Business data point in Temecula

[Bob]

[quote=temeculaguy]See, not all people read the financial horror stories, the normal folk look at their own numbers. If one cell phone service is half the price of another, they switch. If Wallmart is cheaper, they go there. And if they can actually save on rent, as much as 1/3 off by buying with as little as 3% down, they buy. They could give a crap what the pundits say.[/quote]

You are correct….if people are smart, they shouldn’t listen to what the pundits say. And for the last month, some of the so called “pundits” have been proclaiming we are at bottom. But not one of them, nor you, have acknowledged the simple fact that during the last four months MORATORIUMS HAVE REDUCED THE SUPPLY.

Once the moratoriums are over, which seems to be the case for now, supply will increase. And every study I’ve read suggests that there are still thousands of bad loans in Riverside county, including TV, that need to go through the system. While its true that some of those bad loans will be modified, as I’ve stated previously, most of them won’t be. The increased supply will once again put downward pressure on prices…its basic economics.

[eclipxe]

Let the supply increase. Based on the bidding wars and level of activity I’ve seen first hand (as in I spend time in real estate offices seeing pending contracts, closed escrows, multiple offers) I think increased supply (assuming the Govt doesn’t intervene any more (like that is likely)) will have a small effect out here. At a certain price it makes no sense for a bank to release the inventory if they feel they can hold it on their books and wait it out. If there was a large amount of inventory coming online but with no buyers out there then I’d give you argument more weight, but there are enough of us knife catchers to screw up your grand plans of collapse. The fact of the matter is the average family with an average income can afford an average home with a traditional mortgage out here.

You have to remember that us piggs and bears in general are the *very* small minority. The general public (the folks buying these homes) are for the most part not educated in the market or even the the economic forces causing this mess. They’ve watched prices shoot up beyond their means (even in such a horrible place like Temecula) and now they see beautiful homes available for less than they are renting. Job losses or not, when you have house prices that can be supported with a dual income family with retail jobs you have indicators of a stable/bottomed market.

I have a close friend that just opened escrow out here, 2 years out of school, recently married, single income teacher’s salary. Parents supplied 3% downpayment. They’re paying less for a house than their 1bdrm apartment in Menifee. Think about it. Homes more affordable than renting, government intervention, prices in line with income.

You also need to look at the regional picture – Temecula contends with cheaper option north – Menifee, Perris, Wildomar, Lake Elsinore, Moreno Valley, Hemet. If Temecula goes down to 50, 60 psqft for average places are we going to see homes in Menifee for $25/sqft??? Moreno Valley, $10/sqft?

Where do *you* see a bottom in prices?

[eclipxe]

Let the supply increase. Based on the bidding wars and level of activity I’ve seen first hand (as in I spend time in real estate offices seeing pending contracts, closed escrows, multiple offers) I think increased supply (assuming the Govt doesn’t intervene any more (like that is likely)) will have a small effect out here. At a certain price it makes no sense for a bank to release the inventory if they feel they can hold it on their books and wait it out. If there was a large amount of inventory coming online but with no buyers out there then I’d give you argument more weight, but there are enough of us knife catchers to screw up your grand plans of collapse. The fact of the matter is the average family with an average income can afford an average home with a traditional mortgage out here.

You have to remember that us piggs and bears in general are the *very* small minority. The general public (the folks buying these homes) are for the most part not educated in the market or even the the economic forces causing this mess. They’ve watched prices shoot up beyond their means (even in such a horrible place like Temecula) and now they see beautiful homes available for less than they are renting. Job losses or not, when you have house prices that can be supported with a dual income family with retail jobs you have indicators of a stable/bottomed market.

I have a close friend that just opened escrow out here, 2 years out of school, recently married, single income teacher’s salary. Parents supplied 3% downpayment. They’re paying less for a house than their 1bdrm apartment in Menifee. Think about it. Homes more affordable than renting, government intervention, prices in line with income.

