Submitted by paramount on February 14, 2009 – 12:23am.
I said about 1/2 – and I am considering selling costs in that estimate.
I bought for 270k.
At best I could sell now for about 170k, then subtract selling costs/commission etc..that puts it at about 155k.
So roughly 43% loss.
• reply
• quote
Submitted by paramount on February 14, 2009 – 12:27am.
Before it’s all over, I believe my house will drop to about 120k.
On the other hand, I live in a very modest 1500 sq ft 3/2 house – even the renters in my neighborhood who were foreclosed on don’t want to live in my hood.”
Scarlet said:
Denile ain’t just a river in Egypt is it?
No offense but some reality is called for. Unless your toilets are gold plated you’d have to find a sucker who can’t search listings in order to get even $120K NOW.
1/2 of Temecula is in some stage of forclosure, lots of the rest will follow soon. Check out RealtyTrac and you’ll see what I mean. Be careful, your head might just explode.
There will be a day or month of recogning when the banks finally put all those REOs up for sale. Maybe not until Obama buys them all with our tax dollars, but someday they will be for sale and when that happens Temecula will find its true value.
People buying in the Temecula area today (thinking they got a smoking 50% off deal) will be organizing class action law suits next year against Realtors, the MLS and REO banks for hiding all that inventory and creating artificially high prices (yes even now).
Temecula goes up 175% during the bubble and people get excited about a 50%-60% reduction? During the start of the Great Recession even?
