Ooops wrote on Feb 20, 2008 1:10 AM:Murrieta may be surprised to learn it can not impose fines or place liens on these lenders or properties. Authority to place liens requires a completely different adoption process by the city. Perhaps Murrieta isn't getting such a good deal on its city attorney!

The Wizard of Oz wrote on Feb 20, 2008 4:37 AM:The comments made by Gary Lupo, must be a joke right? He contents the cities are to blame for approving homes to be built? How about the under-handed real estate agents who got people into all those ARM teaser rates Gary? The cities may have approved the building, but the GREEDY agents are the ones who enabled loans which they KNEW were too much for the person buying the house...now you are trying to shift the blame to someone else. Well we know all too well who is really to blame....and your smoke and mirrors won't work Lupo....you have gall for making that comment, I'll give you that.

entrepreneur wrote on Feb 20, 2008 6:16 AM:Sounds like an opportunity for a start up business. Handyman/Gardner who keeps up foreclosed houses. You would probably have to cart in your own water and electricity though, or buy it from one of the neighbors.

Ask wrote on Feb 20, 2008 6:56 AM:Expecting 5000 homes to be bank owned, uh, thats 19% not 1 in 23.

With 1/5 of the homes bank owned, I dont blame them for making these laws.

Now, for the homes that are not bankowned/foreclosed, will those homes be subject to the same regs of upkeep and fines?????

big city government wrote on Feb 20, 2008 8:04 AM:.. This whole thing stinks,fine the parks dept. for the brown spots in our parks. ...Murrieta is going backwards, is the hole city going to be one big HOA regulation.

Reedding iz Phundimantell wrote on Feb 20, 2008 8:22 AM:Hey, Ask, the story says 1 in 23 is NOW in foreclosure, but by THE END OF THE YEAR, there will be 5,000.

It's great that the city is taking this step, but it won't have any effect other than an aesthetic one for residents. With that many foreclosed houses on the market, this housing death spiral is just getting started. Pray you don't have to sell your house in the next five years, because if you do, you're going to get hosed -- unless you bought your house 20 years ago and never refinanced to take money out. Then you might come out a little ahead.

Peter wrote on Feb 20, 2008 8:26 AM:Looks like an opportunity for low-income housing in the near future if these properties don't move on the market. The city could buy them and make them available to those who work in the area's retail businesses at ultra-low prices. I'm sure these new owners would take pride in their homes in the upkeep unlike their neighbors.

Concerned-1 wrote on Feb 20, 2008 8:35 AM:Code enforcement will be a major issue in the coming years. We must not let neighborhoods deteriorate into ghettos. Hopefully this law will stick and oops is wrong. The law should apply to all title holders as well. Finally, what a great idea for a business. There's always an opportunity out there for those who seek it.

Loopy wrote on Feb 20, 2008 8:53 AM:That Lupo sure is funny! Gary, stay in Riverside! If the ordinance is enforceable, I would assume the lenders would make a better effort with the homeowners in trying to work out a solution. I would think homeowners would tell their lenders this upfront, maybe it can be used as a bargaining chip, who knows. I think the city is on the right track, keep our city beautiful!

plenty of blame to go around wrote on Feb 20, 2008 10:12 AM:While some of us are more to blame than others (mortgage companies), there is plenty to go around, from those who used their houses like piggy banks to finance their overextended lifestyles, to those who wanted to keep with the joneses and bought what they couldn't afford, using those ridiculous 125% loans, interest-only loans, ARMs that would double their payments in three years (what did they think, that their pay was going to double in that time?). But the greatest blame (after the mortgage companies) really lies with that financial deity Alan Greenspan. Terrified of the inflation boogeyman, Greenspan adn the Fed kept interest rates artificially low after the market rebounded in the late 90s. That was great for all of us looking for cheap loans, but it artificially inflated the price of houses (I can afford a lot more house with a 6% loan than I can with an 8% one, so the price of houses rose to meet the availability of cash). If interest rates are allowed to rise even a point or two in that time, the number of people who can afford all these houses drops, so prices have to stay lower. Supply and demand, you know. Prices don't shoot up so fast in the early '00s, and they don't crash so much now. So next time someone tells you what a genius Greenspan was, just roll your eyes. Historians will lay this recession largely at his feet.

big city Goernment wrote on Feb 20, 2008 10:20 AM:you spend city funds to enforce,document ,and lien these already over priced properties. Now add fines up to $100,000 ,this makes the home even less attractive. the scenario the city paints is fiction. let these distressed properties meet the market low get bought, limit supply and the curve will change direction.For republican town you folks sure seem to be in favor of local Government interfering with a free market.

Guy Foxwell wrote on Feb 20, 2008 10:30 AM:As the The Wizard of Oz wrote on Feb 20, 2008 4:37 AM: blaming real estate agents as being greedy, IT IS NOT THE REAL ESTATE AGENTS, IT THE THE "UNLICENSED INDIVIDUALS" WORKING AS LOAN OFFICERS WHO GUIDED HOMEBUYERS INTO THE ARM'S. Licensed Realtors actually do have the buyer's and seller's best interests in mind in their representation.

