Monday, July 30, 2007

Foes line up against Clover Valley development

From the Sacramento Bee:

A 10-year-old plan to develop the valley spawned four citizens' groups, two unwieldy environmental reports, and prompted thieves to steal roughly 200 signs emblazoned with the slogan "save don't pave."

Now, the controversial proposal to build 558 homes on 622 acres of open space hidden among the suburbs of northeast Rocklin, heads to the Planning Commission for a two-day public hearing beginning tonight.

A recent telephone survey showed nearly 75 percent of the 400 registered voters who responded would support such a referendum. Less than 13 percent of polled voters supported the development plan.

The hitch is that the land already is zoned for residential use and has been for more than a decade. Clover Valley Partners has an approved development agreement that also dates to 1997.

A group called Rocklin Taxpayers for Sensitive Planning recently emerged in support of the project. In a mailer to residents, group founders said it would cost millions for the city to purchase the property and preserve it, thereby raising property taxes.

"There's a deal in place here and as much as people might wish to preserve this land, it is zoned for residential development," said Bill Halldin, a resident and member of the Rocklin Taxpayers group.

"The developers have made a lot of very appropriate compromises. The only way this is not going to happen is if somebody pays for that land, and despite all the commotion in the community for many years, nobody has stepped forward with the funds."

14 comments:

Gwynster said...

I just couldn't come up with a pithy witism for the title. I had to double check and make sure this development wasn't near Davis!
My hypocriscy meters were going off and all the noise made it hard to type.

rocklin renter said...

More development in Rocklin?

No thanks.

How about they sell the inventory they already have before we build more houses nobody wants and trample on perfectly good open space?

Oh, and maybe we can do something about that abandoned condo development off Sunset & Whitney.

Save, don't pave, indeed!

anon1137 said...
This comment has been removed by the author.
anon1137 said...

Expect more woes with prime home-equity loans
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/07/31/BUIFR9TN32.DTL

Industrywide, the percentage of prime home-equity loans at least 60 days delinquent has more than doubled to 1.14 percent in May from 0.51 percent in May 2006, according to new data from First American LoanPerformance.
. . .
"Much of prime is not really prime. The Alt-A base (has) been found to be really subprime. And much of the subprime has turned out to be flat-out fraud," Mason says.
. . .
Rosner and Mason, who have written papers together, argue that banks and other institutions are sitting on large mortgage losses they have not realized because they are relying on faulty valuation models. At some point, they will be forced to realize those losses and the scope of the problem will become clearer.

In the meantime, lenders are adding risk premiums - higher interest rates- to all types of loans, even mortgages. . . . The market overall is charging a premium for all credits because of the difficulty in sorting out what is truly prime and what is marketed as such," Mason says. . . . The interest rate difference between the average prime 30-year fixed-rate mortgage and the 10-year Treasury note was 1.83 percent last week, up from 1.65 percentage points four weeks ago.

David said...

I say let them build. I want as many vacant homes in the region as possible. Bring it on!

Sippn said...

I didn't notice this was a loan blog.


Save that dirt bike trail! and don't make me pay for it either.

BMac said...
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BMac said...

http://money.cnn.com/2007/07/31/news/companies/
american_home.reut/
index.htm?postversion=2007073115

and another one bites the dust.

"brian"

Gwynster said...

Sippin, if you can't get a loan, you can't buy a house. And the default rates make for nice housing bear bedtime reading.

I know you love to bait us but even you know that the credit contraction is killing the market. Don't make me send you to bed without cocktails tonight >; )

Sippn said...

Thanks for the reminder.

If you took all changes to lending over the past 3 years...

Interest rates doubled
Subprime eliminated
Alt A reduced
Prime options reduced

You might as well have shot 25% of all buyers.

G - with the mary janes?

Gwynster said...

Nah no red-soled spike heels today.

I would like put in a plug for the OCRenter's BMIT today. According to him, we reached a new inventory record yesterday. We're still shy of our population adjusted record, but only just.

ps. I'm dying to find out who is the developer that defaulted in Rocklin.

smf said...

"I'm dying to find out who is the developer that defaulted in Rocklin."

I don't have that info, though some clients have called that area 'dead' (too much inventory)

norcaljeff said...

Heard from a realtor that Rocklin sold ZERO homes in June.

michael said...

That is sad. More mass new constrcution? Lets get more of the individual builder who can create a piece of ART and not mass spec homes. More people brings all that crime, traffic, etc.Go build where the tax base needs the money.