last night at 9:45 and followed three other cars in the gate, only to find that there were no parking spots left. So all four of us were left circling the lot trying to find a place to park our vehicles. Does it seem like parking has gotten signficantly worse in the last couple of weeks? I've never had this much trouble.

Absurd Notices of Violation of the CC&Rs

Dear Blogger,I would greatly appreciate it if you ... Dear Blogger,

I would greatly appreciate it if you could post the following topic as a point of discussion, as I know I'm not the only Parkridge resident dealing w/ obsurd notices of violation of the CC&Rs.

I received in the mail today a notice of violation of rule 20 of the CC&Rs. Rule 20 reads as follows to save everyone some time:

"It is prohibited to hang clothing, towels, rags, rugs, etc., from the windows, railings, fences or from any of the facades of the development."

I was cited as violating this rule for hanging planter boxes (for flowers)from my balcony railing.

Now, being a logical man, and having read the rule in question, I know for a fact that my planter boxes would not be considered rags, clothing, rugs, or towels, so therefore I've deduced that my planter boxes are falling under the "etc." portion of this rule.

Is it just me or is it unreasonable to assume that I should have know that planter boxes would be considered in the same category as someone hanging their laundry out to dry on their balcony railing?

I would love to hear replies as to whether anyone else has received a similar violation, or has an explanation as to why a planter box is a violation when I've noticed several other units w/ items such as bird feeders, wind chimes, and other random itesm hanging from their balconies.

Planning on attending the Annual Meeting ???

If you are planning on attending the Annual Meeting of the Parkridge HOA to voice your concerns about the unprecedented $43 increase in your monthly fee, don't plan on seeing our esteemed President, Rene Fernandez, there.
He's not going to show up. It's unclear whether or not he's quitting the Board permanently or if he really has something more pressing, or if he just doesn't have the guts to face the music for HIS decision to raise the rate, but regardless, he's not going to be there.

That's right. I said HIS decision. The rate was never discussed in open or closed session of a Board Meeting and was passed at a meeting where 2 board members were absent!!! If this is the way the new Board and Management Company are going to do business, I suspect there are going to be more than six "For Sale" signs out front pretty shortly.

B.S.S.

Mailbox alert !!!!!!!

Mailbox alert !!!!!!!
Just so everynody knows, my regular mailbox key opens the new outbound mailbox on the wall by the clubhouse. Anonymous has left a new comment

Iggys House Disrupts Real Estate Industry by Offering Sellers Free MLS Listings

Iggys House, Inc., parent company of BuySide Realty, today announced the launch of www.IggysHouse.com, a new service that will revolutionize the real estate industry.
CHICAGO (BusinessWire EON) March 22, 2007 -- First to Offer Free MLS Listings on Nationwide Scale

Iggys House is launching the first free MLS listing service today in 20 states representing 65% of the U.S. existing home market. Within the next few months, it will roll out this service to a total of 37 states, representing 84% of this market, before going national by the end of the year.

"This will send shock waves through the industry," said Joseph J. Fox, CEO of Iggys House, Inc. "There is a lot of money at stake - about $65 billion annually in real estate commissions. This new model will have an immediate impact on the status quo."
MLS is the most important channel sellers can use to attract potential buyers. More than 70% of all homes are sold through the MLS. MLS listings also cause homes to appear on leading real estate websites like Realtor.com. Iggys House provides sellers with access to both marketing channels for free.
"Our service is totally free, and there is absolutely no catch," Fox added. "This is the real McCoy."
Immediate Impact on Consumers
"People wonder why the Internet has not had a greater financial impact on the real estate industry," Fox said. "The reason is that the underlying model is rigged to benefit agents. The primary function of most real estate web sites in existence today is to drive consumers towards those agents. No other website empowers consumers more than Iggys House."
"By breaking open the MLS we are providing over $500 million worth of services for free to millions of home buyers each year," said Fox. "For the 1.1 million people who try to 'sell by owner', we provide incredible exposure to millions of buyers via the MLS. For the over 400,000 sellers who pay a fee to be MLS-listed, we now offer it for free. Why would anyone ever 'sell by owner' again, when they can 'sell by Iggy'?"

Restrictions on For Sale Signs?

