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What is considered subprime territory in the Bay Area?


               
2007 Apr 9, 3:59am   18,548 views  244 comments

by Peter P   follow (2)  

Now that the subprime storm is making landfall, we should forecast the damages it is about the cause.

In the Bay Area, what is considered subprime?

Is a brand-new, 750K townhouse susceptible to this first wave of credit contraction? How about a 700K, circa 1950 spec house?

Or is subprime more defined in terms of location? Which county should be worried? Will the gentrification of East Palo Alto and East San Jose continue?

Peter P

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234   EBGuy   @   2007 Apr 10, 5:13am  

Eburbed,
Some folks think CIDs (common interest developments) are actually a model for a totalitarian state. No separation of powers as the board is judge, jury and executioner.
http://www.ahrc.com/new/index.php/src/news/sub/article/action/ShowMedia/id/1703
The Wikipedia also has some good commentary and critiques of CIDs.

Goober,
As always, you come up with some gems. I have to admit the most radical "book" I have read recently is the "Humanure Handbook". Modern sewers are an amazing invention; take perfectly good &^%@! and mix it with heavy metals and other toxins. Look, a nice field, lets spray it with some toxic sludge. Hmmm.... somehow I think Peter P will not include a sawdust or composting toilet in his dream bathroom (maybe an incinerating one, though?)

235   e   @   2007 Apr 10, 5:20am  

You could tell the grout between the tiles hadn’t fully hardened yet too!

Ok, I give up. I looked and couldn't tell. What's the sign?

236   e   @   2007 Apr 10, 5:24am  

Some folks think CIDs (common interest developments) are actually a model for a totalitarian state. No separation of powers as the board is judge, jury and executioner.

Haven't you heard? Freedom is slavery and vice versa. :)

237   e   @   2007 Apr 10, 5:27am  

Seems your friend could use a “3rd leg” to his stool? Wage inflation (alone?) may not be the ticket if the home itself has flat lined or depreciated.

Well he did put down 20%... so I think he's ok.

238   DinOR   @   2007 Apr 10, 5:56am  

@eburbed,

Newly laid tile will still have a "glazed" appearance. No matter how hard you try to sponge it off there's a chalky coat that takes time to wear off. If you look carefully there's light coming in through the windows but no reflection on the tile floor.

239   mr beezer   @   2007 Apr 10, 6:48am  

bill gross at pimco has written a great piece about the subprime mortgage housing market and it's possible repurcussions
http://tinyurl.com/2zfsv6

240   Jimbo   @   2007 Apr 10, 8:17am  

Why do you even live in California eburbed? You really seem to think that it is a terrible place, why do you stay?

241   Jimbo   @   2007 Apr 10, 8:19am  

skibum, thanks for the NYT article. That is the kind of hard data I was looking for.

242   skibum   @   2007 Apr 10, 8:19am  

Ms Lisa,

Thanks for the insider's story. Very interesting, and it's too bad honest appraisers are getting the shaft as a result of the dishonest ones.

243   Malcolm   @   2007 Apr 10, 9:20am  

Recently, I’ve been wondering just how far into the economy this bubble burst is going to reach. ..in real, everyday Joe terms. And this group of bloggers seem just the right people to ask.

One good thing I've noticed, the waiting time at Black Angus seems to be getting better on the weekends.

244   astrid   @   2007 Apr 10, 11:41am  

Malcolm,

What about Outback Steakhouse. I don't like the concept or the food, but everytime I go there with my boyfriend, it's filled up the gills.

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