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Aecetia.
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April 4, 2011 at 1:13 PM #684456April 4, 2011 at 1:14 PM #683965
davelj
Participant[quote=barnaby33]
It turns out that while the foreclosure numbers are staggeringly high, at least in San Diego that has not translated into improved market conditions and or affordability.[/quote]
How does a 40%+ peak-to-trough decline and sub-5% mortgage rates not translate into “improved market conditions or affordability”? I think what you meant to say is that foreclosures have not translated into “conditions that allow me to own a home of the size-range, neighborhood, quality, etc. that I’ve fantasized about,” which is a very different concept from “general affordability.”
I also wish that foreclosures were coming on in a more fast and furious manner than they have, but… I have not been disappointed with the resulting pricing… as Rich has pointed out (and I agree), home prices in SD are fairly reasonable from a historical perspective. And while there are certainly some “bargain” areas, there are also some areas that remain stubbornly overpriced.
April 4, 2011 at 1:14 PM #684461Participant[quote=barnaby33]
It turns out that while the foreclosure numbers are staggeringly high, at least in San Diego that has not translated into improved market conditions and or affordability.[/quote]
How does a 40%+ peak-to-trough decline and sub-5% mortgage rates not translate into “improved market conditions or affordability”? I think what you meant to say is that foreclosures have not translated into “conditions that allow me to own a home of the size-range, neighborhood, quality, etc. that I’ve fantasized about,” which is a very different concept from “general affordability.”
I also wish that foreclosures were coming on in a more fast and furious manner than they have, but… I have not been disappointed with the resulting pricing… as Rich has pointed out (and I agree), home prices in SD are fairly reasonable from a historical perspective. And while there are certainly some “bargain” areas, there are also some areas that remain stubbornly overpriced.
April 4, 2011 at 1:14 PM #683337Participant[quote=barnaby33]
It turns out that while the foreclosure numbers are staggeringly high, at least in San Diego that has not translated into improved market conditions and or affordability.[/quote]
How does a 40%+ peak-to-trough decline and sub-5% mortgage rates not translate into “improved market conditions or affordability”? I think what you meant to say is that foreclosures have not translated into “conditions that allow me to own a home of the size-range, neighborhood, quality, etc. that I’ve fantasized about,” which is a very different concept from “general affordability.”
I also wish that foreclosures were coming on in a more fast and furious manner than they have, but… I have not been disappointed with the resulting pricing… as Rich has pointed out (and I agree), home prices in SD are fairly reasonable from a historical perspective. And while there are certainly some “bargain” areas, there are also some areas that remain stubbornly overpriced.
April 4, 2011 at 1:14 PM #684107Participant[quote=barnaby33]
It turns out that while the foreclosure numbers are staggeringly high, at least in San Diego that has not translated into improved market conditions and or affordability.[/quote]
How does a 40%+ peak-to-trough decline and sub-5% mortgage rates not translate into “improved market conditions or affordability”? I think what you meant to say is that foreclosures have not translated into “conditions that allow me to own a home of the size-range, neighborhood, quality, etc. that I’ve fantasized about,” which is a very different concept from “general affordability.”
I also wish that foreclosures were coming on in a more fast and furious manner than they have, but… I have not been disappointed with the resulting pricing… as Rich has pointed out (and I agree), home prices in SD are fairly reasonable from a historical perspective. And while there are certainly some “bargain” areas, there are also some areas that remain stubbornly overpriced.
April 4, 2011 at 1:14 PM #683284Participant[quote=barnaby33]
It turns out that while the foreclosure numbers are staggeringly high, at least in San Diego that has not translated into improved market conditions and or affordability.[/quote]
How does a 40%+ peak-to-trough decline and sub-5% mortgage rates not translate into “improved market conditions or affordability”? I think what you meant to say is that foreclosures have not translated into “conditions that allow me to own a home of the size-range, neighborhood, quality, etc. that I’ve fantasized about,” which is a very different concept from “general affordability.”
I also wish that foreclosures were coming on in a more fast and furious manner than they have, but… I have not been disappointed with the resulting pricing… as Rich has pointed out (and I agree), home prices in SD are fairly reasonable from a historical perspective. And while there are certainly some “bargain” areas, there are also some areas that remain stubbornly overpriced.
April 4, 2011 at 1:19 PM #684466(former)FormerSanDiegan
ParticipantI don’t believe the resets are the catalyst they were when the initial wave hit, primarily because of lower rates. 5/1 ARMS that are resetting now are resetting at around 3.5% or less, lower than their initial rate.
Rather than a second wave of reset-triggered defaults, we have seen more of a continual stream of defaults which I believe are/were caused by lost jobs and/or negative equity being primary factors.
April 4, 2011 at 1:19 PM #684112ParticipantI don’t believe the resets are the catalyst they were when the initial wave hit, primarily because of lower rates. 5/1 ARMS that are resetting now are resetting at around 3.5% or less, lower than their initial rate.
Rather than a second wave of reset-triggered defaults, we have seen more of a continual stream of defaults which I believe are/were caused by lost jobs and/or negative equity being primary factors.
April 4, 2011 at 1:19 PM #683970ParticipantI don’t believe the resets are the catalyst they were when the initial wave hit, primarily because of lower rates. 5/1 ARMS that are resetting now are resetting at around 3.5% or less, lower than their initial rate.
Rather than a second wave of reset-triggered defaults, we have seen more of a continual stream of defaults which I believe are/were caused by lost jobs and/or negative equity being primary factors.
April 4, 2011 at 1:19 PM #683342ParticipantI don’t believe the resets are the catalyst they were when the initial wave hit, primarily because of lower rates. 5/1 ARMS that are resetting now are resetting at around 3.5% or less, lower than their initial rate.
Rather than a second wave of reset-triggered defaults, we have seen more of a continual stream of defaults which I believe are/were caused by lost jobs and/or negative equity being primary factors.
April 4, 2011 at 1:19 PM #683289ParticipantI don’t believe the resets are the catalyst they were when the initial wave hit, primarily because of lower rates. 5/1 ARMS that are resetting now are resetting at around 3.5% or less, lower than their initial rate.
Rather than a second wave of reset-triggered defaults, we have seen more of a continual stream of defaults which I believe are/were caused by lost jobs and/or negative equity being primary factors.
April 10, 2011 at 9:08 PM #685247Veritas
ParticipantForget about real estate, here comes the real doomsday: “inflationary hysteria. Gold is at a new record, wheat is surging, corn is at highest since 2008, crude at a new 30 month high, silver is at $41.10”
http://www.zerohedge.com/article/premarket-summary-inflationary-hysteria
April 10, 2011 at 9:08 PM #685298ParticipantForget about real estate, here comes the real doomsday: “inflationary hysteria. Gold is at a new record, wheat is surging, corn is at highest since 2008, crude at a new 30 month high, silver is at $41.10”
http://www.zerohedge.com/article/premarket-summary-inflationary-hysteria
April 10, 2011 at 9:08 PM #686418ParticipantForget about real estate, here comes the real doomsday: “inflationary hysteria. Gold is at a new record, wheat is surging, corn is at highest since 2008, crude at a new 30 month high, silver is at $41.10”
http://www.zerohedge.com/article/premarket-summary-inflationary-hysteria
April 10, 2011 at 9:08 PM #686066ParticipantForget about real estate, here comes the real doomsday: “inflationary hysteria. Gold is at a new record, wheat is surging, corn is at highest since 2008, crude at a new 30 month high, silver is at $41.10”
http://www.zerohedge.com/article/premarket-summary-inflationary-hysteria
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