Thanks Jim! That is an incredible amount of information in just a few numbers. I don’t know what else the low tax base could imply other than a massive HELOC. It also explains why the asking rent had to be reduced.
Foreclosure prices in 92114 seem certain to soon be under 200k for similar sized places. It definitely seems like a foreclosure driven zipcode. I would consider buying but I just don’t see prices stabilizing. Every month I don’t buy I know I am saving thousands of dollars.
I wonder how long the owners here will bleed money before they give up on the market coming back. It is hard to not be tempted to buy when for the same payment with 20 percent down I could have a 15 year fixed loan.
I just think I’ll have buyer’s remorse if I buy now.
