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Home › Forums › Housing › San Diego Home Sales about to be revised downward BIGTIME (89% to 6.5% increase in May)

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  • July 2, 2009 at 3:27 PM #425003
    sobmaz
    Participant

    Lively comments today.

    I cannot believe the average San Diegan can afford the average house. The average house being say in 92116, 550 for an okay home.

    Why do we have this market of 20 to 30 offers on foreclosures and 5 to 10 on decent homes?

    1. Federal tax credits to first time buyers.

    2. 300 billion and counting of quantitative easing (printing money) that is being used to buy mortgage backed securities that are effectively dropping 30year rates by 1% less than they would be otherwise.

    3. Federal payoffs to lenders who renegotiate terms.

    4. Lendors extending teaser rates for an additional 5 years.

    5. State and Federal foreclosure moratoriums.

    6. STATE tax credits to buyers.

    7. HUD just announced that they will finance up to 125% of home value for underwater “victims”. (you owe 500K but the house is worth 400K, refinancing is now allowed).

    Well, off the top of my head 7 interventions is all I could think of but I am sure there are more.

    It all becomes clear why a person still needs to pay 550K for an OK house after the real estate crash of the century. Our Government has a firm grip on the balloon and is blowing like it has never blown before.

    What happens when it runs out of breath? And it will run out of breath on the day the rest of the world decides it has enough of U.S. green pieces of paper and will no longer accept more paper pulp and ink in exchange of their hard work, labor, sweat, resources and ingenuity.

    That day is rapidly approaching and when it does interest rates will skyrocket. How many could even consider buying a 550K house with a 10% mortgage?

    July 2, 2009 at 3:42 PM #424271
    sdrealtor
    Participant

    Dont know about 92116 but for less than 550K I’ve got a nearly new 4Br/3.5BA/3 car 2600 sq ft home on the end of a cul de sac with 1/3rd acre ocean view lot in SEH. Is that a piece of crap? I dont think so.

    July 2, 2009 at 3:42 PM #424503
    sdrealtor
    Participant

    Dont know about 92116 but for less than 550K I’ve got a nearly new 4Br/3.5BA/3 car 2600 sq ft home on the end of a cul de sac with 1/3rd acre ocean view lot in SEH. Is that a piece of crap? I dont think so.

    July 2, 2009 at 3:42 PM #424785
    sdrealtor
    Participant

    Dont know about 92116 but for less than 550K I’ve got a nearly new 4Br/3.5BA/3 car 2600 sq ft home on the end of a cul de sac with 1/3rd acre ocean view lot in SEH. Is that a piece of crap? I dont think so.

    July 2, 2009 at 3:42 PM #424854
    sdrealtor
    Participant

    Dont know about 92116 but for less than 550K I’ve got a nearly new 4Br/3.5BA/3 car 2600 sq ft home on the end of a cul de sac with 1/3rd acre ocean view lot in SEH. Is that a piece of crap? I dont think so.

    July 2, 2009 at 3:42 PM #425018
    sdrealtor
    Participant

    Dont know about 92116 but for less than 550K I’ve got a nearly new 4Br/3.5BA/3 car 2600 sq ft home on the end of a cul de sac with 1/3rd acre ocean view lot in SEH. Is that a piece of crap? I dont think so.

    July 2, 2009 at 3:59 PM #424281
    sobmaz
    Participant

    I didn’t realise I used the word “crap” in my post. I apologize. I thought I said, OK house.

    Also, I don’t know where SEH is but I can buy a beautiful home in Phoenix for 200K.

    I was talking about the area around 92116, which is average for the area between Hillcrest and El Cajon, excluding the ghettos.

    July 2, 2009 at 3:59 PM #424513
    sobmaz
    Participant

    I didn’t realise I used the word “crap” in my post. I apologize. I thought I said, OK house.

    Also, I don’t know where SEH is but I can buy a beautiful home in Phoenix for 200K.

    I was talking about the area around 92116, which is average for the area between Hillcrest and El Cajon, excluding the ghettos.

    July 2, 2009 at 3:59 PM #424795
    sobmaz
    Participant

    I didn’t realise I used the word “crap” in my post. I apologize. I thought I said, OK house.

    Also, I don’t know where SEH is but I can buy a beautiful home in Phoenix for 200K.

    I was talking about the area around 92116, which is average for the area between Hillcrest and El Cajon, excluding the ghettos.

    July 2, 2009 at 3:59 PM #424864
    sobmaz
    Participant

    I didn’t realise I used the word “crap” in my post. I apologize. I thought I said, OK house.

    Also, I don’t know where SEH is but I can buy a beautiful home in Phoenix for 200K.

    I was talking about the area around 92116, which is average for the area between Hillcrest and El Cajon, excluding the ghettos.

    July 2, 2009 at 3:59 PM #425028
    sobmaz
    Participant

    I didn’t realise I used the word “crap” in my post. I apologize. I thought I said, OK house.

    Also, I don’t know where SEH is but I can buy a beautiful home in Phoenix for 200K.

    I was talking about the area around 92116, which is average for the area between Hillcrest and El Cajon, excluding the ghettos.

    July 2, 2009 at 4:03 PM #424286
    sobmaz
    Participant

    By the way,

    Were you the “winner” on that deal or were you the buyer?

    Meaning, can anyone go to the same area and get the same deal or did 30 people bid on that and you “won”?

    July 2, 2009 at 4:03 PM #424518
    sobmaz
    Participant

    By the way,

    Were you the “winner” on that deal or were you the buyer?

    Meaning, can anyone go to the same area and get the same deal or did 30 people bid on that and you “won”?

    July 2, 2009 at 4:03 PM #424800
    sobmaz
    Participant

    By the way,

    Were you the “winner” on that deal or were you the buyer?

    Meaning, can anyone go to the same area and get the same deal or did 30 people bid on that and you “won”?

    July 2, 2009 at 4:03 PM #424870
    sobmaz
    Participant

    By the way,

    Were you the “winner” on that deal or were you the buyer?

    Meaning, can anyone go to the same area and get the same deal or did 30 people bid on that and you “won”?

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