jpillian Posted May 29, 2008 Share Posted May 29, 2008 Has anyone else noticed this story today on the front page of CNN.com? And similar headline stories over the past several weeks? It seems that CNN has run quite a few of these stories lately, focusing on the economic plight of some regular jane or joe. To me, this does not seem all that newsworthy. Especially not headline news, newsworthy. Does anyone else find this a bit odd? Man pays $30K in rent, faces eviction LAGUNA HILLS, California (CNN) -- Charles Nelson has paid about $30,000 in rent since moving into a spacious four-bedroom home in August. He was stunned when a real estate agent knocked on his door recently and said the home was in foreclosure. His landlord had not paid the mortgage since he moved in and the bank is now demanding the house back. Nelson will also lose his $7,700 security deposit. When he confronted the landlord, he says, he was given a terse response: "That's none of your business." "I said, 'I beg your pardon. It is my business. I mean, is somebody going to knock at the door and throw me out -- throw my family out, or what?' " he said. Click link for full story Link to comment Share on other sites More sharing options...
Skins24 Posted May 29, 2008 Share Posted May 29, 2008 Um....$30K/9 months = $3,300+ a month!? To RENT?? Why in the world would someone not put that money towards something you actually own. I seriously don't get renting over buying, especially if you have money like that. Link to comment Share on other sites More sharing options...
Heidenreich Posted May 29, 2008 Share Posted May 29, 2008 Um....$30K/9 months = $3,300+ a month!? To RENT??Why in the world would someone not put that money towards something you actually own. I seriously don't get renting over buying, especially if you have money like that. I agree. Renting is fine if you don't have the money to pay for a mortgage. But if you can buy a house for what you're paying in rent, it's stupid.... Link to comment Share on other sites More sharing options...
zoony Posted May 29, 2008 Share Posted May 29, 2008 Um....$30K/9 months = $3,300+ a month!? To RENT?? California... "But the weather's nice!" Link to comment Share on other sites More sharing options...
jpillian Posted May 29, 2008 Author Share Posted May 29, 2008 Has anyone else noticed this trend by CNN on blowing up these (seemingly) isolated stories of economic woe on their front page? Last week it was the "Homeless Mother" story (turned out she was living in Santa Barbara apparently above her means). It seems to me they are attempting to paint an economic picture that is more dismal than it really is. That they are trying to take these stories of individual financial/economic woe, and portray it as a microcosm of life in America. Or am I imagining stuff? Link to comment Share on other sites More sharing options...
PleaseBlitz Posted May 29, 2008 Share Posted May 29, 2008 Why would you buy now or especially 9 months ago? Link to comment Share on other sites More sharing options...
Predicto Posted May 29, 2008 Share Posted May 29, 2008 I''m guessing he is waiting for the market to drop more before buying, or maybe he knows he is only going to be located in Cali for the next three years or something. I agree that it is not headline news, but random human interest stories like this often find their way to the front now and then. I seriously doubt that it is a "liberal plot to bring down the government" or anything. Link to comment Share on other sites More sharing options...
jrockster21 Posted May 29, 2008 Share Posted May 29, 2008 This story is related to the housing collapse, which is pretty big news right now. Its historical how big of a collapse we're seeing. Link to comment Share on other sites More sharing options...
jpillian Posted May 29, 2008 Author Share Posted May 29, 2008 I seriously doubt that it is a "liberal plot to bring down the government" or anything. Not really what I was implying; I just don't understand their focus and attention on these types of stories. Link to comment Share on other sites More sharing options...
dockeryfan Posted May 29, 2008 Share Posted May 29, 2008 Um....$30K/9 months = $3,300+ a month!? To RENT??Why in the world would someone not put that money towards something you actually own. I seriously don't get renting over buying, especially if you have money like that. How much do you think it is to rent a house? Really, a 600,000 house at 7% for 30 years is close to $4000 a month. 3300/month doesn't even get you a 500,000 house. In Laguna Hills, that's 3 bedroom 2 bath. Maybe the guy has a big family. Maybe he's only stationed there for a year. There can be a lot of compelling reasons to rent, actually. Link to comment Share on other sites More sharing options...
