FLU has it right. Check the historic correlation in CA between unemplpoyment and house prices. Anything about 7% is a killer for the RE market. And we just came in at 8.2% and rising. If you estimate that this recession started about a year ago, we probably have at least a couple more years left for the unemployment level to increase.
I could see interest rates go down more just because the volume of mortgages will decrease. This is deflation. So the old 5% is the new 7%. Perhaps this could happen if the risk was mitigated with a high downpayment? 25% down, with a 4.5% for 30 years? Might happen.
If you look back to last year, the RE shills were claiming “buy now because prices are down and rates are historically low”.
Now one year later, prices are down 26.3% in San Diego and rates are lower. People who bought last year were knife catchers, soon to become FBs. If they put 20% down, they are already upside down.
If you look back to last year, the RE shills were claiming “buy now because prices are down and rates are historically low”.
Now one year later, prices are down 26.3% in San Diego and rates are lower. People who bought last year were knife catchers, soon to become FBs. If they put 20% down, they are already upside down.
If you look back to last year, the RE shills were claiming “buy now because prices are down and rates are historically low”.
Now one year later, prices are down 26.3% in San Diego and rates are lower. People who bought last year were knife catchers, soon to become FBs. If they put 20% down, they are already upside down.
If you look back to last year, the RE shills were claiming “buy now because prices are down and rates are historically low”.
Now one year later, prices are down 26.3% in San Diego and rates are lower. People who bought last year were knife catchers, soon to become FBs. If they put 20% down, they are already upside down.
If you look back to last year, the RE shills were claiming “buy now because prices are down and rates are historically low”.
Now one year later, prices are down 26.3% in San Diego and rates are lower. People who bought last year were knife catchers, soon to become FBs. If they put 20% down, they are already upside down.
