Ouch! SD Union Telling Like it is – March 2004 Overall Median Reached

[New_Renter]

http://www.signonsandiego.com/news/business/20071217-9999-bn17prices.html

Get this statement:
“(November) was a bigger decline than the 11.7 percent peak-to-trough drop from 1992 to 1996, when the San Diego economy slid into a deep, prolonged recession.”

Also, the Union seems to finally be coming to their senses and giving less airplay to the untrustworthy realtor association spin.

Reality is setting in…2003 levels coming to a neighborhood near you soon…

Here is the one token “blue-sky” comment from local realtors:
“Sales last month totaled 2,400 transactions, down 26.1 percent from a year earlier but up 3.1 percent from October, an unusual seasonal upturn and indicative of a possible recovery from the slump induced by the credit crunch that hit in August, area real estate agents said.”

Yeah right…..

[NotCranky]

I sold a house in Poway to a young engineer, in March of 2004. Coincidentally, the house was at the combined median for the time as stated by your article. The sentiment associated with buying that house now vs.then, considering a family with the exact same means doing the same thing is so incredibly different. I did BTW, warn them several times that they could easily find themeselves upside down including beyond their 20% down and they should consider a scenario with at least six months without income. They were really sober about the deal but there was no real fear like there is now.
What all this makes me wonder, is… when will that soberness come back? So, I will stop there and ponder the question.

[NotCranky]

I sold a house in Poway to a young engineer, in March of 2004. Coincidentally, the house was at the combined median for the time as stated by your article. The sentiment associated with buying that house now vs.then, considering a family with the exact same means doing the same thing is so incredibly different. I did BTW, warn them several times that they could easily find themeselves upside down including beyond their 20% down and they should consider a scenario with at least six months without income. They were really sober about the deal but there was no real fear like there is now.
What all this makes me wonder, is… when will that soberness come back? So, I will stop there and ponder the question.

[NotCranky]

I sold a house in Poway to a young engineer, in March of 2004. Coincidentally, the house was at the combined median for the time as stated by your article. The sentiment associated with buying that house now vs.then, considering a family with the exact same means doing the same thing is so incredibly different. I did BTW, warn them several times that they could easily find themeselves upside down including beyond their 20% down and they should consider a scenario with at least six months without income. They were really sober about the deal but there was no real fear like there is now.
What all this makes me wonder, is… when will that soberness come back? So, I will stop there and ponder the question.

[NotCranky]

I sold a house in Poway to a young engineer, in March of 2004. Coincidentally, the house was at the combined median for the time as stated by your article. The sentiment associated with buying that house now vs.then, considering a family with the exact same means doing the same thing is so incredibly different. I did BTW, warn them several times that they could easily find themeselves upside down including beyond their 20% down and they should consider a scenario with at least six months without income. They were really sober about the deal but there was no real fear like there is now.
What all this makes me wonder, is… when will that soberness come back? So, I will stop there and ponder the question.

[NotCranky]

I sold a house in Poway to a young engineer, in March of 2004. Coincidentally, the house was at the combined median for the time as stated by your article. The sentiment associated with buying that house now vs.then, considering a family with the exact same means doing the same thing is so incredibly different. I did BTW, warn them several times that they could easily find themeselves upside down including beyond their 20% down and they should consider a scenario with at least six months without income. They were really sober about the deal but there was no real fear like there is now.
What all this makes me wonder, is… when will that soberness come back? So, I will stop there and ponder the question.

[New_Renter]

Rustico,
I think it is pretty amazing you were advising people way back in March 2004 about the possibility of a large drop in the market! I would think people would be hard-pressed to name other realtors that were giving that kind of warning/advice back then, as most were still caught up in the frenzy. Even today, all the realtors knocking on my door are still spouting blue-sky scenarios. I only know of one other Realtor (besides yourself) who was saying simlar things back in 2004 (SD Realtor, I wouldn’t be surprised if you were too). That was also about the time I stopped doing flips/rehabs as I began to fear what may have been coming down the road.

BTW, a good indicator of the state of the market is how many realtors are walking the streets knocking on people’s doors. In the last few weeks I’ve had at least two each week. Hey, I think I found a new market indicator! Let’s graph it! 😉

[New_Renter]

Rustico,
I think it is pretty amazing you were advising people way back in March 2004 about the possibility of a large drop in the market! I would think people would be hard-pressed to name other realtors that were giving that kind of warning/advice back then, as most were still caught up in the frenzy. Even today, all the realtors knocking on my door are still spouting blue-sky scenarios. I only know of one other Realtor (besides yourself) who was saying simlar things back in 2004 (SD Realtor, I wouldn’t be surprised if you were too). That was also about the time I stopped doing flips/rehabs as I began to fear what may have been coming down the road.

