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February 10, 2009 at 9:05 PM #344779February 11, 2009 at 8:36 AM #344346
34f3f3f
Participant[quote=poorsaver]I live in one of the so called “high end” neighborhoods, eastern LA county, and let me tell you I’ve been waiting it out by renting for over three years now, with no luck. In fact, just this last week, two properties just sold at prices near 2M. Prices are off at most 5-10 percent from peaks. The house across from me sold last year in two days for full asking price of 2.2M. I’m going to give it until my lease comes up in December, but if prices don’t fold by then, I might just give up and head to San Diego.[/quote]
Poorsaver, your same as me then. I am amazed to see areas in LA, such as Sierra Madre, Pasadena, San Marino that are still putting homes on the market for more than they were purchased for during the peak. Having said that I have also seen many homes sit on the market for months, and are eventually removed. There’s probably more stupid money in LA than SD, but apart from isolated cases I very much doubt this is the rule, more the exception. People tend to have the heads in the sand in LA, but the reality usually catches up.
February 11, 2009 at 8:36 AM #344668Participant[quote=poorsaver]I live in one of the so called “high end” neighborhoods, eastern LA county, and let me tell you I’ve been waiting it out by renting for over three years now, with no luck. In fact, just this last week, two properties just sold at prices near 2M. Prices are off at most 5-10 percent from peaks. The house across from me sold last year in two days for full asking price of 2.2M. I’m going to give it until my lease comes up in December, but if prices don’t fold by then, I might just give up and head to San Diego.[/quote]
Poorsaver, your same as me then. I am amazed to see areas in LA, such as Sierra Madre, Pasadena, San Marino that are still putting homes on the market for more than they were purchased for during the peak. Having said that I have also seen many homes sit on the market for months, and are eventually removed. There’s probably more stupid money in LA than SD, but apart from isolated cases I very much doubt this is the rule, more the exception. People tend to have the heads in the sand in LA, but the reality usually catches up.
February 11, 2009 at 8:36 AM #344776Participant[quote=poorsaver]I live in one of the so called “high end” neighborhoods, eastern LA county, and let me tell you I’ve been waiting it out by renting for over three years now, with no luck. In fact, just this last week, two properties just sold at prices near 2M. Prices are off at most 5-10 percent from peaks. The house across from me sold last year in two days for full asking price of 2.2M. I’m going to give it until my lease comes up in December, but if prices don’t fold by then, I might just give up and head to San Diego.[/quote]
Poorsaver, your same as me then. I am amazed to see areas in LA, such as Sierra Madre, Pasadena, San Marino that are still putting homes on the market for more than they were purchased for during the peak. Having said that I have also seen many homes sit on the market for months, and are eventually removed. There’s probably more stupid money in LA than SD, but apart from isolated cases I very much doubt this is the rule, more the exception. People tend to have the heads in the sand in LA, but the reality usually catches up.
February 11, 2009 at 8:36 AM #344807Participant[quote=poorsaver]I live in one of the so called “high end” neighborhoods, eastern LA county, and let me tell you I’ve been waiting it out by renting for over three years now, with no luck. In fact, just this last week, two properties just sold at prices near 2M. Prices are off at most 5-10 percent from peaks. The house across from me sold last year in two days for full asking price of 2.2M. I’m going to give it until my lease comes up in December, but if prices don’t fold by then, I might just give up and head to San Diego.[/quote]
Poorsaver, your same as me then. I am amazed to see areas in LA, such as Sierra Madre, Pasadena, San Marino that are still putting homes on the market for more than they were purchased for during the peak. Having said that I have also seen many homes sit on the market for months, and are eventually removed. There’s probably more stupid money in LA than SD, but apart from isolated cases I very much doubt this is the rule, more the exception. People tend to have the heads in the sand in LA, but the reality usually catches up.
February 11, 2009 at 8:36 AM #344904Participant[quote=poorsaver]I live in one of the so called “high end” neighborhoods, eastern LA county, and let me tell you I’ve been waiting it out by renting for over three years now, with no luck. In fact, just this last week, two properties just sold at prices near 2M. Prices are off at most 5-10 percent from peaks. The house across from me sold last year in two days for full asking price of 2.2M. I’m going to give it until my lease comes up in December, but if prices don’t fold by then, I might just give up and head to San Diego.[/quote]
Poorsaver, your same as me then. I am amazed to see areas in LA, such as Sierra Madre, Pasadena, San Marino that are still putting homes on the market for more than they were purchased for during the peak. Having said that I have also seen many homes sit on the market for months, and are eventually removed. There’s probably more stupid money in LA than SD, but apart from isolated cases I very much doubt this is the rule, more the exception. People tend to have the heads in the sand in LA, but the reality usually catches up.