Anonymous has left a new comment on your post "Water Shut Off Monday March 19th":

Restrictions on For Sale signs

Isn't there a size restriction on For Sale signs out by the front gate? It looks tacky enough always having at least 3 or 4 of them out there, but then when these giant wood ones are popping up it looks really bad and it blocks drivers' view of southbound traffic on Associated.

It seems like having that many signs out front would hurt people who are trying to sell their units anyway. It looks like the whole neighborhood is for sale and a buyer can shop around and if they don't like your unit, they can just buy your neighbor's.

Water Shut Off Monday March 19th

Signs at the mail boxes show water shut off today for units 49 -136 from 8:30am til Noon.

Direct TV Anyone?

I was wondering if anyone here has Direct TV? I currently have time warner cable and I am thinking of switching to Direct TV because of the MLB extra innings package and NFL sunday pass. They are the only company to have a contract with them. My question is if you do have it, did you need to arange it with the HOA first or did you just call the company and subscribe and let them deal with it. Any help would be great. #125

O.C. home prices decline

The median falls 0.4% from a year earlier -- its first such drop since '96. The region's sale volume hits a decade low. By Annette Haddad, Times Staff Writer
10:36 PM PDT, March 14, 2007
Orange County last month posted its first year-over-year decline in median home price in more than a decade, another sign of the widening reach of Southern California's housing slowdown, data released Wednesday showed.
Orange County's 0.4% drop put it alongside San Diego and Ventura counties in recording price declines, while Riverside County managed no price gain for the first time in a decade, according to DataQuick Information Systems, a La Jolla-based research firm.
However, the median price for all six Southland counties still rose to another record, thanks to gains in Los Angeles and San Bernardino counties.
"February's record Southland median is another indication the housing market, although certainly weaker than last year, is hardly down for the count, as some would suggest," DataQuick President Marshall Prentice said.
The decline in Orange County's median was not unexpected. Since October, the median price of resale homes — the largest housing segment there — had been declining, DataQuick analyst Andrew LePage said. The overall median stayed positive because of price growth in new homes.
"What's surprising is how long it took Orange County's all-home median to go negative," he said. "It was only a matter of time."
The year-over-year decline in Orange County, the region's most expensive home market, was its first since November 1996, according to DataQuick. The median fell to $620,000 as sales dropped 16.4%.

Laundry Room Door

I can't start a new blog. However, I wanted to see if anyone else has sent in a communication form for the laundry room door. The door that faces the mail boxes never locks. It seems that the door does not fit the frame. There was already one incident of a man stealing a womans clothes, and now I am noticing some of our clothes missing. I will send another communication form, but I was just curious if anyone else has done so. I hope everyone had a great weekend!

ProServe Water Shut Off Notice for Sat 3/10

I only see the signs posted on some units but they read "Attention All Residents". Water will be shut off on Saturday 3/10/07 from 9am to 11am. Chris at ProServe reports that the 3 buildings affected are #3054, #3046 and #3062. To bad ProServe and our leadership don't utilize the blog. I have friends who've been sited for towels hanging over their gate which can not be as unsightly as the paper and blue tape now on display around the complex. Your Blogger

New Dues Payment?

Based on the way the first bill came from the new management company, it was due on March 1st for the month of March, yet I still had a balance due w/ diversified at the end of February as well. Has anyone else experienced this? Was diversified billing for the prior month while the new mgmt. company is billing for the month in advance?
Greg, unit 86

the only way for things to be changed

Anonymous said...

It appears that there are 6 candidates for the Board elections. For all those that haven't liked the way things have been this past year, please cast your votes for the 5 canidates running against Rene. Getting him out is the only way for things to be changed.

ATTENTION MR. DAVID FABRIZIO:

Anonymous said...
ATTENTION MR. DAVID FABRIZIO:
We got our ballot today and saw your name on it but don't know anything about you. And since you're the only one who's not already on the board, we would love to know who you are, what your qualifications are and why you are interested in being on the board. We're excited about the prospect of a new person and a fresh perspective and would love to hear from you!

Thank You Kelly!

I also wish to commend Kelly for her dedication to the community by staying on the board when she knew fully well the kind of man Rene F was and the sort of "leadership" he would provide.