To the Wizard wrote on Feb 20, 2008 10:32 AM:To Wizard of Oz, Realtors don't get you into those ARM teaser rate, loan officers do. Your realtor never sees your credit report or your monthly income. Second of all, all those people that got into signed all the paper work, it's not the loan officers fault if you didn't read it.

I agree with whomever mentioned that they should give a warning then a fine for the people that still own there homes.

stan wrote on Feb 20, 2008 10:41 AM:If lenders are required to maintain neighborhood standards for foreclosed homes, home prices will plummet further because the carrying costs will be much higher, giving lenders more incentive to get rid of the homes at any price.

As usual.. wrote on Feb 20, 2008 11:30 AM:The Wizard of Oz doesn't know what they are talking about

Back-Off the unfortunate wrote on Feb 20, 2008 11:35 AM:who cares what a house is worth its all relative. if you can afford the mortgage(30 year rental aggrement) then you can afford to stay under that roof.If your home is a finance vehicle , well it will need some repair occasionally.Murrieta Council votes for cameras to catch people pretty Orwellian would'nt you say?

Concerned-1 wrote on Feb 20, 2008 12:25 PM:I don't agree with Stan nor Big City. Lenders are dedicated to one thing: money. They don't want prices discounted more. A little maintenance--from a legal company--will go along ways to maintain and increase values.

Old school R.E.Broker wrote on Feb 20, 2008 12:31 PM:I quit selling houses yrs ago when the 9-10-10 loans replaced the old 20% down loans. Then it was 100% financing and that really spelled trouble ahead and then 125% loans!?!! You gotta' be kidding!, and it just got worse with interest only at low adjustable rates with future int adjustments scheduled when the amortization began on down the line. I didn't put a SINGLE person into these loans. I just sold a little owner-carry or all cash and I semi-retired knowing BIG TROUBLE was coming. Mama always said "GET OUTTA' DEBT" and being debt-free allowed me to get through and not be debt/payment driven into doing what I knew was dead wrong. I believe in the Bible, God, Jesus and also in being alcohol, smoke and drug free too. Amazing how you can avoid trouble IF you put God in charge and do what you know is right.

Mapleton wrote on Feb 20, 2008 1:31 PM:I think it's great that the city will start cracking down and holding the banks accountable. Currently, when a home is occupied, code enforcement will give the homeowner a warning and then a fine. The same should be true for the bank owned homes. But the city should start taking care of the parks and the brown lawns there as well!

Everyone wrote on Feb 20, 2008 1:35 PM:Instead of the neighbors waiting for someone else to make the front yard look nice, take action. I do the yard that connects to mine so it won't make my house look disgusting. So what if it cost me an extra 2 minutes to mow.

esteban wrote on Feb 20, 2008 4:06 PM:I agree with with "Everyone", pitch in and clean your own neighborhood instead of sittting there complaining.

Raoul wrote on Feb 20, 2008 4:51 PM:Oh I think Murrieta will have more pressing enforcement concerns in the not too distant future. Last housing downturn, pretty much b4 Murrieta existed, all of the forclosed homes turned into meth labs (I worked construction back then). This downturn being an order of magnitude worse I expect the Murrieta/Temecula/Elsinore/Menifee (yes and the old staples back on the 74 Perris and Quail valley) police departments will be far too busy busting grow houses, meth labs, and all of the other unpleasantries that come with a housing downturn. Of course if that kind of thing is your bag then you should head to the inland empire. Should be in full swing by the end of the year. Good luck Murrieta!

Peak Oil wrote on Feb 20, 2008 6:04 PM:Most of the large Murrieta tract homes are going to have to be cut up into apartments somehow otherwise no one will want them. Even if local house prices drop into the 100's again, the costs to heat and cool large houses in the desert and drive back and forth to work everyday will eventually make them unattractive. The apartments will end up being occupied by people that either work from home, have travel jobs, are retired, or are on welfare.

The Wizard of Oz wrote on Feb 20, 2008 6:59 PM:Hey Foxwell, first you MUST be an agent, second, I KNOW agents use the SAME loan officers over and over. They have their connections and use them regularly. I have friends who are agents and have used them to buy and sell houses. You too must be unable to see the truth, as you have been exploiting the system for years to your advantage.

Gary in Murrieta (Mapleton) wrote on Feb 20, 2008 7:41 PM:I have noticed that near to us there are blocks and blocks of houses that are empty. I was worried that the empty houses would turn into Illegal Alien flop houses, but as of now the houses that I remember that had about a dozen cars around them are empty too. There was even one house where the guy used to park 6 or more gardening trucks, but that one is also empty. I guess it comes down to greed, and what phase block you live in for the foreclosures to start. I am so glad that when I bought my present house I put down 50% on it, due to the money I made selling my first Murrieta house. My monthly is about 1/3 of what my neighbors pay and I am at 5.0% fixed.