BTW, a good indicator of the state of the market is how many realtors are walking the streets knocking on people’s doors. In the last few weeks I’ve had at least two each week. Hey, I think I found a new market indicator! Let’s graph it! 😉

[New_Renter]

Rustico,
I think it is pretty amazing you were advising people way back in March 2004 about the possibility of a large drop in the market! I would think people would be hard-pressed to name other realtors that were giving that kind of warning/advice back then, as most were still caught up in the frenzy. Even today, all the realtors knocking on my door are still spouting blue-sky scenarios. I only know of one other Realtor (besides yourself) who was saying simlar things back in 2004 (SD Realtor, I wouldn’t be surprised if you were too). That was also about the time I stopped doing flips/rehabs as I began to fear what may have been coming down the road.

BTW, a good indicator of the state of the market is how many realtors are walking the streets knocking on people’s doors. In the last few weeks I’ve had at least two each week. Hey, I think I found a new market indicator! Let’s graph it! 😉

[New_Renter]

Rustico,
I think it is pretty amazing you were advising people way back in March 2004 about the possibility of a large drop in the market! I would think people would be hard-pressed to name other realtors that were giving that kind of warning/advice back then, as most were still caught up in the frenzy. Even today, all the realtors knocking on my door are still spouting blue-sky scenarios. I only know of one other Realtor (besides yourself) who was saying simlar things back in 2004 (SD Realtor, I wouldn’t be surprised if you were too). That was also about the time I stopped doing flips/rehabs as I began to fear what may have been coming down the road.

BTW, a good indicator of the state of the market is how many realtors are walking the streets knocking on people’s doors. In the last few weeks I’ve had at least two each week. Hey, I think I found a new market indicator! Let’s graph it! 😉

[New_Renter]

Rustico,
I think it is pretty amazing you were advising people way back in March 2004 about the possibility of a large drop in the market! I would think people would be hard-pressed to name other realtors that were giving that kind of warning/advice back then, as most were still caught up in the frenzy. Even today, all the realtors knocking on my door are still spouting blue-sky scenarios. I only know of one other Realtor (besides yourself) who was saying simlar things back in 2004 (SD Realtor, I wouldn’t be surprised if you were too). That was also about the time I stopped doing flips/rehabs as I began to fear what may have been coming down the road.

BTW, a good indicator of the state of the market is how many realtors are walking the streets knocking on people’s doors. In the last few weeks I’ve had at least two each week. Hey, I think I found a new market indicator! Let’s graph it! 😉

[betting on fall]

For those of you who don’t get the actual “meat space” newspaper, you missed the massive headline and article, taking up about 3/4 of the upper fold of the front page.
Its the kind of treatment usually given to things like announcements of middle east peace or Chargers clinching division titles.

It dispels my concerns that the UT would bury this stuff to protect their realtor advertisers. And the local TV news folks basically just read the U-T to figure out what they should cover, so expect this story to get big play tonight.

For someone like me waiting to buy, seeing this headline was an early Christmas present. Hopefully, Joe Seller will stop thinking his house is worth what his idiot neighbor paid in 2006 and finally start pricing based on today’s reality.

[betting on fall]

For those of you who don’t get the actual “meat space” newspaper, you missed the massive headline and article, taking up about 3/4 of the upper fold of the front page.
Its the kind of treatment usually given to things like announcements of middle east peace or Chargers clinching division titles.

It dispels my concerns that the UT would bury this stuff to protect their realtor advertisers. And the local TV news folks basically just read the U-T to figure out what they should cover, so expect this story to get big play tonight.

For someone like me waiting to buy, seeing this headline was an early Christmas present. Hopefully, Joe Seller will stop thinking his house is worth what his idiot neighbor paid in 2006 and finally start pricing based on today’s reality.

[betting on fall]

For those of you who don’t get the actual “meat space” newspaper, you missed the massive headline and article, taking up about 3/4 of the upper fold of the front page.
Its the kind of treatment usually given to things like announcements of middle east peace or Chargers clinching division titles.

It dispels my concerns that the UT would bury this stuff to protect their realtor advertisers. And the local TV news folks basically just read the U-T to figure out what they should cover, so expect this story to get big play tonight.

For someone like me waiting to buy, seeing this headline was an early Christmas present. Hopefully, Joe Seller will stop thinking his house is worth what his idiot neighbor paid in 2006 and finally start pricing based on today’s reality.

[betting on fall]

For those of you who don’t get the actual “meat space” newspaper, you missed the massive headline and article, taking up about 3/4 of the upper fold of the front page.
Its the kind of treatment usually given to things like announcements of middle east peace or Chargers clinching division titles.

It dispels my concerns that the UT would bury this stuff to protect their realtor advertisers. And the local TV news folks basically just read the U-T to figure out what they should cover, so expect this story to get big play tonight.

For someone like me waiting to buy, seeing this headline was an early Christmas present. Hopefully, Joe Seller will stop thinking his house is worth what his idiot neighbor paid in 2006 and finally start pricing based on today’s reality.

[Author]

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