- This topic has 185 replies, 19 voices, and was last updated 15 years, 2 months ago by
Nor-LA-SD-guy.
-
AuthorPosts
-
March 1, 2009 at 7:59 AM #358130March 1, 2009 at 10:42 AM #357655
golfproz
ParticipantBack to 1985 prices?
It’s possible. I live in Riverside. I bought my home new in Feb 88 for $110K. By the time it was finished and I moved in, they were selling new ones for $140K. Anyone care to guess what my place is worth today? Yup, I’d say about $140k! Adjusted for inflation and the 10.5% 1988 interest rates, houses here are now about 40% cheaper than they were in 1988.
The house next door sold about 6 months ago for $180k and it’s a bit bigger with a pool. 1988 prices baby! Good thing mine’s nearly paid off…..
In the last 3 months the price declines in this area have nearly stopped. Or at least they’ve taken a break. I really don’t see them going too much lower because it’s now about 20% cheaper to buy than to rent. These homes are renting for $1200~$1500/mo. Even if rents drop I don’t see them going below the cost of buying anytime soon. Now I just need the better areas of Corona to catch up!
March 1, 2009 at 10:42 AM #357957ParticipantBack to 1985 prices?
It’s possible. I live in Riverside. I bought my home new in Feb 88 for $110K. By the time it was finished and I moved in, they were selling new ones for $140K. Anyone care to guess what my place is worth today? Yup, I’d say about $140k! Adjusted for inflation and the 10.5% 1988 interest rates, houses here are now about 40% cheaper than they were in 1988.
The house next door sold about 6 months ago for $180k and it’s a bit bigger with a pool. 1988 prices baby! Good thing mine’s nearly paid off…..
In the last 3 months the price declines in this area have nearly stopped. Or at least they’ve taken a break. I really don’t see them going too much lower because it’s now about 20% cheaper to buy than to rent. These homes are renting for $1200~$1500/mo. Even if rents drop I don’t see them going below the cost of buying anytime soon. Now I just need the better areas of Corona to catch up!
March 1, 2009 at 10:42 AM #358098ParticipantBack to 1985 prices?
It’s possible. I live in Riverside. I bought my home new in Feb 88 for $110K. By the time it was finished and I moved in, they were selling new ones for $140K. Anyone care to guess what my place is worth today? Yup, I’d say about $140k! Adjusted for inflation and the 10.5% 1988 interest rates, houses here are now about 40% cheaper than they were in 1988.
The house next door sold about 6 months ago for $180k and it’s a bit bigger with a pool. 1988 prices baby! Good thing mine’s nearly paid off…..
In the last 3 months the price declines in this area have nearly stopped. Or at least they’ve taken a break. I really don’t see them going too much lower because it’s now about 20% cheaper to buy than to rent. These homes are renting for $1200~$1500/mo. Even if rents drop I don’t see them going below the cost of buying anytime soon. Now I just need the better areas of Corona to catch up!
March 1, 2009 at 10:42 AM #358129ParticipantBack to 1985 prices?
It’s possible. I live in Riverside. I bought my home new in Feb 88 for $110K. By the time it was finished and I moved in, they were selling new ones for $140K. Anyone care to guess what my place is worth today? Yup, I’d say about $140k! Adjusted for inflation and the 10.5% 1988 interest rates, houses here are now about 40% cheaper than they were in 1988.
The house next door sold about 6 months ago for $180k and it’s a bit bigger with a pool. 1988 prices baby! Good thing mine’s nearly paid off…..
In the last 3 months the price declines in this area have nearly stopped. Or at least they’ve taken a break. I really don’t see them going too much lower because it’s now about 20% cheaper to buy than to rent. These homes are renting for $1200~$1500/mo. Even if rents drop I don’t see them going below the cost of buying anytime soon. Now I just need the better areas of Corona to catch up!
March 1, 2009 at 10:42 AM #358235ParticipantBack to 1985 prices?
It’s possible. I live in Riverside. I bought my home new in Feb 88 for $110K. By the time it was finished and I moved in, they were selling new ones for $140K. Anyone care to guess what my place is worth today? Yup, I’d say about $140k! Adjusted for inflation and the 10.5% 1988 interest rates, houses here are now about 40% cheaper than they were in 1988.
The house next door sold about 6 months ago for $180k and it’s a bit bigger with a pool. 1988 prices baby! Good thing mine’s nearly paid off…..
In the last 3 months the price declines in this area have nearly stopped. Or at least they’ve taken a break. I really don’t see them going too much lower because it’s now about 20% cheaper to buy than to rent. These homes are renting for $1200~$1500/mo. Even if rents drop I don’t see them going below the cost of buying anytime soon. Now I just need the better areas of Corona to catch up!
March 1, 2009 at 11:20 AM #357680paramount
ParticipantBy better areas of Corona I assume your not referring to Eastvale?
March 1, 2009 at 11:20 AM #357982ParticipantBy better areas of Corona I assume your not referring to Eastvale?
March 1, 2009 at 11:20 AM #358122ParticipantBy better areas of Corona I assume your not referring to Eastvale?
March 1, 2009 at 11:20 AM #358155ParticipantBy better areas of Corona I assume your not referring to Eastvale?
March 1, 2009 at 11:20 AM #358259ParticipantBy better areas of Corona I assume your not referring to Eastvale?
March 1, 2009 at 12:18 PM #357705peterb
ParticipantRents are coming down. So “cheaper to buy than rent”, means that home prices will be coming down as well. The number of REO’s on the market is flat-out amazing and the rise in unemployment is amazing as well. I track rentals pretty closely and the number available are growing extremely fast. I think the low-end has turned into speculation central.
March 1, 2009 at 12:18 PM #358007ParticipantRents are coming down. So “cheaper to buy than rent”, means that home prices will be coming down as well. The number of REO’s on the market is flat-out amazing and the rise in unemployment is amazing as well. I track rentals pretty closely and the number available are growing extremely fast. I think the low-end has turned into speculation central.
March 1, 2009 at 12:18 PM #358148ParticipantRents are coming down. So “cheaper to buy than rent”, means that home prices will be coming down as well. The number of REO’s on the market is flat-out amazing and the rise in unemployment is amazing as well. I track rentals pretty closely and the number available are growing extremely fast. I think the low-end has turned into speculation central.
March 1, 2009 at 12:18 PM #358179ParticipantRents are coming down. So “cheaper to buy than rent”, means that home prices will be coming down as well. The number of REO’s on the market is flat-out amazing and the rise in unemployment is amazing as well. I track rentals pretty closely and the number available are growing extremely fast. I think the low-end has turned into speculation central.
-
AuthorPosts
- You must be logged in to reply to this topic.