When we arrived in 2000 (renting an apartment in Rancho Bernardo), a neighbor told us how all the homes but hers were foreclosed in the 1994 period (Riverside county). Defense cuts etc.
It is interesting how her one anecdote almost kept me from buying.
Then our apartment manager raised our rent for our 2BR from $1050 to $1150 when our initial six month lease was up.
As I was able to buy the first home in Escondido for 339K in Dec 2000, the mortgage payment at 6.75% interest was about $1700.
I thought at least I will know my costs as I had this awful vision of my rent going up by $100 every year without any equity. That countered the tale of woe from 1994.
Even buying in 2000 one encountered lotteries and some oddly aggressive pricing from individual sellers. Was just setting the stage for the next six years.
