They can beat their drum and spin things to look rosy all they want but they can’t stop prices from falling for the next few years. Anyone that buys a home in SoCal before 2011 (at the earliest) is throwing money down the toilet. If you’re fully informed and choose to buy because you don’t want to rent: more power to you but it’s the truly stupid that I feel for because they really don’t do their homework or stay informed about what’s going on right under their noses.

They can beat their drum and spin things to look rosy all they want but they can’t stop prices from falling for the next few years. Anyone that buys a home in SoCal before 2011 (at the earliest) is throwing money down the toilet. If you’re fully informed and choose to buy because you don’t want to rent: more power to you but it’s the truly stupid that I feel for because they really don’t do their homework or stay informed about what’s going on right under their noses.

Things are still way, way out of balance. From the article, a 55 yo retired fire protection supervisor just bought a $1M house.

What’s wrong with this picture? 55 years old? Retired? A “fire protection supervisor”? A $1M house?!? That costs about sixty grand a year! The property tax alone is ten grand a year!

Did a giant bag of money fall from the sky into this guy’s back yard? He sure didn’t earn it from his job; did he inherit it? Make it in the real estate bubble here? Stock market? Marry well?

This is way, way out of balance. Only when weird distortions like this are gone will we have returned to sanity.

Things are still way, way out of balance. From the article, a 55 yo retired fire protection supervisor just bought a $1M house.

What’s wrong with this picture? 55 years old? Retired? A “fire protection supervisor”? A $1M house?!? That costs about sixty grand a year! The property tax alone is ten grand a year!

Did a giant bag of money fall from the sky into this guy’s back yard? He sure didn’t earn it from his job; did he inherit it? Make it in the real estate bubble here? Stock market? Marry well?

This is way, way out of balance. Only when weird distortions like this are gone will we have returned to sanity.

Things are still way, way out of balance. From the article, a 55 yo retired fire protection supervisor just bought a $1M house.

What’s wrong with this picture? 55 years old? Retired? A “fire protection supervisor”? A $1M house?!? That costs about sixty grand a year! The property tax alone is ten grand a year!

Did a giant bag of money fall from the sky into this guy’s back yard? He sure didn’t earn it from his job; did he inherit it? Make it in the real estate bubble here? Stock market? Marry well?

This is way, way out of balance. Only when weird distortions like this are gone will we have returned to sanity.

“Sharon Hanley, who produces a weekly report on new-home sales, said the 2008 market will be helped by the reconversion of condos to apartment status and by a relatively low inventory of unsold homes.”

Huh? Low inventory of unsold homes? Last time I checked inventory, and months of inventory, both were was going up! Condo’s are worse than SFR’s and apartments are converted to condo’s not SFR’s, so………… HUh?

“Falling prices, surging foreclosures, reasonable mortgage rates and a high inventory of for-sale homes mean there are bargains to be found”

Apparently Sharon didn’t talk to this guy. At least he lives in real life. Too bad his idea of bargains today are going to be 2009’s UT headlines “recent buyers hurt by market downturn” about some poor guy who lissened to him, bought a house he couldnt afford thinking it was the bottom and lost his job in the recession that they promised wasnt coming and is now going into foreclosure.

“Sharon Hanley, who produces a weekly report on new-home sales, said the 2008 market will be helped by the reconversion of condos to apartment status and by a relatively low inventory of unsold homes.”

Huh? Low inventory of unsold homes? Last time I checked inventory, and months of inventory, both were was going up! Condo’s are worse than SFR’s and apartments are converted to condo’s not SFR’s, so………… HUh?

“Falling prices, surging foreclosures, reasonable mortgage rates and a high inventory of for-sale homes mean there are bargains to be found”

Apparently Sharon didn’t talk to this guy. At least he lives in real life. Too bad his idea of bargains today are going to be 2009’s UT headlines “recent buyers hurt by market downturn” about some poor guy who lissened to him, bought a house he couldnt afford thinking it was the bottom and lost his job in the recession that they promised wasnt coming and is now going into foreclosure.