Being on the board used to mean a group of residents volunteering their time and efforts in service to the community. How we've gotten so far away from that so fast is beyond my comprehension. I don't know who all the original writer talked to in making his decision not to become a board member, but I'm sure he realized that concepts like teamwork and community service are impossible under the current regime.

The original writer mentioned the "slab leak remediation project" on the clubhouse and the cost. Is it a coincidence that Rene Fernandez threw a 40th birthday party for himself in the clubhouse two weeks after the majority of the work was done?? By the way, the clubhouse is still not done. There remains some tile work and painting that needs to be done, four months after the work began !!! I guess it's not so urgent anymore now that his birthday party is over. If he actually spent all that money on the plumbing, dance floor replacement, and carpet cleaning just to impress his family and friends for a lousy birthday party, shame on him.

But, like I mentioned in previous blogs, unless at least six or seven residents are formally willing to go up against him on the ballot, Parkridge is his.

Todd in 122

PS. I haven't heard the term "cancer sticks" since about 1967

Board Volunteer?

Anonymous has left a new comment on your post "Water Shut Off Today for #3000 Building":

Who Wants To Be On the Board

When I got the "Call for Volunteers" message, I thought I might go ahead and volunteer to be on the ballot to become a board member. I have a BS in Accounting, and I thought that maybe I could make a positive contribution to this community.

Before I did, I made a few calls to Diversified's team and spoke with a few long term residents here as well as 2 former board members. I wanted to look before I leap, in other words.

What I discovered was shocking. Not one person, not one, had anything positive to say about the current Board, or it's president, Rene Fernandez. The common thread that ran between all of the talks was that there was not one aspect of the management and administration of Parkridge that is better today than it was a year ago. I could go on for ages about issues like rule enforcement, the pros and cons (mostly cons) of the "communication form" and such, but I thought that most of that was subjective at best and petty personal opinions at worst.

In terms of money and financial matters, which is my area of expertise and has a direct effect on all of us and provides an objective method to evaluate the Board, the "previous" HOA Board had around $100,000 in reserves and operating accounts at the end of last fiscal year, March 2006. That's not fantastic, but it's not too bad either. At the end of the month in January 2007 the "current" HOA Board had around $35,000. This is NOT good.

Now I understand that we had the laundryroom/meeting building re-piped which cost over $32,000 between Pro-Serv and the drywall guy, and I assume that's where half the differnce in reserves went to. The problem is that it is the duty and responsibility of the Board to replenish the reserves when it becomes necessary and the leadership of the current Board has not shown any inclination to do so.

If we need to raise the monthly assessment or have a one-time special assessment or soem combination of the two to do so, then that is clearly what needs to happen. The comment that was made by one of Diversified's staff was that it looked like Mr. Fernandez was going to drain it dry and then quit. Again, I thought that was a personal opinion, but now I'm not so sure.

As I mentioned earlier, I could write reams of criticisms about the current HOA Board of Directors, but for now, I'm afraid I'm just going to deal myself out of the running to become a Board member. By the way, as of last week, only 3 owners have expressed an interest in remaining or becoming Board members.

B.S.S.

Water Shut Off Today for #3000 Building

There is a sign at the mail boxes announcing a shut off today. The 3000 building will be down from 10am to 1pm for pipe repair.

Wow, that was a cold shower!

Does anyone know what the story is with our water in the 3000 building today...Sunday Feb 4th?

Replacing the water mixing cartridges in the shower valves

Just wondered if anyone else read the article about replacing the water mixing cartridges in the shower valves in the Home Section of the OC Register last Saturday. It was a very good explanation of how one bad mixing valve can screw up a whole plumbing system's hot water. And that was in a single family home with just two baths and a kitchen.

It was what the Boards, both old and new, have been preaching for years now. So if you haven't changed yours yet, and you don't like the quality of your hot water, get it replaced.

Todd in 122

U.S. Home Foreclosures Up 42% in 2006

WASHINGTON, Jan 25 (Reuters) - The number of homes in the United States foreclosed by lenders rose 42 percent in 2006 from a year earlier in a sign that many homeowners have became overextended in mortgage debt, a real estate information service reported on Thursday.

More than 1.2 million foreclosure filings were reported nationwide during 2006, which is a rate of one foreclosure filing for every 92 households, according to RealtyTrac, Inc.

