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.

Laundry Room Theft

Anonymous has left a new comment on your post "More Newsletter Issues":

I would like to post a note on the safty of the laundry room. I was doing laundry this morning 12/25/06 @ 7.45am. I started my laundry, 3 loads, and left. The door was unlocked at the time. I came back aprox 30 mins later and the door was locked. Not unusual, but I used my key and when I entered, there was a white male aprox 30 yrs of age,he was 5'6", with a navy blue baseball cap and navy blue sweatshirt and jeans. When he saw me walk in, he appeared startled and left quickly. I took my laundry out of the washer and put it in the dryer. He returned and went to the washers in the smaller room and proceeded, I thought, to load the machines. I finished and as I left, I was closing the door to firmly shut it, when he grabbed the door and pulled it open. I apologized for closing the door on him and he said nothing. I quickly walked to my condo and he FOLLOWED me. He commented that I was a fast walker and I didn't respond and walked into the condo. 45 minutes later I went back to finish the laundry only to find, (this is odd), ALL of my panties were gone. Everything else was there, my socks, sweats,towels, etc. It was aprox $100.00 in panties taken. I did call the police and filed a report. If anyone knows anything about this please contact the Fullerton Police and ask for Officer Garcia. Tell him it is in regards to theft report #06-98402.

More Newsletter Issues

Anonymous said...

The newsletter said that the Slab Leak Remediation Project was proceeding. It looks like the Board has decided to tear up the walls and ceilings in all 136 units rather than just dig a trench under the 34 units that have water mains underneath and replace the corroded water mains in place.

I know something about it because Ed John fixed a slab leak under my unit some years ago. I also had my shower valve replaced while he was there and the pipes behind the walls looked pretty good after he wiped them off with a rag. I seriously question whether it's necessary to go that far. Tearing out the walls and ceilings can't possibly be the only option.

The cluhouse and lavatory areas looked like Hurricane Katrina went through for almost 2 months after they started work. I talked to Sisco when he was putting up the drywall in the clubhouse and he said that he only gave an estimate for the clubhouse, not for the whole complex. A few blogs ago, Todd in 122 stated that he didn't think there was an actual project and that the clubouse was fixed on strictly a run-and-gun basis and was not a part of any formal project. My talk with Sisco would seem to bear that out.

Hopefully, the board will put a little more thought into the next phase of this project. I don't know about the rest of you, but I'm not willing to have my walls and ceilings ripped out and then wait a month to have them fixed.

5:45 AM

A FEW WORDS ABOUT THE MAILBOX

I got the latest newsletter in the mail today and feel compelled to comment about the outbound mail box. In 1996 I had some personal mail intercpted by an evil-doer who used my name, SSN and address and got herself a credit card in my name and proceeded to buy stuff and get cash advances to the tune of about $5000. I was not the only victim.
She was caught by the Postal authorities in 1997, and at her trial, it came out that this was not ger first offense !!! I know because I was there. Towards the end of the trial, she made a plea bargain and several counts of mail fraud against her were dropped and she was sentenced early in 1998 to one year in federal prison and three years probation. She was released imediately because of time served. By the time the story got told and re-told here at Parkridge, her sentence was up to five years hard time, but that is not true.
Anyway, if the residents want an outbounf mailbox, go for it. Just be careful what you put in there. And remeber that no lock is unbreakable and that the person who did this to me and the others STILL LIVES HERE.
I am going to continue to drop off my mail at the Post Office on the way to work.

Foreclosure: How Big a Risk? By Peter Coy of Business Week

A study out today from the Center for Responsible Lending predicts that subprime borrowers are going to lose their homes to foreclosure on a massive scale. Looking at more than 6 million subprime mortgage loans issued from 1998 through September of this year, the study calculates that 2.2 million households have either already been foreclosed on or will be foreclosed on in the next few years.

These foreclosures, it says, will cost homeowners around $160 billion in wealth, mainly in the form of lost equity. The foreclosure rate will be highest on homes that were sold at the peak of the market, it says, because prices on those homes have fallen, meaning people will have a harder time bailing out of distressed loans by refinancing or selling their homes for a profit.

Julie Glasser Leaving Diversified Real Property Mgmt.

In addition to responding to the email about the water problem on Tuesday night, Julie shared that at the end of next week she will be leaving Diversified Real Property Management.

Water Emergency Tonight 12/19/06

There is information tonight at the Pro Serve 800 304-7473 number. Pete at Pro Serve reports that they are on premises and addressing an emergency flood with a main. They are also waiting for Edison to arrive to move some electrical.

Post homes for sale and set your Make Me Move Price

What's New with Zillow?
Post homes for sale and set your Make Me Move Price: In the biggest upgrade since the site launched in February, Zillow now allows homeowners and agents to post homes for sale, for free. Any homeowner can also set a Make Me Move price – redefining what it means for a home to be “For Sale.” Be sure to check out our screen shots of the new features as well.
Real Estate Wiki: Read and contribute to more than 150 articles on buying and selling real estate – an incredibly comprehensive resource that has been seeded by Zillow editors and is updated by the community.
Quarterly Home Value Reports: What is the real estate market doing in your area? Has appreciation slowed down or is it still going strong? Get the details on what is happening to the housing market in our Q3 2006 Home Value Reports. A national report is available, along with specific reports in Seattle, San Francisco, Los Angeles, Phoenix and Miami.

