The World Through My Eyes

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Archive for the ‘Home’ Category

My Thoughts On When The Housing Market Will Hit Bottom

Posted by mikenopolis on October 8, 2008

I just read an article in the Orange County Register: “Trader Bet LA/OC Home Price Fall 18.5% More“. It wasn’t the article itself that made me think, it was the comments that I’ve seen regarding this subject. There are the group of people who thinks it is a good time to buy home, other think that the housing market will continue to crash. Here are my thoughts and opinions having worked in the back end of the mortgage business.

Housing prices WILL continue to fall, I cannot give an accurate percentage without spending some time with my old files, but I would say if you find a home you like at over 40% cheaper than what the current (or foreclosed) owner paid for and it is in good condition, try your best to get it because when it gets even lower, more people will want the house you are interested in and it will created a complicated bidding war. Your possibility of getting the house you really want will be very slim. It will create a lot more work for you because of all the paperwork you need to fill out JUST to submit one offer.

Majority of the sub-prime lenders were still funding loans with a 2 years fix rate (2/28) in June of 2007, It didn’t come to a complete halt until around August 2007, which means there are still plenty of people currently living within that 2 years period. Around September of 2009 is when the remainder of those homes will start defaulting and be foreclosed on as their rates and payments rise, that should be the last of the mass sub-prime home inventory. Of course there are other loan products that were 3, 5 or 10 year fixes, but they were rare and not as “plentiful” as the 2/28.

We have two homes with both a 30 year fix loan. One in LA purchased in 2002 another just purchased in OC at the end of 2008. I personally believe they were purchased at a good time. Might be taking a lost on the OC property for a while, but it will be a gain when we’re ready to sell. Time wisely or you’ll be renting for another 10 years before you MIGHT see “affordable” homes. Think about what age you will be when you get this house, what age will you be when you finally pay it off and will you be able to have a stable income at that age. Anything can happen in 30 years, but personally, I don’t want to pay 25 years of mortgage just to have it foreclosed on because I was forced into retirement!

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Alhambra / Monterey Park / Arcadia etc… WORST Driver Ever!!!

Posted by mikenopolis on June 4, 2008

My girlfriend and I decided to get into work a little later today (we put in so many hours each day, it really doesn’t matter) at 7:45am I remembered that it was street sweeping day and she would get a ticket if we don’t get her car off the stree (the car we use to commute to work because it has the best mileage out of the 3 cars). So I went and got the car, I was going to re-park the car on the next block, but there was no open spots. I decided to park the car in front of my garage. We live in a condo (here’s a picture of it) and there are two sides. I very strategically parked the car in a way that it would not block anyone from entering or exiting their garage.

REPEAT…I very strategically parked the car in a way that it would not block anyone from entering or exiting their garage. I really put a lot of thought into it. But the people who live directly across from me are the WORST drivers I’ve experienced with. Every time I wash my car/s they would ask me to move the car because they can’t get in or out of their garage. This morning was no different. She honked like 7 times then yelled out “Can you move your car?!?!?” in her broken English. Really 7 times? give me some time, I’m three floors up! When I got down there, she was giving me this UGLY look, not a single word, just a look (so I mumbled “learn to drive stupid idiot”). I would’ve been okay with that if she wasn’t such an idiot. The situation have been reverse many many times, but I have not once asked them to move because the area between our garage is big enough where a normal person can maneuver without any problems.

This is what I saw when I got downstairs

She was just driving straight out, she did that a few time…hello?!?!? use that steering wheel! it’s called turning! I know what she was doing, she wanted to back out with th rear of her car pointing to the left and then drive right and forward to the “exit”. But there are other ways out too, like backing out. I have drawn out what she should have done instead of bitching and whining…like I said I parked it so that it would not block anyone to entering and exiting!!!!(click to enlarge)

Did I ever mention that our insurance rate is actually higher because of the city we live in? If we lived in the city we worked in, the quote was $250-300 less per year, PER CAR!!!!! I’ve always complained about the drivers in this area. I guess it’s not just me. I gotta move…I hope my girlfriend’s bid on that house goes through!

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FED UP!!! Moving Out of Tustin

Posted by mikenopolis on January 1, 2008

I moved out of the house today, it was out of nowhere too! It’s not like I planned it. I just can’t take it anymore, I used my new job 50 miles away as an excuse (It’s true, but I really didn’t NEED to, I’ve commuted from home to work for many years) but the dirtiness, and the fact that the door is never locked or sometime left it opened, the not taking out of the trash for weeks, the extremely high monthly utilities, the fact that they don’t have jobs or possibly refuse to get one, and EVERYTHING is just too abnormal for me, call me obsessive-compulsive, but I need cleanliness. I’m not a germaphobe but this has just gone way too far for way too long. Here are some pictures of the room I left behind…I kept it VERY clean.

BTW: Those two Jack in the Box cups are still on the garage floor, 5 months and counting!

CLICK HERE FOR PICTURES (house I had to suffer in)

CLICK HERE FOR PICTURES (the condition I left the room)

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$187 Utilities x 3 = $561 Monthly Utilities?!?!?!

Posted by mikenopolis on August 19, 2007

I AM PISSED OFF!!!!!

My roommate just sent me an invoice for the utilities for the first month, it was $187….just for my part. What the heck?!?!?! this means that the total bill $561 divided between him, his brother and myself. I own a home in LA, I have 7 computers in the house that are ALWAYS on, all my utilities combined cost less than $100. I need to talk some sense into these “children”. Something is not quite right here.

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Moved In

Posted by mikenopolis on June 11, 2007

I’ve finally moved into my friend/co-worker’s new home, I’ve decided to take the bedroom on the first floor since I’m the early bird and don’t want to wake anyone up when I go to work. The room is a 10×10 with a small bathroom. The only thing I really like about it is the fact that it is a new place and that it’s a 8 minute drive to work versus the 50 miles I usually commute from my Los Angeles home. I’m glad my girlfriend and I decided not to buy and wait until prices get lower, the work is shotty at best.

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Moving to Tustin

Posted by mikenopolis on June 1, 2007

It’s been a while since I’ve updated this. So my co-worker was somehow able to get his well off grandparents to invest in a new condo in Tustin, it’s a brand new development, 3 bedrooms, 3 full bathrooms. it’s about 1,600sf. He’s looking for a roommate to help out with the monthly payments which will be about $4,000 with the H.O.A. His grandparents will pay for most of it but he still has to pay for his part. I’ve decided to rent a room since I’m not really thrilled about getting up at 4:30 in the morning to get to work before traffic gets bad, then wait until 8:00pm for the traffic to die down before driving back home to Los Angeles, 100 miles a day really takes a toll on your body after this long.

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