The new California law had little effect on foreclosure inventory. As of February first, there were 42 Bank Owned and foreclosure distressed properties in Los Osos amounting to almost 42% of all sales. This has been driving down the cost of low end housing while more expensive housing is affected less. Arm resets will put more downward pressure on LO Non-jumbo financed housing.
DOUBLE WAMMY!
ARM resets plus your sewer bill could add as much as $1000 dollars to the monthly payments for low end homeowners.
Low end housing prices are tanking in Los Osos. Leaving many owners in a negative equity position and no money for on site improvements.
This is leaving them exposed to RWQCB fines and no way out. Differing payment under the state law that the County was claiming requires "at least 20% equity" in the property. Big omission for SLO County Staff when claiming fixed income homeowners had a way out using this law.
With no equity for on site improvements, the completion of the sewer project will stall having an adverse enviormental impact.
This is leaving them exposed to RWQCB fines and no way out. Differing payment under the state law that the County was claiming requires "at least 20% equity" in the property. Big omission for SLO County Staff when claiming fixed income homeowners had a way out using this law.
With no equity for on site improvements, the completion of the sewer project will stall having an adverse enviormental impact.
Welcome to the blog circuit, Steve.
ReplyDeletePresident Barack Obama will be signing the American Recovery and Reinvestment Act on Tuesday in Denver, CO. The bill focuses on stopping the steep increase of foreclosures across America. At the same time, Obama is tacking on lots of spending and money will be funneled into bureaucracies that are broken like California's State Water Board and the RWQCB, who have not recognized the economic hardships of Los Osos residents within the Prohibition Zone.
I'm hoping the bill will curve the amount of foreclosures happening locally while giving homeowners more leeway to negotiate with the bank, but at the same time, the federal government is placing blind faith in giving money to state agencies and local governing bodies that will ultimately contribute to homeowners foreclosing.
There are a lot of unclear forecasts for the future but I think we can conclude without a doubt, the middle class is disappearing while the lower classes will just get poorer. Sooner or later, if food becomes an issue, the fat elite will be eaten by the ones experiencing extreme hunger. If you have any money at all, it's time to start dieting and looking like you don't eat filet mignon all the time. Like Ferlinghetti said, it will be great when anarchy will once again be possible and the
ReplyDeletearmed forces will have to have bake sales to build bombs.
Not being from Los Osos, I guess I don't understand the big deal on the sewer and the plight it has on property values. Are only the low income residents assessed for the sewer and are they already paying for something they haven't received yet, and if so, why would anyone be so stupid if there is no progress on putting the sewer in? Why does L.O. need a sewer anyway? Are the septic tanks and leach lines not adequate? Is not having the sewer causing property values to go down or just not go up? Have the people of L.O. bought in at yesteryear's inflated prices, and if so, does that make them any different or more special than the rest of us in the same deathwatch boat in different areas? It seems to me, reading blogs like this one, that there are a lot of us on the housing deathwatch, all floating around waiting for the government's life raft to reach us. Does any one take accountability for their poor judgment buying into an area like L.O. at inflated prices without proper water or sewer, an unincorporated city too easily set behind the needs of the incorporated areas? I support hope for any community who handles their own problems, cleans up their own messes and figures out a way to be self-sufficient by example, who by showing their independence can thumb their noses at the bureaucracies who do not take the time to recognize the L.O. economic hardships from any other low income community in the same deathwatch. Or maybe it is just easier to complain about it and fall helpless to wait for the Power's that Be to come save your assets for you. Get real --- if you want to cry-baby about no water, no sewer, no money, no food, no health care, no gasoline, no fuel for heat, inflation, unemployment, low income and broken down government agencies --- then move to Zimbabwe.
ReplyDeleteActually I find your comment disingenuous because of three facts. One, you submitted it without identifying yourself. Second if you don't live here you have no comprehension of the history here. Third we have figured out how to do without the sewer and still meet environmental requirements. I pass on removing your post so others can waste their time on your mindless 'snarking'.
ReplyDeleteI don't think an ID was needed Steve. The anonymous writer has a viewpoint, even missing some facts, that is still valid. It points out a Los Ososian mindset held by some, that people are somehow "guaranteed" the "right" to live somewhere. I've had to move out of places because the rent was raised. Was this an illegal act on the landlord's part? I don't think so.
ReplyDeleteWe need to get out of our tiny mindset and see how silly and stupid this situation appears to others out in this vast world.
Some of us are not willing to do what you deem as ways of doing "without the sewer." I don't think those ways are viable for many people, especially rental property owners. We have permitting agencies to deal with also, and changing rules will not be done locally in Los Osos, but at the State level. We will get a sewer. I hope we are not so numbed by the battle that we can't find creative ways for people to stay.
There are folks who have visited me in this community and think we are sh** a** crazy for not having a sewer and when they find out that the biggest opponents live and walk amongst us - they just think we narrow minded, pea brained, self absorbed miscreants.
ReplyDeletePoint is - anonymous #1 isn't alone and well, has agreement from within.
I agree with the anon above - there are people in town who are just fed up with the delays and the extra money each delay costs. I'll take a guess that if the survey results get posted, most will say - just get it done. We can't keep ruining our water and the Water Board is beyond fed up. We've shot ourselves in the foot for good with this debacle. Time for the people promoting delay to shut up and slink away.
ReplyDelete