• Scam Diego alerts

According to Standard & Poor's Case-Shiller data released this morning (Tues. Dec. 30), San Diego home prices in October were back to their levels of March of '03. San Diego existing homes have now dropped 36.4 percent from their peak in November of '05. In October of this year, local prices were down 3 percent from September. Only four of the nation's 20 largest metro areas had larger declines in that one-month span. The biggest loss was Detroit at minus 4.5 percent. Over the last 12-month period, between October of this year and October of last year, San Diego prices were down 26.7 percent. Only five metro areas did worse. The biggest drop was Phoenix at minus 32.7 percent.

  • Scam Diego alerts


JohnnyVegas Dec. 30, 2008 @ 8:14 a.m.

The bubble in real estate is the root cause of our meltdown, maybe this is the hard medicine we need-but it is going to take years to work.

I am worried about our country and woried about the future -especially the young and the poor.


Don Bauder Dec. 30, 2008 @ 8:09 p.m.

Response to post #1: Did you see that consumer confidence nationally hit an all-time low today (Tues. Dec. 30)? Best, Don Bauder


JustWondering Dec. 31, 2008 @ 11:12 a.m.

Younger Americans are finally learning they cannot and should not believe their homes and credit cards ARE part of their annual income. For too long we, as a cultural phenomenon, have been using them as if they were an eternal fountain of cash.

Well, the music has stopped and there aren't enough chairs, so somebodies left out. For those who raced around, living well beyond their mean, the party is over. The rest of us, who experienced previous periods of economic strife, who put some money aside for a rainy day while living within reasonable means, will be fine. I know it ain't flashy or sexy, but we're not scrambling to make the mortgage payment.


JohnnyVegas Dec. 31, 2008 @ 11:31 a.m.

Thefact is the majority of San Diegans do not make enough to even pay for basic health care, much less save anything.

What is the median income here-$33K per year???? Take home would be $21K or $22K.


MsGrant Dec. 31, 2008 @ 11:42 a.m.

I've said this before and I'll say it again. I have zero sympathy for those that used their home's over-inflated value as a piggy-bank, and continued to refinance and pull equity out as a source of income, only to find themselves with a mortgage of $750,000.00 and a house worth only $550,000.00. The worst part is these people then walk away from the house and renege on the debt. What about all the stuff they bought with the equity? Cars, boats, jewelry. They get to keep it. It is the equivalent of stealing and they should be prosecuted.


Don Bauder Dec. 31, 2008 @ 4:13 p.m.

Response to post #3: Promiscuous distribution of credit cards and irresponsible use of them are greatly at fault in the national dilemma. Best, Don Bauder


Don Bauder Dec. 31, 2008 @ 4:15 p.m.

Response to post #4: In 2004, median household income in San Diego was $51,939. In 2000, there were 2.73 persons per household. Best, Don Bauder


Don Bauder Dec. 31, 2008 @ 4:18 p.m.

Response to post #5: If you prosecute people who abused their credit, will you also prosecute the corporate chieftains and financial industry moguls who ran the country into the ditch, and are keeping their obscenely excessive salaries? Best, Don Bauder


Don Bauder Dec. 31, 2008 @ 4:19 p.m.

Response to post #6: See response to post #5 above. Best, Don Bauder


MsGrant Dec. 31, 2008 @ 4:32 p.m.

Prosecute them all, I say! Off with their heads!! Happy New Year, Don!!


Don Bauder Jan. 1, 2009 @ midnight

Response to post #11: I will take that as a New Year's resolution. Best, Don Bauder


JohnnyVegas Jan. 1, 2009 @ 10:13 a.m.

Response to post #5: If you prosecute people who abused their credit, will you also prosecute the corporate chieftains and financial industry moguls who ran the country into the ditch, and are keeping their obscenely excessive salaries? Best, Don Bauder

Funny you posted that DON, University of Michigan law professor John Pottow recently published a law review article that baically said if credit card comanies, and other issuers of credit, issued credit to people they know, or should know, would not have the means to pay the debt back then they shold be held accoutible at law...............I will try to hunt that down.


JohnnyVegas Jan. 1, 2009 @ 10:19 a.m.

Here-read this;

Taking into account the correlation between the overall rise in consumer credit card debt and the rate of individual bankruptcy filings, the author nevertheless hypothesizes that not all credit card debt is troubling. Instead, the author proposes that the catalyst driving individual bankruptcy rates higher than ever is the level of "bad credit"-or credit extended to individuals even though there is a reasonable likelihood that the individual will be forced to default. While the author recognizes the need to hold individuals accountable for the debt they incur, he contends that bankruptcy reform should be targeted towards those creditors who are partly, if not chiefly, responsible for causing a debtor to default, given creditors' competitive advantage in determining the repayment capacity of individuals. To this end, the author explores the idea of imposing private liability on consumer lenders who bear primary responsibility for a debtor's financial default through a contract defense to collection, or possibly an affirmative cause of action in tort. Possible consequences of this proposal, such as a reduction in lending activity, are considered and addressed.


Paper #1-click downloan



Don Bauder Jan. 1, 2009 @ 4:56 p.m.

Response to post #13: I would love to see that, Johnny. You are absolutely right: the credit card companies that passed out credit cards so promiscuously are partly responsible for this mess. Remember, too, that the law was changed in 2005 to make it easier on credit card companies and harder on consumers. Best, Don Bauder


Don Bauder Jan. 2, 2009 @ 8:39 a.m.

Response to post #14: Interesting paper. The author is talking about private liability -- tort cases. But the government should consider more criminal prosecution, too, of individual cases. Best, Don Bauder


Fred Williams Jan. 3, 2009 @ 11:46 a.m.

I bought property in '98. I sold it in 2002 because I thought it was already overvalued. It continued to soar, but I was anticipating a crash so I got out.

The crash waited another five years, and got much worse as a result.

Until prices are back to 2001 levels (adjusted for inflation), I won't buy again. It's really simple...if incomes cannot keep up with prices, a crash is inevitable.

Only when wages recover will we see housing recover. But given the huge disruptions in our economy, and the uneven distribution of wealth in this country, I don't think that's happening any time soon.

Look for a stagnant decade in housing. Put your money elsewhere.


Don Bauder Jan. 3, 2009 @ 3:36 p.m.

Response to post #17: We sold our house in 2003, but we weren't trying to time the market. We had built another house. Ten years seems like a long time, but it's possible that housing will stay stagnant over that period. There will be more mayhem this year. And the big banks are broke, partly because of derivatives tied to housing. The entire economy must go through a healing process. Consumers must slice spending and build up savings. But that would cause pain, so the government wants to get the economy addicted to excessive debt and consumption again. Best, Don Bauder


Fred Williams Jan. 3, 2009 @ 4:47 p.m.

Best headline of the week:

"Bullard: Inflation target would aid deflation fight"


...uh, yeah.

So in other words, the Fed right now has no rudder, and is just reacting to news, fighting inflation and deflation simultaneously but succeeding at neither.



Don Bauder Jan. 3, 2009 @ 8:58 p.m.

Response to post #19: The optimists think the Fed can print money like crazy to fight deflation, and then as soon as the battle is won, turn around and successfully fight inflation. Don't count on it. Best, Don Bauder


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