maximum previous peak-to-bottom price decline?

[cantab]

http://www.redfin.com/stingray/do/printable-listing?listing-id=794595

This is the house in Corona that was described in the August 12 LA Times article about the overhang of unsold bank-owned houses.

It’s listed for $395K now. Here is the sale history:

11/07/2006 $314,500 8.6%/yr
09/30/1997 $148,000 -31.4%/yr
08/15/1994 $480,000

I’m guessing that $314,500 is the amount of the first mortgage, when the bank took it back. The $148K price in 1997 agrees with the LA Times story. What is surprising is 480K in 1994. Redfin indicates the house was built in 1997. Can anyone explain this?

[cantab]

down 30% already in SD

http://www.redfin.com/stingray/do/printable-listing?listing-id=857995

This house in City Heights is bank-owned by Wells Fargo and offered for $254,900. The sale history is enlightening:

04/24/2007 $300,715 -20.0%/yr
03/15/2006 $385,000 16.5%/yr
07/02/2003 $255,000 36.3%/yr
04/01/1999 $68,500 43.2%/yr
09/17/1998 $56,500 2.0%/yr
12/15/1994 $52,500 -19.6%/yr
11/02/1993 $66,955 -2.8%/yr
01/27/1989 $76,500 —

At the previous peak of the market (late 1989) the house was worth perhaps $80K. At the bottom of the market in 1996 it fell to perhaps $50K, a decline of 38%. This is bigger than the average decline in San Diego, because this is (frankly!) a tiny shack in a bad neighborhood.

The house has already fallen by over 30% in the current decline, from $385K to $255K, which coincidentally is the July 2003 value. Any predictions how much further it will fall?

[cantab]

down 30% already in SD

http://www.redfin.com/stingray/do/printable-listing?listing-id=857995

This house in City Heights is bank-owned by Wells Fargo and offered for $254,900. The sale history is enlightening:

04/24/2007 $300,715 -20.0%/yr
03/15/2006 $385,000 16.5%/yr
07/02/2003 $255,000 36.3%/yr
04/01/1999 $68,500 43.2%/yr
09/17/1998 $56,500 2.0%/yr
12/15/1994 $52,500 -19.6%/yr
11/02/1993 $66,955 -2.8%/yr
01/27/1989 $76,500 —

At the previous peak of the market (late 1989) the house was worth perhaps $80K. At the bottom of the market in 1996 it fell to perhaps $50K, a decline of 38%. This is bigger than the average decline in San Diego, because this is (frankly!) a tiny shack in a bad neighborhood.

The house has already fallen by over 30% in the current decline, from $385K to $255K, which coincidentally is the July 2003 value. Any predictions how much further it will fall?

[cantab]

down 30% already in SD

http://www.redfin.com/stingray/do/printable-listing?listing-id=857995

This house in City Heights is bank-owned by Wells Fargo and offered for $254,900. The sale history is enlightening:

04/24/2007 $300,715 -20.0%/yr
03/15/2006 $385,000 16.5%/yr
07/02/2003 $255,000 36.3%/yr
04/01/1999 $68,500 43.2%/yr
09/17/1998 $56,500 2.0%/yr
12/15/1994 $52,500 -19.6%/yr
11/02/1993 $66,955 -2.8%/yr
01/27/1989 $76,500 —

At the previous peak of the market (late 1989) the house was worth perhaps $80K. At the bottom of the market in 1996 it fell to perhaps $50K, a decline of 38%. This is bigger than the average decline in San Diego, because this is (frankly!) a tiny shack in a bad neighborhood.

The house has already fallen by over 30% in the current decline, from $385K to $255K, which coincidentally is the July 2003 value. Any predictions how much further it will fall?

[Arraya]

385K for a 800 sqft home in City Heights! Here is what zillow says about CH.

# They tend to have a modest income relative to housing cost.
# There’s a higher percentage of people who work in food preparation or serving-related occupations.

The CH residents can not afford that price. Maybe if you put the price in the 135-165K range. That house went up almost 800% in 10 years…

[Arraya]

385K for a 800 sqft home in City Heights! Here is what zillow says about CH.

# They tend to have a modest income relative to housing cost.
# There’s a higher percentage of people who work in food preparation or serving-related occupations.

The CH residents can not afford that price. Maybe if you put the price in the 135-165K range. That house went up almost 800% in 10 years…

[Arraya]

385K for a 800 sqft home in City Heights! Here is what zillow says about CH.

# They tend to have a modest income relative to housing cost.
# There’s a higher percentage of people who work in food preparation or serving-related occupations.

The CH residents can not afford that price. Maybe if you put the price in the 135-165K range. That house went up almost 800% in 10 years…

[JWM in SD]

“07/02/2003 $255,000 36.3%/yr
04/01/1999 $68,500 43.2%/yr”

Anyone here still in doubt that M3 got out of control after 2001??? Really????

[JWM in SD]

“07/02/2003 $255,000 36.3%/yr
04/01/1999 $68,500 43.2%/yr”

Anyone here still in doubt that M3 got out of control after 2001??? Really????

[JWM in SD]

“07/02/2003 $255,000 36.3%/yr
04/01/1999 $68,500 43.2%/yr”

Anyone here still in doubt that M3 got out of control after 2001??? Really????

[Anonymous]

I think it would be hard for anyone who’s done their homework to have doubted that, especially recently.

edit: Maybe some have not understood what it meant though. Until about a year ago I would have probably thought it was a car.

[Anonymous]

I think it would be hard for anyone who’s done their homework to have doubted that, especially recently.

edit: Maybe some have not understood what it meant though. Until about a year ago I would have probably thought it was a car.

[Anonymous]

I think it would be hard for anyone who’s done their homework to have doubted that, especially recently.

edit: Maybe some have not understood what it meant though. Until about a year ago I would have probably thought it was a car.

[Author]

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