The Bay Area is one of the most materialistic areas in the nation (San Jose: house prices, neighborhoods)

[sav858]

Originally Posted by DocGoldstein

No it doesn't. .

Yes it does and you haven't shown anything that proves otherwise. Stop embarassing yourself further, stats are never on your side

[Senno]

Originally Posted by DocGoldstein

No it doesn't.

The only reason the rate dropped was because banks stopped foreclosing:
Bay Area Foreclosures Slow Sharply | Contra Costa Association of REALTORS®

I've been in this business for 2 decades.

Yeah, cause they started having more costs in maintaining the foreclosures than they wanted to bear. Easier just to wait til the owner starts making payments again hopefully at this point as they have enough foreclosures and munis were coming after them to maintain what they had in stock.

[DocGoldstein]

Originally Posted by Senno

Yeah, cause they started having more costs in maintaining the foreclosures than they wanted to bear. Easier just to wait til the owner starts making payments again hopefully at this point as they have enough foreclosures and munis were coming after them to maintain what they had in stock.

I don't know if they are waiting for owners to magically cure. That's illogical, as more often then not once they go into foreclosure, they will stop paying pretty much until you kick them out.

The reason the banks aren't foreclosing is because it would literally fold the bank. They don't have enough cash to suck up the losses.

[DocGoldstein]

Originally Posted by sav858

Yes it does and you haven't shown anything that proves otherwise. Stop embarassing yourself further, stats are never on your side

Have you ever lived in a house not owned by your parents? That's a serious question. You don't seem to know much about how Real Estate works.

[Senno]

Well, not actually foreclosing is illogical arguably as well until you understand the banks motivations. So I analyzed the illogic and came up with the logical response. Which is to freaking hope the current owners starts paying. It's better than the owner moving out leaving a non-foreclosed home behind which will still deteriorate and the bank will ultimately be responsible for anyway cause munis might just start going after the deepest pockets availalble.

It's a wierd situation, for sure though.

Your first sentence agree with my argument though. I see no inconsistency there in a global argument sense.

But we are talking about homes not being foreclosed on. People without a foreclosure notice might just up and start paying again when able, cause people generally want to pay their bills if they can. Most at least. And be grateful if the bank starts the foreclosure proceedings but then drops it, as long as they bank actually notifies they are dropping the procedure.

[18Montclair]

Originally Posted by sav858

And the Bay Area has a foreclosure rate less than HALF of LA/OC

This isnt really a surprise tho.

Generally Bay Area people are more financially stable.

Interestingly, about the experience I had at 7-11, the girl's car still had the dealer plate on it, of a dealership called 'Hornburg' which is from LA, so yeah...

[ssmaster]

Originally Posted by DocGoldstein

No it doesn't.

The only reason the rate dropped was because banks stopped foreclosing:
Bay Area Foreclosures Slow Sharply | Contra Costa Association of REALTORS®

I've been in this business for 2 decades.

not withstanding the article is from 2011.

you have not demonstrated that the bay areas rate is less because the banks stopped foreclosing on bay area homeowners at a rate MORE THAN SoCal homeowners.

[DocGoldstein]

Originally Posted by ssmaster

not withstanding the article is from 2011.

you have not demonstrated that the bay areas rate is less because the banks stopped foreclosing on bay area homeowners at a rate MORE THAN SoCal homeowners.

It's easy logic. Bay Area homes bubbled up to higher values in many areas so banks are slow to foreclose because the loss is bigger.

Think about, would you fore close a $1.2 million Oakland hills home, or a $350,000 Compton home? There's a lot of "zombie" owners in the Bay Area.

[jade408]

I think materialism manifests itself differently here (in the entire region).

There are some areas where more conspicuous displays of wealth are more common (Tri-Valley, 680 coordinator, Peninsula, South Bay).

And in other parts (inner east bay, SF) displays of wealth are more things like "experiences." Travel, high end food and beverages, "exotic" furniture/art/culture.

Across most of the Bay Area, there is of course a lot of "food snobbery" as a display of wealth as well.

I'll share an experience from several jobs ago. I had worked at this place for a few months, and one of the senior executives wasn't especially friendly. She didn't really make small talk with me or any of those general pleasantries (I was a junior employee). She was the type who enjoyed more conspicuous displays of wealth, her regular purses were Chanel and Louis Vuitton. And she drove a BMW 7-Series sedan. One day, a few of us were talking about cooking or groceries or something. And I commented that I shop at Whole Foods and Trader Joes (I shop strategically at these places for a myriad of reasons that are irrelevant here). After that, I somehow was "elevated" in her eyes. And then she started talking to me about food, restaurants, shopping etc. Asking for tips on where to eat, good brands to buy.....And sure enough she was really friendly to me after that. But she wasn't as friendly to other employees in the organization.

So I'd say, in the Bay Area, and region dependent, there are certain markers of "wealth" and "consumerism" that are more common here. It isn't the same as driving a nice car or anything like that. More of valuing certain types of interests or pursuits. For example, being wealthy and driving an older car or a Prius is OK. But shopping at Lucky's or eating McDonalds is not. And this is how the materialism is actualized. Maybe not in cars or other possessions. But in "culture."

[cardinal2007]

Originally Posted by ssmaster

i don't think it would be surprising to have a daily driver and a more expensive sports car for evening and weekend use.

i rarely drive my sports car to work.

If I had the money to afford a place with extra parking like that I would consider that, but houses with something like a 3-car garage are very expensive, and condos rarely if ever come with 3 parking spaces. But yeah, if I were rich I would consider doing that.