You also need to look at the regional picture – Temecula contends with cheaper option north – Menifee, Perris, Wildomar, Lake Elsinore, Moreno Valley, Hemet. If Temecula goes down to 50, 60 psqft for average places are we going to see homes in Menifee for $25/sqft??? Moreno Valley, $10/sqft?

Where do *you* see a bottom in prices?

[eclipxe]

Let the supply increase. Based on the bidding wars and level of activity I’ve seen first hand (as in I spend time in real estate offices seeing pending contracts, closed escrows, multiple offers) I think increased supply (assuming the Govt doesn’t intervene any more (like that is likely)) will have a small effect out here. At a certain price it makes no sense for a bank to release the inventory if they feel they can hold it on their books and wait it out. If there was a large amount of inventory coming online but with no buyers out there then I’d give you argument more weight, but there are enough of us knife catchers to screw up your grand plans of collapse. The fact of the matter is the average family with an average income can afford an average home with a traditional mortgage out here.

You have to remember that us piggs and bears in general are the *very* small minority. The general public (the folks buying these homes) are for the most part not educated in the market or even the the economic forces causing this mess. They’ve watched prices shoot up beyond their means (even in such a horrible place like Temecula) and now they see beautiful homes available for less than they are renting. Job losses or not, when you have house prices that can be supported with a dual income family with retail jobs you have indicators of a stable/bottomed market.

I have a close friend that just opened escrow out here, 2 years out of school, recently married, single income teacher’s salary. Parents supplied 3% downpayment. They’re paying less for a house than their 1bdrm apartment in Menifee. Think about it. Homes more affordable than renting, government intervention, prices in line with income.

You also need to look at the regional picture – Temecula contends with cheaper option north – Menifee, Perris, Wildomar, Lake Elsinore, Moreno Valley, Hemet. If Temecula goes down to 50, 60 psqft for average places are we going to see homes in Menifee for $25/sqft??? Moreno Valley, $10/sqft?

Where do *you* see a bottom in prices?

[eclipxe]

Let the supply increase. Based on the bidding wars and level of activity I’ve seen first hand (as in I spend time in real estate offices seeing pending contracts, closed escrows, multiple offers) I think increased supply (assuming the Govt doesn’t intervene any more (like that is likely)) will have a small effect out here. At a certain price it makes no sense for a bank to release the inventory if they feel they can hold it on their books and wait it out. If there was a large amount of inventory coming online but with no buyers out there then I’d give you argument more weight, but there are enough of us knife catchers to screw up your grand plans of collapse. The fact of the matter is the average family with an average income can afford an average home with a traditional mortgage out here.

You have to remember that us piggs and bears in general are the *very* small minority. The general public (the folks buying these homes) are for the most part not educated in the market or even the the economic forces causing this mess. They’ve watched prices shoot up beyond their means (even in such a horrible place like Temecula) and now they see beautiful homes available for less than they are renting. Job losses or not, when you have house prices that can be supported with a dual income family with retail jobs you have indicators of a stable/bottomed market.

I have a close friend that just opened escrow out here, 2 years out of school, recently married, single income teacher’s salary. Parents supplied 3% downpayment. They’re paying less for a house than their 1bdrm apartment in Menifee. Think about it. Homes more affordable than renting, government intervention, prices in line with income.

You also need to look at the regional picture – Temecula contends with cheaper option north – Menifee, Perris, Wildomar, Lake Elsinore, Moreno Valley, Hemet. If Temecula goes down to 50, 60 psqft for average places are we going to see homes in Menifee for $25/sqft??? Moreno Valley, $10/sqft?

Where do *you* see a bottom in prices?

[eclipxe]

Let the supply increase. Based on the bidding wars and level of activity I’ve seen first hand (as in I spend time in real estate offices seeing pending contracts, closed escrows, multiple offers) I think increased supply (assuming the Govt doesn’t intervene any more (like that is likely)) will have a small effect out here. At a certain price it makes no sense for a bank to release the inventory if they feel they can hold it on their books and wait it out. If there was a large amount of inventory coming online but with no buyers out there then I’d give you argument more weight, but there are enough of us knife catchers to screw up your grand plans of collapse. The fact of the matter is the average family with an average income can afford an average home with a traditional mortgage out here.