The jump in foreclosures last year marks a return to normal levels as the housing market cools from multiyear highs of sales and appreciation, the company said.

Recent homeowners who believed the housing market would continue its break-neck pace or used flexible mortgages to make a purchase may be feeling a sting, the company said.

As much as $1.5 trillion in adjustable-rate mortgages are due to have their rates reset this year, according to the Mortgage Bankers Association. Many recent homeowners are already struggling to make those higher payments and are drifting toward loan default and foreclosure, said James Saccacio, chief executive officer of RealtyTrac.

"As more and more of these loans re-set, we saw a surge to finish the year, with the fourth quarter producing more foreclosure filings than any of the three previous quarters," Saccacio said.

While the increase in foreclosures could add to a glut in housing stock "most local markets have been able to re-absorb foreclosure homes without seeing any major damage to the local economy," Saccacio said.

Colorado, Georgia and Nevada saw the highest foreclosure rates, the study found.


© Reuters 2007. All Rights Reserved.

No More Anonymous Comments

Let's try it neighbors. Todd in #122 is right and we've been disrespectful at best recently. From now on sign at least your first name to your comments. Your Blogger (Howard)
Above in response to what Todd in #122 Wrote...

To Parkridge Blogger: I think the intent of the person who wrote the original "I like my investment..... more than blogging" was to identify or prohibit individuals like the one who wrote the above comment from making comments like that. Or at least make them have a second thoughts about writing stuff like that. If someone who was considering buying a unit here, they would surely have second thoughts about moving in after reading something like that, (or at least make sure I wasn't going to move next door to them). I have to admit most of my comments have been on the opinionated side and I haven't always spoken kindly, approvingly, or enthusiatically about everthing that goes on at Parkridge, but at least I sign my name to my comments. I know you have disagreed with this in the past, but I think you should require people to sign their comments as soon as another persons' name gets mentioned. Since you've put this blog up, no ones ever come to my unit, vandalized my property, or got in my face over stuff I've written. It's just not that big a deal. I know the purpose of this blog was to create a place for residents to vent, or provide information, or disagree with the policies of the new board, but, I think that you have to agree that there is nothing in the comments preceding the one above that warrants a response like that. Todd in 122 P.S. I'm voting for you in the next election, too.

I LIKE MY INVESTMENT OF MY HOME A LITTLE BIT MORE THAN BLOGGING

Anonymous has left a new comment on your post "Diversified Gives Parkridge 60 Days Notice":

I want to propose an idea to the person who oversees this blog. I am a homeowner here. Not a board member. Just a homeowner who likes her investment. I also enjoy blogging. However, I LIKE MY INVESTMENT OF MY HOME A LITTLE BIT MORE THAN BLOGGING. I want to see the value of my investment appreciate and am afraid with all the drama that is on here that people who are potential buyers will do some research and find this blog and think, "Oh God. I won't buy there!" Granted, this blog does provide good information. I am thankful that the person who had her identity stolen informed us all of her pain. If we do get an outgoing mailbox here, I will never put mail in that thing. However, folks, let's think about this logically. We want to sell our investment here one day. We want to sell it for more money than we paid for it. It doesn't help us that we have a blog open for public view then! My solution would be this, fearless blogger. Those who want to read this blog would have to sign up for it. I think that blogspot does have a way to do that. That way, we can complain all we want, but with some sense of knowing that we're doing the best we can to protect our investment without violating our free speech rights. Before you all begin complaining, think about it for a second. I know it's not a perfect solution, but at least it's something-something to help us get better value in the long run for owning a condo in Park Ridge. I hope this comment sees the light of day.

Diversified Gives Parkridge 60 Days Notice

Anonymous said...
Information update, in the board meeting that was held at the clubhouse on 1-10-07 Diversified owner stood up and said his company will no longer manage our property. I know he gave some letters to the board and said they have 60 days notice to take over or find another company to take it. What will this place turn into with no one to pay our bills and what not? I think they had enough of the complaints about problems as home owners we should take care of on our own. Or was it too much of Rene and his accountability sheets? Either way they are gone.
10:58 AM

Rogie Arellano - New Diversified Manager

Our new property manager from Diversified Real Property Management is Mr. Rogie Arellano. His email is rogie@diversifiedrealpropertymgmt.com.