- This topic has 36 replies, 11 voices, and was last updated 17 years, 3 months ago by
JWM in SD.
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August 15, 2007 at 9:02 AM #75706August 15, 2007 at 9:53 AM #75748
(former)FormerSanDiegan
ParticipantA partial explanation: Some of these homes may not have mortgages on them.
About 23% of homes in SD don’t have mortgages according to the source below as of 2005 … ” 77.2% of San Diego’s owner occupied homes had a mortgage. 31.7% of owner occupied homes in San Diego had one or more second mortgages.”
http://www.citytowninfo.com/places/california/san-diego/mortgage
August 15, 2007 at 9:53 AM #75744ParticipantA partial explanation: Some of these homes may not have mortgages on them.
About 23% of homes in SD don’t have mortgages according to the source below as of 2005 … ” 77.2% of San Diego’s owner occupied homes had a mortgage. 31.7% of owner occupied homes in San Diego had one or more second mortgages.”
http://www.citytowninfo.com/places/california/san-diego/mortgage
August 15, 2007 at 9:53 AM #75627ParticipantA partial explanation: Some of these homes may not have mortgages on them.
About 23% of homes in SD don’t have mortgages according to the source below as of 2005 … ” 77.2% of San Diego’s owner occupied homes had a mortgage. 31.7% of owner occupied homes in San Diego had one or more second mortgages.”
http://www.citytowninfo.com/places/california/san-diego/mortgage
August 15, 2007 at 10:03 AM #75633SD Realtor
Participantddm I know it is frustrating…
chant the mantra… sticky on the way down…
Everyone has their own reasons… as FSD pointed out some homes may have large equity stakes or even fully owned. In some cases these people think “well it will pick up again in the spring..” In other cases they get bad advice from friends or bullish real estate professionals… in other cases they may be just sitting and not paying their mortgage and letting the home slide away because they don’t want to go through a short sale and get hit with potential tax liabilities.
As Bugs said the RE machine will do all they can to combat common sense. They will build up a facade, they will have nice parties that Cyphire, myself and our kids will crash, and they will throw ALOT of money at all kinds of advertising media to counter the trend.
I gave up getting to wound up about it about 18 months ago because it will keep happening. Common sense is not so common when emotions get involved.
SD Realtor
August 15, 2007 at 10:03 AM #75750Participantddm I know it is frustrating…
chant the mantra… sticky on the way down…
Everyone has their own reasons… as FSD pointed out some homes may have large equity stakes or even fully owned. In some cases these people think “well it will pick up again in the spring..” In other cases they get bad advice from friends or bullish real estate professionals… in other cases they may be just sitting and not paying their mortgage and letting the home slide away because they don’t want to go through a short sale and get hit with potential tax liabilities.
As Bugs said the RE machine will do all they can to combat common sense. They will build up a facade, they will have nice parties that Cyphire, myself and our kids will crash, and they will throw ALOT of money at all kinds of advertising media to counter the trend.
I gave up getting to wound up about it about 18 months ago because it will keep happening. Common sense is not so common when emotions get involved.
SD Realtor
August 15, 2007 at 10:03 AM #75754Participantddm I know it is frustrating…
chant the mantra… sticky on the way down…
Everyone has their own reasons… as FSD pointed out some homes may have large equity stakes or even fully owned. In some cases these people think “well it will pick up again in the spring..” In other cases they get bad advice from friends or bullish real estate professionals… in other cases they may be just sitting and not paying their mortgage and letting the home slide away because they don’t want to go through a short sale and get hit with potential tax liabilities.
As Bugs said the RE machine will do all they can to combat common sense. They will build up a facade, they will have nice parties that Cyphire, myself and our kids will crash, and they will throw ALOT of money at all kinds of advertising media to counter the trend.
I gave up getting to wound up about it about 18 months ago because it will keep happening. Common sense is not so common when emotions get involved.
SD Realtor
August 15, 2007 at 12:41 PM #75839ibjames
ParticipantI don’t think things will change until articles come out about people that recently bought and are now upside down. I’m talking post boom purchasing.
If someone bought in 2006 and are already upside down, that’ll catch like wild fire.
August 15, 2007 at 12:41 PM #75836ParticipantI don’t think things will change until articles come out about people that recently bought and are now upside down. I’m talking post boom purchasing.
If someone bought in 2006 and are already upside down, that’ll catch like wild fire.
August 15, 2007 at 12:41 PM #75719ParticipantI don’t think things will change until articles come out about people that recently bought and are now upside down. I’m talking post boom purchasing.
If someone bought in 2006 and are already upside down, that’ll catch like wild fire.
August 15, 2007 at 12:49 PM #75837JWM in SD
Participant“does it make business sense to leave an empty home with $500k mortgage for half a year without selling and renting. Are these owners really that rich? They are losing money every single day, yet they do not want to lower the price. What kind of idiots are these? It does not make any sense to me at all. Can anyone doing this business tell me some logical reasons please?”
No it doesn’t and the banks will have to deal with that issue as well. Anyone notice Country Fried’s Stock Price today???
August 15, 2007 at 12:49 PM #75722Participant“does it make business sense to leave an empty home with $500k mortgage for half a year without selling and renting. Are these owners really that rich? They are losing money every single day, yet they do not want to lower the price. What kind of idiots are these? It does not make any sense to me at all. Can anyone doing this business tell me some logical reasons please?”
No it doesn’t and the banks will have to deal with that issue as well. Anyone notice Country Fried’s Stock Price today???
August 15, 2007 at 12:49 PM #75841Participant“does it make business sense to leave an empty home with $500k mortgage for half a year without selling and renting. Are these owners really that rich? They are losing money every single day, yet they do not want to lower the price. What kind of idiots are these? It does not make any sense to me at all. Can anyone doing this business tell me some logical reasons please?”
No it doesn’t and the banks will have to deal with that issue as well. Anyone notice Country Fried’s Stock Price today???
August 15, 2007 at 1:00 PM #75728PerryChase
ParticipantEx-SD. You make too much sense. An empty house costs a lot of money in holding costs and rental income not received.
I have a friend (not close) who is selling his house. Spent money repainting it and laying hardward floors. He bought in 2003, moved to LA, and rented out the house. The house does not cash flow so that’s why he’s selling.
The house is sitting on the market bleeding money everyday. He complains about the market. So I say “maybe, the market will pickup in the Spring.” If he’s listening to me, he’ll catch the falling knife. But what is one to say in polite conversation? (good thing I have Piggington as an outlet :))
August 15, 2007 at 1:00 PM #75845ParticipantEx-SD. You make too much sense. An empty house costs a lot of money in holding costs and rental income not received.
I have a friend (not close) who is selling his house. Spent money repainting it and laying hardward floors. He bought in 2003, moved to LA, and rented out the house. The house does not cash flow so that’s why he’s selling.
The house is sitting on the market bleeding money everyday. He complains about the market. So I say “maybe, the market will pickup in the Spring.” If he’s listening to me, he’ll catch the falling knife. But what is one to say in polite conversation? (good thing I have Piggington as an outlet :))
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