Hat tip to Lander for this report on subprime's share of all purchase lending dollars.
Here's a look at estimates of subprime's clout in the home-purchase funding business in 331 major U.S. markets – including Orange County. Subprime lenders service borrowers with less-than-ideal financial profiles. This data is derived by LoanPerfomance's mortgage database that contains details on half of all subprime loans and 80 percent of traditional mortgages. Chart tracks 2006 estimates for average loan size by market and subprime's share of all purchase lending dollars in these markets.
Bakersfield, CA - 36%
With all the news on the massive subprime credit contraction; I wonder where one-third of the local population is going to get a loan to keep this bubble inflated?
Monday, March 12, 2007
Subprime pain for Bakersfield
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7 comments:
"It's gonna be sooo ugly out there."
For those in the REIC - very very ugly.
"but Bakersfield and Fresno do at least have some white collar base and state universities"
It was a great place to live until this mass speculation took place.
36%......yikes!!
Damn these sub-primate(LOL!) lenders and peeps who use their products are making me sick! I went for a run the other day ( I live in the SW area) and saw 2 foreclosed houses with in block of each other. Living in Bakersfield, it is so obvious that alot of people are in over there heads.....I'm sure you guys from Bakersfield can relate. Also people don't have their priorities straight. Hell it's even obvious that my non-english speaking next door neighbor can't afford his place. Like many others he can't afford to keep up his property and it pisses my off! And the funny thing is, he has $80,000+ of new cars in his drive way......GREED!! What a freakin' moron! Yeah I can't afford to hire a gardner but screw it, I'll refi my house to the hilt and buy new cars I can't afford!!!!! BTW, I visited the Kern county tax assessor's website and this prick is behind on his property taxes by 7 months!!!!
"BTW, I visited the Kern county tax assessor's website and this prick is behind on his property taxes by 7 months!!!!"
Who?
My next door neighbor!!
I just looked again on the kern county tax assessors website: my neighbor was past due on a bill for july 31 of last year and a bill in Dec.
"My next door neighbor!!" My bad.
I always ask the locals - How did you find this website?
How bad do you think the bubble deflation will be in this town?
Thanks for visiting!
"I always ask the locals - How did you find this website?
How bad do you think the bubble deflation will be in this town?
Thanks for visiting!"
I just signed up at google so I now have a blogger display name (-Fifty7-) I'm the one that made the 3rd,5th, and 6th posts on this subject talking about my idiot neighbor! LOL!
I've been reading your blog regularly for a few months now and I've even made a few anonymous post but now I'm legit with a blogger name!! Ha! As for me finding this blog I think it was linked from another bubble blog....I think, and that how I came across this one.
As far as the bubble deflation , I don't know. I've noticed that new home builders are starting to pile on the incentives......you can tell it's getting alot slower for them don't you think? I have to admit though.......you know Bakersfield is still alot cheaper than many other close cities in California maybe even the cheapest comparitively speaking. Look at Castiac or Valencia right over the hill....it's twice as much. And it's more expensive North of us too.......I think that might be one of the things that saves us from a complete collapse. Lots of people are moving here from other areas and alot are even communting which is complete insanity I think. Still Bakersfield is growing and it seems to atract people because it is cheaper than surrounding areas......Damn now i'm starting to sound like a realtywhore!!! LOL!!! Granted it has gotten out of control on pricing like many of you have stated....it's rediculious.
Hey your doing a great job with this sight.....I visit most everyday keep it up!! : )
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