SLO County 44 % down vs. 73% for Monterey County? Many properties in Los Osos are in negative territory compared to their loan.
Monday, March 30, 2009
Thursday, March 19, 2009
Thursday, March 12, 2009
Center for Economic and Policy Research: Boomers Equity Down by 45 Percent.
1) The median household with a person between the ages of 45 to 54 saw its net worth fall by more than 45 percent between 2004 and 2009, from $172,400 in 2004 to just $94,200 in 2009 (all amounts are in 2009 dollars). If the median late baby boomer household took all of the wealth they had accumulated during their lifetime, they would still owe approximately 45 percent of the price of a typical house and have no other assets whatsoever.
2) The situation for early baby boomers is somewhat worse. The median household with a person between the ages of 55 and 64 saw its wealth fall by almost 50 percent from $315,400 in 2004 to $159,800 in 2009. This net worth would be sufficient to allow these households, who are at the peak ages for wealth accumulation, to cover approximately 90 percent of the cost of the typical house, if they had no other assets.
3) As a result of the plunge in house prices, many baby boomers now have little or no equity in their home. According to our calculations, of those who own their primary residence, nearly 30 percent of households headed by someone between the ages of 45 to 54 will need to bring money to their closing (to cover their mortgage and transactions costs) if they were to sell their home. More than 15 percent of the early baby boomers, people between the ages of 55 and 64, will need to bring money
to a closing when they sell their home.
These calculations imply that, as a result of the collapse of the housing bubble, millions of middle class homeowners still have little or no equity even after they have been homeowners for several decades.
2) The situation for early baby boomers is somewhat worse. The median household with a person between the ages of 55 and 64 saw its wealth fall by almost 50 percent from $315,400 in 2004 to $159,800 in 2009. This net worth would be sufficient to allow these households, who are at the peak ages for wealth accumulation, to cover approximately 90 percent of the cost of the typical house, if they had no other assets.
3) As a result of the plunge in house prices, many baby boomers now have little or no equity in their home. According to our calculations, of those who own their primary residence, nearly 30 percent of households headed by someone between the ages of 45 to 54 will need to bring money to their closing (to cover their mortgage and transactions costs) if they were to sell their home. More than 15 percent of the early baby boomers, people between the ages of 55 and 64, will need to bring money
to a closing when they sell their home.
These calculations imply that, as a result of the collapse of the housing bubble, millions of middle class homeowners still have little or no equity even after they have been homeowners for several decades.
Monday, March 9, 2009
Thursday, March 5, 2009
For Many Seniors in Los Osos, Less Than 20% Equity Means No Sewer Tax Help.
The Property Tax Postponement Program allows eligible homeowners to postpone payment of part or all of the property taxes on their residence. To participate in this program, the homeowner must complete the claim form and submit it to the State Controller's Office. A claim form must be filed each year the individual desires to have their property taxes postponed. Upon approval of the claim, the State Controller's Office will mail Certificates of Eligibility to the homeowner. The homeowner must mail or take the Certificates of Eligibility to the county tax collector's office to postpone the property taxes due.
OUCH! NO EQUITY MEANS NO POSTPONEMENT!
SEE EQUITY REQUIREMENTS FROM THE STATE WEBSITE BELOW.
Click to see larger image.
UNDERWATER PROPERTIES WON'T GET THE BREAK.
SEE EQUITY REQUIREMENTS FROM THE STATE WEBSITE BELOW.
Click to see larger image.
UNDERWATER PROPERTIES WON'T GET THE BREAK.
Is SLO County hiding the actual low income demographics in Los Osos?
Buried in the LOWWP Sewer project EIR Appendix "O" that claims no impact on on low income homeowners, is a simple environmental shell game. The document uses a 3.5 mile radius to identify the economic demographics of Los Osos instead of the "Prohibition Zone" where the sewer is going to be built creating an economic 'happy face' picture to paste up on glossy broschures about the project. Thr real truth is alot more dismal. It is reflected in census information, an avoided study done by the LOCSD, school lunch program data for low income homeowners, and the boundries of the real area affected.
Wednesday, March 4, 2009
San Diego, many properties under water. Los Osos on site costs ignore lack of low income funds.
The County of San Luis Obispo has not addressed any of the present and future financial stresses on low income homeowners in Los Osos prohibition zone. It continues to ignore them. The draft EIR claims that the sewer project has no negative financial impact when actually the project costs hit within the present RE meltdown causing a mass exodus of low and middle income homeowners destroying the social fabric of this family oriented community.
Los Osos Home Prices Plummet 19% Y to Y.
28% price drop Y to Y for three bedroom homes? Since there are more of them I assume that this is a more reflective price fall. If you put 20 percent down is your morgage underwater?
20% of Los Osos homeowners have no equity for on site sewer costs and face RWQCB fines if they don't hook up.
According to CoreLogic Inc.-----
"One in five borrowers in the $10.5 trillion U.S. mortgage market owes more than their property is worth, according to First American CoreLogic Inc., a real estate data company based in Santa Ana, California."
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