jpillian Posted May 29, 2008 Author Share Posted May 29, 2008 This story is related to the housing collapse, which is pretty big news right now. Its historical how big of a collapse we're seeing. Probably the case; I guess I would expect for them to focus a bit more on the national story, and then bring in bits from human interest stories rather than vice versa. :whoknows: Link to comment Share on other sites More sharing options...
TimmySmith Posted May 29, 2008 Share Posted May 29, 2008 This story is related to the housing collapse, which is pretty big news right now. Its historical how big of a collapse we're seeing.How is a scam run by a landlord typical of the housing collapse? Link to comment Share on other sites More sharing options...
Skins24 Posted May 29, 2008 Share Posted May 29, 2008 How much do you think it is to rent a house? Really, a 600,000 house at 7% for 30 years is close to $4000 a month. I'm saying why not buy. You'd be paying the same amount and the housing slide isn't going to last forever. In a few years the house will be worth 900K+ again. 3300/month doesn't even get you a 500,000 house. I'm talking about now, not a couple years ago.... In Laguna, the average price of a house there is now 550,000 compared to 860,00+ 3 years ago Maybe the guy has a big family. Nope. Girlfriend and two kids... Maybe he's only stationed there for a year. That would be the only reason I can see to rent over buy but he owns a buisness there(?) so he's not in the military or anything. There can be a lot of compelling reasons to rent, actually. Being there temporarily is the only one I can think of... Back to the story... That landlord has lots of 'splain' to do..... Link to comment Share on other sites More sharing options...
TheKurp Posted May 29, 2008 Share Posted May 29, 2008 This same thing is happening to friends of mine. They are renting a house in Baldwin Park and a bank representative showed up on their doorstep to serve them an eviction notice. Apparently the owner has been in foreclosure for months (on this and other properties) and continues to collect rent until the bank takes over. The bank gave my friends 2 weeks to move out. Link to comment Share on other sites More sharing options...
AzSkinsFan63 Posted May 29, 2008 Share Posted May 29, 2008 Don't worry just vote Democrat and they'll go away.. Link to comment Share on other sites More sharing options...
BlueinBuf Posted May 29, 2008 Share Posted May 29, 2008 So do all these stories focus around people losing homes in wealthy areas of Cali, or are there normal areas too? Link to comment Share on other sites More sharing options...
Shilsu Posted May 29, 2008 Share Posted May 29, 2008 The guy definitely got screwed out of $7,700, but I don't really see how this has ruined his life.... Link to comment Share on other sites More sharing options...
Sarge Posted May 29, 2008 Share Posted May 29, 2008 Has anyone else noticed this trend by CNN on blowing up these (seemingly) isolated stories of economic woe on their front page? Last week it was the "Homeless Mother" story (turned out she was living in Santa Barbara apparently above her means). It seems to me they are attempting to paint an economic picture that is more dismal than it really is. That they are trying to take these stories of individual financial/economic woe, and portray it as a microcosm of life in America. Or am I imagining stuff? CNN? Trying to help Dems in an election year? Say it ain't so Link to comment Share on other sites More sharing options...