You have to remember that us piggs and bears in general are the *very* small minority. The general public (the folks buying these homes) are for the most part not educated in the market or even the the economic forces causing this mess. They’ve watched prices shoot up beyond their means (even in such a horrible place like Temecula) and now they see beautiful homes available for less than they are renting. Job losses or not, when you have house prices that can be supported with a dual income family with retail jobs you have indicators of a stable/bottomed market.

I have a close friend that just opened escrow out here, 2 years out of school, recently married, single income teacher’s salary. Parents supplied 3% downpayment. They’re paying less for a house than their 1bdrm apartment in Menifee. Think about it. Homes more affordable than renting, government intervention, prices in line with income.

You also need to look at the regional picture – Temecula contends with cheaper option north – Menifee, Perris, Wildomar, Lake Elsinore, Moreno Valley, Hemet. If Temecula goes down to 50, 60 psqft for average places are we going to see homes in Menifee for $25/sqft??? Moreno Valley, $10/sqft?

Where do *you* see a bottom in prices?

[unbiasedobserver]

“Think about it. Homes more affordable than renting.”

If you strip out 100% of the speculation of getting rich from RE (impossible at this point in time and probably always impossible in California- land of the get-rich quick real-estate tycoons), housing should always be cheaper than renting, why else would any man ever consider strapping a boat anchor around his neck?

[unbiasedobserver]

“Think about it. Homes more affordable than renting.”

If you strip out 100% of the speculation of getting rich from RE (impossible at this point in time and probably always impossible in California- land of the get-rich quick real-estate tycoons), housing should always be cheaper than renting, why else would any man ever consider strapping a boat anchor around his neck?

[unbiasedobserver]

“Think about it. Homes more affordable than renting.”

If you strip out 100% of the speculation of getting rich from RE (impossible at this point in time and probably always impossible in California- land of the get-rich quick real-estate tycoons), housing should always be cheaper than renting, why else would any man ever consider strapping a boat anchor around his neck?

[unbiasedobserver]

“Think about it. Homes more affordable than renting.”

If you strip out 100% of the speculation of getting rich from RE (impossible at this point in time and probably always impossible in California- land of the get-rich quick real-estate tycoons), housing should always be cheaper than renting, why else would any man ever consider strapping a boat anchor around his neck?

[unbiasedobserver]

“Think about it. Homes more affordable than renting.”

If you strip out 100% of the speculation of getting rich from RE (impossible at this point in time and probably always impossible in California- land of the get-rich quick real-estate tycoons), housing should always be cheaper than renting, why else would any man ever consider strapping a boat anchor around his neck?

[sdrealtor]

At current RC pricing early baby boomers can afford to buy homes witht heir social security checks. Whaddaya say Billy Bob? Where would you rather spend the rest of your retirement Claude, Texas and all the wonderful amenities it has to offer or sipping TV wines while TG oggles your daughter in the tasting rooms?

[sdrealtor]

At current RC pricing early baby boomers can afford to buy homes witht heir social security checks. Whaddaya say Billy Bob? Where would you rather spend the rest of your retirement Claude, Texas and all the wonderful amenities it has to offer or sipping TV wines while TG oggles your daughter in the tasting rooms?

[sdrealtor]

At current RC pricing early baby boomers can afford to buy homes witht heir social security checks. Whaddaya say Billy Bob? Where would you rather spend the rest of your retirement Claude, Texas and all the wonderful amenities it has to offer or sipping TV wines while TG oggles your daughter in the tasting rooms?

[sdrealtor]

At current RC pricing early baby boomers can afford to buy homes witht heir social security checks. Whaddaya say Billy Bob? Where would you rather spend the rest of your retirement Claude, Texas and all the wonderful amenities it has to offer or sipping TV wines while TG oggles your daughter in the tasting rooms?

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