So-Cal-Info.com

Last meal before DooDah

Getting ready for DooDah, one of Pasadena's most interesting events. Tomorrow ill be on a liquid-only diet starting about 8:30 AM at Lucky Baldwins. Ill be wearing an IWEARWEED shirt.

Ill be reporting live all day. Unfortunately, I'll be dependent upon my mobile phone, and its crappy camera, for posting (although video will eventually be available).

If you see me, say "I wanna wear weed", and it could be worth a free IWEARWEED t-shirt.

Labels: doo dah parade, pasadena, ytsworld

I've been following the Los Angeles real estate market for a long time, but I've never been involved in the foreclosure game. However, considering the massive amount of foreclosures that are hitting the Southern California real estate market, I'm considering it.

Have you ever used Zetabid? I'm looking for some Zetabid experiences.

Anybody used to Zetabid to purchase a foreclosure recently. Did it work out well?

Labels: real estate

But good customer service

Since im in Paseo, I thought I would stop by DSW, and check their eco-friendly products. Unfortunately, they didn't have any. They used to have some recycled rubber products, but the salesperson couldn't find any in stock, but she did know what hemp was.

Labels: shopping, ytsworld

Bad boy today

So, I made it to the 35er today. Stayed longer than I wanted to. I always do.

Anyway I was talking to Deb, a bartender at the 35er. Deb has this really cool art. You can check her out at lalunasol.com.

Anyway, she has interesting skull art. Shes into dia los muertos kind of stuff. Frida. And she wants to put it on urns.

I think its a fantastic idea. Day of the dead influenced art on urns?

Is it just me, or is that just perfect?

What better medium? Tombstones?

Anyway, check her art out and check out the 35er if you are ever in old town, pasadena.

Also, have some cool art? Show us.

Labels: 35er, dining, ytsworld

In recent months many home buyers have pulled out of the real estate market, deciding to wait for a few months to see what happens. To be sure, more homes have hit the market followed by some price depreciation, however, is the big price correction still to follow?

Realestatejournal.com points out that while real estate data has shown declines in recent months, many real estate reports, such as one by Harvard, point out that declines of 5% are extremely rare and require severe overbuilding and massive job loss - neither of which have occurred in the Los Angeles area. Consequently, predicting the real estate market is like predicting the stock market - it's almost impossible to predict.

Then, last Friday, Allen Greenspan noted that the "worst may be over" for the real estate market (more).

Consequently, if the job market in the Los Angeles area stays strong and mortgage rates stay at their current levels, or even drop, real estate prices might just stabilize. Sure home values might not appreciate much, but they won't depreciate much either, until something causes the next real estate boom or bust.

Again, predicting that is almost impossible.

The housing bubble. Is there a real estate bubble? Will there be a soft landing or will home prices crash? No one really knows and different surveys and experts claim different things. Still, according to a study by Moody's Economy.com, Los Angeles real estate is expected to depreciate by 4.8% over the next year and a half, bottoming out in April of 2008. (more)

"For the first time since the latest housing boom started six years ago, home price appreciation for each of the six Southern California counties has fallen to single-digit levels or worse, data released Tuesday showed." (more)

While it seems obvious that the days of double digit home appreciation are over in Southern California, when will we see price depreciation? More important, how much price depreciation will we see?

Already, some economists are speculating that the Fed might actually lower rates in early 2007, which could push mortgage rates lower as well. Would this delay, or even prevent, such a downturn? Could it cause another mini-boom?

"In August, 115,292 properties entered into foreclosure, according to RealtyTrac, an online marketplace for foreclosure sales. That was 24 percent above the level in July and 53 percent higher than a year earlier." (More)

Much of the spike in foreclosures is being driven by ARM loans. While California, Nevada and Florida have spiked the most recently, the hardest hit areas could end up being in the Midwest where slumping job markets could make rising mortgage payments more difficult to manage.

As for California, foreclosures were up 160% in August compared to last year, with 12,506 homes falling into foreclosure.