What he HELL does everyone do in OC to make money? (Los Angeles: transplants, 2009)

[Morphous01]

Originally Posted by native56

Your reaction to those who achieve is to condemn them. While you are drinking beer and watching football many of these weathy snobs are working long hours at their businesses.

Yes, I agree with this 100%. Today I see many people who "invest" there time into things that offer little payoff other then the satisfaction of gratifying themselves at the present moment.


To use your example native, many guys spend an inordinate amount of time analyzing sports teams and constructing there own "fantasy" football teams but yet complain about other people they see in real life who has more money/women then they do. If this type of person would just turn off the TV and used there analytical skills to start a business then they could have many of the things that they envy of others; it's really that simple.




However, on the opposite end, I have seen people who have so much money it's just not necessary. Furthermore, in order to make an obscene amount of money per year I find that a moral line hast to be crossed in order to get there. For example, I know of a wealthy Asian man in CA who has a stable of cars which include 2 Black Bentleys. This man owns a bottling company, however, at the same time he pays a bunch of Mexican workers 8-9 bucks an hour? It's the same for all the owners of these car washes. Another example would be a commercial real estate agent who I knew that made over 700k a year. Well he was able to make that kind of money because he was dishonest, machiavellian, slick jerk!


So in summery, I'm totally for creating wealth and whoever takes the risk should get the most reward but wealth should not be created on the backs of poor people!! Geez, people should not haft to get shafted in order to pay there bills. If people chose to use there life energy to help somebody else grow they should be able to at least live a DECENT life even if they are just washing a car or bagging groceries.

[native56]

Crooks should go to jail including those who hire illegals. And we already have plenty of laws to put them there. However, that is not the point of the originator of this thread. His view towards achievers sounds like something from Marx. And everytime he is held to account for his opinion he changes the subject. First to achievers not being generous (as if they must be) and then to say that OC is full of AIG crooks.

The vast majority of achievers in OC or elsewhere in the US earned their fortunes honestly and worked very hard to get it. They should be able to spend or squander their money any way they want. They deserve every dollar and don't owe any sort of "pay back". God knows the scumbags in Sacramento are already getting their pound of flesh from these people. Many rich are generous without being asked to contribute. Look at the contributors who support public causes in OC. To focus on a few bad characters and thereby call OC's rich a bunch of undeserving snobs is dishonest and smacks of the class warefare nonsense coming out of Sacramento and DC these days.

[Morphous01]

Originally Posted by native56

Crooks should go to jail including those who hire illegals.

Sff, but I'm afraid it's too late everybody is already doing it.


Tyson Says Top Bosses Didn't Know - CBS News

American Apparel Accused of Employing Illegal Immigrants - FOXBusiness.com

[Ultrarunner]

Originally Posted by k374

The last decade was nothing but a huge ponzi scheme that is now unraveling so I would not base my judgements regarding true wealth on that. The government is trying it's best to reflate the bubble but my opinion is that those efforts will eventually fail. Housing prices have another 40% to fall, if history is any guage we know that a downcycle always overcorrects from the trendline by 10-15%.

That will be tough... in my little part of Northern CA I can show you homes that sold in the low 500's in 2005 that were resold in 2009 for as little as 90k...

So if home prices have another 40% to fall... homes soon will cost next to nothing

[EscapeCalifornia]

Originally Posted by Ultrarunner

That will be tough... in my little part of Northern CA I can show you homes that sold in the low 500's in 2005 that were resold in 2009 for as little as 90k...

So if home prices have another 40% to fall... homes soon will cost next to nothing

I guarantee you this isn't happening in any place you don't need a flack jacket.

[Ultrarunner]

Originally Posted by EscapeCalifornia

I guarantee you this isn't happening in any place you don't need a flack jacket.

I don't have one and never did... and there are no bars on the windows

Homes increased rapidly and bidding was common... the 80k was all cash to the bank after it had foreclosed... 1150 square feet craftsman bungalow with 3 BR and 1 BA.

It's may be extreme and is next door to a home I own... across the street a home that sold for 485k in 2005 recently sold as a foreclosure for 130k...

It's like 20+ years of home appreciation evaporated...

[JohnG72]

Originally Posted by Ultrarunner

That will be tough... in my little part of Northern CA I can show you homes that sold in the low 500's in 2005 that were resold in 2009 for as little as 90k...

So if home prices have another 40% to fall... homes soon will cost next to nothing

Some areas have bottomed or come close to it. Depends. I suspect most of rural and small town northern california may be one of those areas due to Great Depression Era unemployment levels there. Whereas in So Cal, there was a willing stable of homebuyers who had been waiting for the market to come down, there will be very few buyers in an area with very high unemployment. So prices can plunge way low before they stop. There is also nearly zero reason for investors to jump into a market in a high unemployment area also.

[EscapeCalifornia]

Originally Posted by Ultrarunner

I don't have one and never did... and there are no bars on the windows

Homes increased rapidly and bidding was common... the 80k was all cash to the bank after it had foreclosed... 1150 square feet craftsman bungalow with 3 BR and 1 BA.

It's may be extreme and is next door to a home I own... across the street a home that sold for 485k in 2005 recently sold as a foreclosure for 130k...

It's like 20+ years of home appreciation evaporated...

Down here, I don't think you could get a 1/6 acre vacant lot in Santa Ana for $80k. That's more like a bank owned 1 bedroom condo in a complex with 40% REOs, a bankrupt HOA with unmaintained grounds and lapsed insurance in Santa Ana. Things have fallen hard in the bad areas here, but not THAT far. The good areas are still crazy overpriced so another 30% drop would only bring them closer to (but not at) affordable prices.

[bhcompy]

Originally Posted by EscapeCalifornia

Down here, I don't think you could get a 1/6 acre vacant lot in Santa Ana for $80k. That's more like a bank owned 1 bedroom condo in a complex with 40% REOs, a bankrupt HOA with unmaintained grounds and lapsed insurance in Santa Ana. Things have fallen hard in the bad areas here, but not THAT far. The good areas are still crazy overpriced so another 30% drop would only bring them closer to (but not at) affordable prices.

My grandmothers house in Lakewood was just appraised at around 75% higher than what it was when the boom started in 1999. Still plenty of room to drop

[k374]

Originally Posted by EscapeCalifornia

I guarantee you this isn't happening in any place you don't need a flack jacket.

Yes, that is what they said on the way up as well

When I say 40% I was referring to Orange County, California, sorry because it is the OC forum... Yes, not all areas are going to come down by that much because some of them have already crashed a lot. OC unfortunately has barely come down and is still ridiculously inflated.

Here is an actual example:

My friend bought his 1500sqft condo in 1997 in Aliso Viejo for $203,000, the 2007 appraisal was $585,000 (+288%). And now it is appraised at $450,000 (-23%), another 40% drop from current levels put's it at $270,000 or 2000-2001 price levels Based on income levels and given private financing requiring 10%+ down, $270k is still expensive.

Remember that the government is currently trying to prop up home prices by creating affordability with it's 3.5% down FHA program but that will soon come to an end due to the quality of loans they are currently writing. Private lenders right now want 20% but even if the situation eases they will require at least 10% down.

FHA because of it's loose lending practices is heading towards insolvency and may require a bailout by taxpayers (see my other threads on this topic). If that happens expect the FHA qualification rules to change dramatically.

Add vid link:
http://www.youtube.com/watch?v=JZi7uquwZKQ