A blog about Business & Finance and Politics.
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Boycott the Bakersfield Business Conference! San Joaquin Bank is done! San Joaquin Bank Chairman selling his Coastal Mansion Crisp and Cole staffer going to the pokey... Jose Arredondo closing the Delano Chrysler store Reich-Wing Czar stupidity called out! Racist CONservatives looking for great White Hope (McCarthy?) Has Bakersfield.com and other local websites becoming irrelevant?The tv stations are even worse. Tea bag movement shrivels... Bright House is a joke! November 06 December 06 January 07 February 07 March 07 April 07 May 07 June 07 July 07 August 07 September 07 October 07 November 07 December 07 January 08 February 08 March 08 April 08 May 08 June 08 July 08 August 08 September 08 October 08 November 08 December 08 January 09 February 09 March 09 April 09 May 09 June 09 July 09 August 09 September 09 October 09 November 09 
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Looks like we have some friends in Sacramento. Yes, their project is much nicer, but it appears it will meet the same fate as ours. See my blog for the rest of the story:
http://bakersfieldbubble.bl...
http://www.sacbee.com/103/s...
Bob Shallit: Web site needles our realty bubbleBy Bob Shallit - Bee ColumnistPublished 12:00 am PST Monday, January 8, 2007 you doubt there's a frosty trend in the local real estate market, look no further than a five-month-old local Web site. At Sacramento Area Flippers in Trouble (flippersintrouble. blogspot.com), more than 470 Sacramento area homes are listed for sale at prices below -- sometimes way below -- what their owners originally paid. The site lists only residences purchased in the past two years and priced at a loss. One example: A Folsom home purchased a year ago for $518,500 that's now on the market for $360,000. Another: A Sacramento home purchased for $371,500 in fall 2005 now offered for sale at $249,000. Each listing posts a thumbnail photo and specs of each home, the percentage loss based on the listed price, plus a link to the parcel's property tax bill. Similar sites have popped up in other cities. The local site was launched last July "to counter the positive spin (from Realtors and others) about how great real estate is in tems of appreciation," says its founder, a state worker who identifies himself only as "Max." He claims "Flippers in Trouble" has had 71,000 hits in its first five months in operation. Why won't he reveal his last name? "A lot of people (in the industry) aren't very happy about what I'm doing," he says. Several local real estate experts say the site's information is an accurate reflection of how far the market has declined in certain areas. "It's a very real situation," says Mike Toste, a Coldwell Banker real estate agent in Antelope. "I'm seeing sellers take those kinds of losses." But he also points out that many sellers won't bear the full brunt of the loss. That's because lenders sometimes agree to forgive whatever debt remains after a house is sold to save themselves the costs of a foreclosure. "It all boils down to loss mitigation," says Toste.
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