Spaceman Spiff Posted May 29, 2008 Share Posted May 29, 2008 This same thing is happening to friends of mine. They are renting a house in Baldwin Park and a bank representative showed up on their doorstep to serve them an eviction notice. Apparently the owner has been in foreclosure for months (on this and other properties) and continues to collect rent until the bank takes over. The bank gave my friends 2 weeks to move out. Yes, this happens more frequently than people would expect. Don't worry just vote Democrat and they'll go away.. Bingo. This is all Bush's fault Link to comment Share on other sites More sharing options...
dockeryfan Posted May 29, 2008 Share Posted May 29, 2008 I'm saying why not buy. You'd be paying the same amount and the housing slide isn't going to last forever. In a few years the house will be worth 900K+ again. Honestly, I think that's the thinking that got people into trouble in the first place. 3300/month rent gets him a much nicer place than 3300/month mortgage. Plus there are lots of things to buy for a home versus a rental. Not saying it shouldn't be done, but it's a whole lot more work. His credit could be a problem as well. That would make his borrowing power less. They would want 20% down, maybe he doesn't have that nut. It's not the no-brainer that you are describing. Link to comment Share on other sites More sharing options...
December90 Posted May 29, 2008 Share Posted May 29, 2008 Um....$30K/9 months = $3,300+ a month!? To RENT??Why in the world would someone not put that money towards something you actually own. I seriously don't get renting over buying, especially if you have money like that. Lets see, - Falling real estate market - temporary work assignment (plan on leaving the city in 1, 2, 3 years, etc...) - bad credit (Can't qualify for mortgage) That is just three reasons off the top of my head.... I am sure there are more. Link to comment Share on other sites More sharing options...
Sarge Posted May 29, 2008 Share Posted May 29, 2008 Honestly, I think that's the thinking that got people into trouble in the first place. 3300/month rent gets him a much nicer place than 3300/month mortgage. Plus there are lots of things to buy for a home versus a rental. Not saying it shouldn't be done, but it's a whole lot more work. His credit could be a problem as well. That would make his borrowing power less. They would want 20% down, maybe he doesn't have that nut. It's not the no-brainer that you are describing. Yes, it is. Because for the same money you are throwing down the toilet renting, you can OWN something Link to comment Share on other sites More sharing options...
dockeryfan Posted May 29, 2008 Share Posted May 29, 2008 Yes, it is. Because for the same money you are throwing down the toilet renting, you can OWN something You quoted the post, but you sure didn't read it. Link to comment Share on other sites More sharing options...
dockeryfan Posted May 29, 2008 Share Posted May 29, 2008 http://realestate.yahoo.com/California/Laguna_Hills/Homes_for_sale/result.html;_ylt=ApDftBG1iLgnPpoFnOnWcr3nMrQs?sortBy=price+2&p=Laguna+Hills%2C+CA&type=foreclosure&radius=&priceLow=&priceHigh=&bedrooms=3&bathrooms=4.0&bathrooms=3.5&bathrooms=3.0&bathrooms=2.5&bathrooms=2.0&bathrooms=1.5&bathrooms=1.0&submit=Search&redir=1 69 3 bedroom house foreclosures in Laguna Hills listed on Yahoo. 210 foreclosures in all. Laguna Hills is about 6 square miles. Link to comment Share on other sites More sharing options...
Skins24 Posted May 29, 2008 Share Posted May 29, 2008 Honestly, I think that's the thinking that got people into trouble in the first place. How? I'm not talking about buying something you can't afford. 3300/month rent gets him a much nicer place than 3300/month mortgage. With the way house prices have fallen in that area, that really isn't an issue anymore. Plus there are lots of things to buy for a home versus a rental. Not saying it shouldn't be done, but it's a whole lot more work. lol You must have encountered some extremely nice landlords if they have provided you with everything.....or....anything and not charge you for it. His credit could be a problem as well. That would make his borrowing power less. They would want 20% down, maybe he doesn't have that nut. Could be. But why not live somewhere more affordable so you can build your credit, then move to Laguna? Lets see,- Falling real estate market - temporary work assignment (plan on leaving the city in 1, 2, 3 years, etc...) - bad credit (Can't qualify for mortgage) I already said being there temporarily is one reason, but it doesn't sound like that's the case here. And yeah bad credit is another reason. Really don't see how a buyers market is a reason not to buy. Link to comment Share on other sites More sharing options...
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