February 11, 2009 at 9:11 AM #344356peterb
ParticipantUnemployment at current levels is devistating for RE prices. As Rich has just reported, NOD’s are cranking way up again. What are the loan amounts on these newly minted NOD’s? If one could argue that the last two years saw subprime implode and subprime was mostly lower-end priced homes, then what’s left to go NOD? Perhaps higher $ amount loans? Food for thought.
February 11, 2009 at 9:11 AM #344678ParticipantUnemployment at current levels is devistating for RE prices. As Rich has just reported, NOD’s are cranking way up again. What are the loan amounts on these newly minted NOD’s? If one could argue that the last two years saw subprime implode and subprime was mostly lower-end priced homes, then what’s left to go NOD? Perhaps higher $ amount loans? Food for thought.
February 11, 2009 at 9:11 AM #344786ParticipantUnemployment at current levels is devistating for RE prices. As Rich has just reported, NOD’s are cranking way up again. What are the loan amounts on these newly minted NOD’s? If one could argue that the last two years saw subprime implode and subprime was mostly lower-end priced homes, then what’s left to go NOD? Perhaps higher $ amount loans? Food for thought.
February 11, 2009 at 9:11 AM #344817ParticipantUnemployment at current levels is devistating for RE prices. As Rich has just reported, NOD’s are cranking way up again. What are the loan amounts on these newly minted NOD’s? If one could argue that the last two years saw subprime implode and subprime was mostly lower-end priced homes, then what’s left to go NOD? Perhaps higher $ amount loans? Food for thought.
February 11, 2009 at 9:11 AM #344914ParticipantUnemployment at current levels is devistating for RE prices. As Rich has just reported, NOD’s are cranking way up again. What are the loan amounts on these newly minted NOD’s? If one could argue that the last two years saw subprime implode and subprime was mostly lower-end priced homes, then what’s left to go NOD? Perhaps higher $ amount loans? Food for thought.
February 11, 2009 at 10:16 AM #344426cr
ParticipantLA resident here, and agree on the last two points.
I’ve been watching Ziprealty inventories for months now and I’ve recently seen a significant increase in high end listings.
I mentioned this elsewhere; I’d argue that particularly in LA most of the high end drop-off is due more to tightened lending than it is to resetting loans, recast payments, or job losses.
Sub-prime was a disaster that set in motion a return to what lending standards should be. Once the fallout of bad “prime”, alt-a, ninja, I/O, option ARMs starts hitting the high-end will suffer just as much.
Don’t forget “high-end” was middle class families who moved up the housing chain just like sub-prime borrowers.
February 11, 2009 at 10:16 AM #344748ParticipantLA resident here, and agree on the last two points.
I’ve been watching Ziprealty inventories for months now and I’ve recently seen a significant increase in high end listings.
I mentioned this elsewhere; I’d argue that particularly in LA most of the high end drop-off is due more to tightened lending than it is to resetting loans, recast payments, or job losses.
Sub-prime was a disaster that set in motion a return to what lending standards should be. Once the fallout of bad “prime”, alt-a, ninja, I/O, option ARMs starts hitting the high-end will suffer just as much.
Don’t forget “high-end” was middle class families who moved up the housing chain just like sub-prime borrowers.
February 11, 2009 at 10:16 AM #344856ParticipantLA resident here, and agree on the last two points.
I’ve been watching Ziprealty inventories for months now and I’ve recently seen a significant increase in high end listings.
I mentioned this elsewhere; I’d argue that particularly in LA most of the high end drop-off is due more to tightened lending than it is to resetting loans, recast payments, or job losses.
Sub-prime was a disaster that set in motion a return to what lending standards should be. Once the fallout of bad “prime”, alt-a, ninja, I/O, option ARMs starts hitting the high-end will suffer just as much.
Don’t forget “high-end” was middle class families who moved up the housing chain just like sub-prime borrowers.
February 11, 2009 at 10:16 AM #344887ParticipantLA resident here, and agree on the last two points.
I’ve been watching Ziprealty inventories for months now and I’ve recently seen a significant increase in high end listings.
I mentioned this elsewhere; I’d argue that particularly in LA most of the high end drop-off is due more to tightened lending than it is to resetting loans, recast payments, or job losses.
Sub-prime was a disaster that set in motion a return to what lending standards should be. Once the fallout of bad “prime”, alt-a, ninja, I/O, option ARMs starts hitting the high-end will suffer just as much.
Don’t forget “high-end” was middle class families who moved up the housing chain just like sub-prime borrowers.
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