Foreclosure rate continues to build in Orange County

Defaults are up 11 percent from October, 125 percent from last year.
By MATHEW PADILLA

The Orange County Register
Orange County homeowners are missing mortgage payments and losing their homes to foreclosure in rapidly increasing numbers, as the housing market slumps.
Banks sent owners 665 notices of default in November, a 125 percent increase from a year ago and an 11 percent rise from October, DataQuick reported Wednesday. It's the highest monthly total in more than seven years.

No Water Shut Off Info. at 800 304-7473

If you want more information about the water shut off for tomorrow, don't bother calling 800 304-7473 like the flyer says. It seems that we have attempted to delegate the all important posting of the flyers at the mail box location. Delores at Pro Serve does not know if the shut off is one building, multiple buildings or all buildings. After a few minutes of shuffling papers she determined that she has no additional information about Parkridge.

A loan that'll get ugly fast

The LA Times reports from California. “Every day, Will Hertzberg owns a little less of his three-bedroom house in Corona. Like hundreds of thousands of other homeowners around the state, Hertzberg has a mortgage that lets him choose how much he pays each month. Like many of them, he always chooses to pay as little as possible.”

“His debt is swelling, and his mortgage company controls his fate. ‘I am rather screwed,’ he said.”

“Hertzberg could sell now, but his lender would charge him an $11,034 prepayment penalty, money he doesn’t have. Yet if he stays, the housing market may tank, vaporizing what little equity he has left. ‘I made choices, and they happened to be the wrong choices,’ said Hertzberg.”

Parkridge 1 Bedroom 1 Bath Prices Vary $37,400

In what may be a microcosm of Southern California real estate, there are 2 one bedroom Parkridge units for sale within steps of each other ranging in price from $329,900 to $292,500. I wonder if a perspective North O.C. buyer of 673 square feet would even use a parameter over $300,000 in a preliminary search nowadays. This may be where unmotivated sellers cling to past comp pricing and new sellers list below what is already on the market. There are also 2 units listed at Realtor.com (link above in title) for $294,000. I would be most interested in what the buyer activity level is like if anyone is privy. Your Blogger

Better Business Bureau Rates Diversifed Real Property Management

Better Business Bureau gives Diversifed Real Property Management and Business Services, Inc. a "D" rating. Definition of a "D" rating is as follows:

We have enough concerns about this company (for example, their offer, customer complaints, advertising, etc.) that we recommend caution in doing business with it.

There are 9 rankings ABOVE a "D" score, and only 1 BELOW.

http://www.labbb.org/BBBWeb/Forms/Business/RatingExplanationPage.aspx?CompanyID=13213609&sm=

Plumbing Question

I am a new condo owner at Parkridge and I am already frustrated with the HOA. I have contacted Julie 3 times regarding plumbing work in my new condo. The first time I talked to her, she said that she was going to call the plumber and then schedule a time for him to come out, I never heard from her or the plumber. The second time I left her a message on her phone. The third time I sent her an email. To date, I have gotten no response from Julie or the plumber. Can I use any of the vendors listed on this blog? Are they authorized to turn water on/off to fix plumbing issues in our condos? Thanks!
Mary

Median Home Prices Fall

WASHINGTON - Sales of existing homes posted a tiny increase in October but the median home price fell by a record amount. Analysts forecast more price declines in coming months as the once-booming housing market undergoes a painful correction.
ADVERTISEMENT
The National Association of Realtors said Tuesday that existing home sales edged up 0.5 percent to a seasonally adjusted annual rate of 6.24 million last month. It was the first increase after seven consecutive monthly declines.
However, the median price for a home sold dropped to $221,000 in October, a decline of 3.5 percent from a year ago. That was the biggest year-over-year price decline on record.

Woman faces fines for wreath peace sign

By ROBERT WELLER, Associated Press WriterSun Nov 26, 11:13 PM ET
A homeowners association in southwestern Colorado has threatened to fine a resident $25 a day until she removes a Christmas wreath with a peace sign that some say is an anti-Iraq war protest or a symbol of Satan.
Some residents who have complained have children serving in Iraq, said Bob Kearns, president of the Loma Linda Homeowners Association in Pagosa Springs. He said some residents have also believed it was a symbol of Satan. Three or four residents complained, he said.
"Somebody could put up signs that say drop bombs on Iraq. If you let one go up you have to let them all go up," he said in a telephone interview Sunday.
Lisa Jensen said she wasn't thinking of the war when she hung the wreath. She said, "Peace is way bigger than not being at war. This is a spiritual thing."
Jensen, a past association president, calculates the fines will cost her about $1,000, and doubts they will be able to make her pay. But she said she's not going to take it down until after Christmas.
"Now that it has come to this I feel I can't get bullied," she said. "What if they don't like my Santa Claus."
The association in this 200-home subdivision 270 miles southwest of Denver has sent a letter to her saying that residents were offended by the sign and the board "will not allow signs, flags etc. that can be considered divisive."
The subdivision's rules say no signs, billboards or advertising are permitted without the consent of the architectural control committee.
Kearns ordered the committee to require Jensen to remove the wreath, but members refused after concluding that it was merely a seasonal symbol that didn't say anything. Kearns fired all five committee members.

