Yes, I agree Lindi. My expectation for NPR is on the higher side.
Here are some excerpts from the UT article:
Can someone help me understand these two statements:
“The market ended the year with a median price of $483,000 for all homes, off 6.4 percent from December 2005.”
“The overall median price of a home in the county last year slipped 0.8 percent, to $490,000, down from 2005’s $494,000. The annual decline was the first since a 1.8 percent drop from 1994 to 1995, when the median stood at $166,000.”
Foreclosure story
Meanwhile, the market provided only heartache for first-time buyer Andy Sobel. He faces foreclosure on a one-bedroom condo he bought for $240,000 two years ago in Rolando, a neighborhood southeast of San Diego State University.
Sobel took out first and second mortgages with adjustable rates to make the purchase, and once the monthly payments started adjusting upward and the value of his condo fell, he said he had no choice but to stop making his payments.
He’s now in the foreclosure process and while his condo is up for sale at a much reduced price – as low as $165,000 – he’s had few nibbles.
“I was a naive buyer, I’ll admit, but no one should have put me in this loan,” said Sobel, who works at the San Diego Organizing Project, a faith-based group advocating for low-income families. “I make very little working for a nonprofit.
“This has been a very demoralizing thing; you feel like a complete idiot living paycheck to paycheck. But it turns out that foreclosure is not that uncommon. But it is very harsh on the psyche.”