Snort Dog wrote on Feb 20, 2008 9:00 PM:Salton Sea all over again..... Yeeeee Haaaaaaaa!!!! Guuuup Guuupup!

A Local Realtor wrote on Feb 20, 2008 11:34 PM:The first comment by oops is rather stupid. The city not only has the right to enforce this type of ordinance but an obligation to its citizens. Some banks are taking care of properties they own REO's, while many aren't. Banks are not exempt from this type of regulation. Congratulations, to the City council of Murrieta in taking this step, I think the city stands to gain statewide, if not national recognition in moving in such a positive direction in this matter.

oh Gary... wrote on Feb 21, 2008 6:56 AM:get over yourself. You are always talking about how much you put down, how low your payment is. Who cares? Lots of people did the same thing. The bad thing is Gary.....is that you live in Southwest Riverside. I put alot down and in beautiful San Diego County. My values will never go as low as yours. That area is a bedroom community on its way to look like Moreno Valley.

To oh Gary... wrote on Feb 21, 2008 10:24 AM:You are absolutely right on two counts. A lot of people are not in financial trouble. This whole foreclosure mess is getting so blown out of proportion by the media. And I have been to Moreno Valley lately and it is not at all like I remember it. The closing of March Air Force Base was partly responsible for the noticeable decline in the local neighborhoods. Now when you drive through the neighborhoods, most houses will have about 10 cars parked around them. Sort of reminds me of Escondido. I do hope we do not deteriorate that much. r/ Gary

Gary in Murrieta (Mapleton) wrote on Feb 21, 2008 10:25 AM:As it is I do have to enroll my children in Private school as the local public school district (Menifee) is 40% ESL.

to Gary.. wrote on Feb 21, 2008 11:18 AM:I bought a house in Murrieta in 2000 and LOVED it there at first. They kept building and building and building and soon the town had no character whatsoever. I really missed being closer to San Diego and the beach. My husband had a long commute and there was nothing to do in Murrieta or Temecula excpet for Mulligans and the mall. I was not happy with the type of people moving in, and had terrible neighbors. We sold our house 2 years ago in Murrieta and made $300k. We moved back down to Rancho Bernardo and that was the best thing we ever did. I feel like I have my life back. We bought our house in Murrieta brand new for 200k and sold for $500,000. That same house is now selling for $350,000! We got out at a good time, because now we would have been stuck up there. I wish you the best.

Gary in Murrieta wrote on Feb 21, 2008 12:33 PM:I bought my present house for 245K and I think it is still worth about 500K. It is a single story house and is very much in demand. We have already had two offers to trade straight across for much bigger two story houses. The builders really missed the boat on this phenomenon. I still have a year and a half before I retire, then it will be good bye California all together. Hasta la vista, California, and I grew up here all my life.

To Gary... wrote on Feb 21, 2008 12:54 PM:The post at 6:56 am sounds a little jealous to me, yet can turn around and say the same thing as you do. haha They say values will never go as low as riverside county. What world do they live in? Who does need to get over themselves!! I think you all need a life comparing such stupid stuff. NOBODY CARES WHERE ANYONE LIVES!!!

I agree wrote on Feb 21, 2008 1:43 PM:with Gary. I can't wait to say goodbye to this overrated state. The whole area sucks!!!

Jay Jay wrote on Feb 21, 2008 2:35 PM:The city council is doing he right thing. Someone needs to get this banks off their rear ends and sell the houses to families that need them. I keep hearing about this housing shortage. Now I know why. The banks are sitting on perfectly good houses and letting them rot and degrade our neighborhoods.

Also Guy Foxwell is blowing smoke, most realtor have a their prefered mortage guys they send their victims to. Realtors have got a lot of guts showing their mugs around these parts with whats happening and all.

Also, blame Greenscam for detroying our economy to curry favor with his boss (Mr. President).

Ron wrote on Feb 21, 2008 7:52 PM:I live in Wildomar/Murrieta border, I am renting and was looking for a good deal in a home. The truth is I found a great deal on a home in Hemet. It is a bank owned home and yes the bank is keeping the home in good shape. I found a great Realtor that helped to locate this home, he in return also helped me with a wonderful mortgage company. I believe that Murrieta did not take care of the poeple from the beginning, if they would have brought in some industry to help off set some of the taxes and jobs so people could work close to their homes. Everyone is to blame here. So I am moving to a little town where the people seem to be more down to earth.

Dan wrote on Mar 6, 2008 4:11 PM:I have one questions. Is it worth staying in a home that cost 370k a year ago and is now going for 220k. Compact that by the fact that the bank assured you property values would hold up. I can barely make my payments, but I can make them... it just doesn't seem worth not being able to do 1 single thing to make payments on a house that is worth 40% less than the purchase price after 1 year.

Brian wrote on Mar 19, 2008 7:14 PM:People that bought a home in riverside county for 200k and sold it for 500k when the market was hot...you are the ones who are also created this beast.