Tuesday 11/21 Parking Lot Break In

One of our neighbors had their car broken into on Tuesday night. The Parkridge gate opener and garage opener were the only items taken. With other items you might expect a thief to take left behind, the gate opener seems to be the prime target. That garage was discovered in the open position on Wednesday morning with nothing missing. Note there were no power tools or expensive items stored there. This seems to point at someone who lives here or visits frequently enough to want a gate opener. Let's all keep watch out over eachothers cars in the lot.

Renee and his Rules

Rene and his Rules

First, there is no "Slab Leak Remediation Project". There was a slab leak under the clubouse and our friends at Pro-Serv convinced Julie that it was easier to tear up the walls and ceilings and leave that for someone else to fix than it was to make a proper repair.

The "previous board" had, in mid-2005, six estimates to replace the corroded pipes under our complex, but with our former property manager quitting suddenly, the departure of the board member who was bird-dogging the project, and the failure of proposed contractors to provide adequate references, the project never proceeded. These estimates were for various schemes ranging from replacing the current water mains in place to running the mains over the roofs and then down into the units to installing separate water heaters in each unit. In other words, Rene is not plowing new ground. He used the term "Slab Leak Remediation Project" on one of his signs, and then he had to come up with some BS story to make it look like he was actually on top of things when someone challenged him.

Second, as far as the rules go, this issue came up in 1998 when I first got on the Board. We decided that it wasn't worth the time to rigorouly enforce them. Why?? Because what do you do if someone just denies it ?? What do you do for proof on something like a garage door being open?? Suppose someone refuses to pay the fine?? Is the Board really going to spend thousands of legal dollars to foreclose on a property just to get a $25 Dollar fine??

In addition, placing a towel over your wall or gate or having a welcome mat in front are NOT currently rule violations. Anyone who pays a fine for these trivial violations of Rene's pet peeves should look into getting legal advice. If he's going to re-write the rules, that's fine. Re-write them, print them up, distribute them to the community, and THEN waste your time enforcing them.

Finally, it may not seem like it, but I sincerely hope that Rene can do a better job than I did of being a Board Member. But my suspicion is that we have a "Talker" instead of a "Doer".

Todd in 122

A Few Defintions With the Association Rules

The "Slab leak remediation project" is the replacing of busted water lines that run under the buildings. Some of the pipes are leaking and need to be fixed. The "slab" of concrete need to be dug up to get to the piping. It is a time consuming process but sounds like it'll make things better in the long run. Seems like it'll help some of the hot water issues as well.

Just to inform anyone that reads this....a few defintions with the Association Rules.

"Your garage must remain closed unless 'actively' being used". You must be "in" your garage to be 'actively' using it. If you are moving boxes from your condo into the garage or vice versa you must close your garage while you go to and from your condo. That was per Kelly and that was the exact example used.

Stopping in Fire Lanes is not permitted AT ANY TIME. Not for unloading groceries, not for grabbing something really quickly from your unit, or even stopping next to your garage to load or unload from there. Under NO circumstances are vehicles to be stopped anywhere but a designated parking place. Again, as per Kelly and with those precise examples.

Just wanted to let everyone no because I have been told otherwise in the past that loading/unloading was okay and it looks like I'll be paying $50 because of the misinformation and another $50 because my definition of "actively being used" was not the same as the Board. Hopefully the Board understands the past miscommunications and dismisses the fines, but it sounds unlikely.

This was the first meeting I have attended. I do believe the Board has the proper ideas of "a better community", I just don't think they are following steps to get there.

Tim in #40

O.C. mid-October home sales down 33%

DataQuick's latest O.C. home sales data, for the 22 business days ended Oct. 17, strongly hints that October was the eighth straight month where the sales pace was 20 percent or greater below the year-ago pace. The last time we saw as deep a drop running for as long a time was in 1991. The most recent median price was a slim 1% above a year ago. If that trend was to hold for the entire month, it would be the smallest apreciation since May 1997. Here's how it looks by the slice:

Click on the link above for the article

MG Disposal Settles-Trash Pick Up Begins Saturday

Updated 11/2
The City has been notified by MG Disposal that the trash strike was settled today (11/2). Disposal workers will report back to work on Saturday (11/4) and all pick-ups are expected to be back to normal on Monday

On October 23, in response to a lack of benefits, hours, pay, and sick leave, three hundred employees, including truck drivers and service men of MG Disposal, under Taormina Industrial, began strikes.
At the end of the Teamster Local Union 396 contract, walk outs and striking began over contractual negotiation pleas that would reform medical, dental, and vision benefits.

Click on link to read full story