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  • February 17, 2009 at 11:27 AM #348326
    Rt.66
    Participant

    Submitted by paramount on February 14, 2009 – 12:23am.
    I said about 1/2 – and I am considering selling costs in that estimate.
    I bought for 270k.
    At best I could sell now for about 170k, then subtract selling costs/commission etc..that puts it at about 155k.
    So roughly 43% loss.
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    • quote

    Submitted by paramount on February 14, 2009 – 12:27am.
    Before it’s all over, I believe my house will drop to about 120k.

    On the other hand, I live in a very modest 1500 sq ft 3/2 house – even the renters in my neighborhood who were foreclosed on don’t want to live in my hood.”

    Scarlet said:

    Denile ain’t just a river in Egypt is it?

    No offense but some reality is called for. Unless your toilets are gold plated you’d have to find a sucker who can’t search listings in order to get even $120K NOW.

    1/2 of Temecula is in some stage of forclosure, lots of the rest will follow soon. Check out RealtyTrac and you’ll see what I mean. Be careful, your head might just explode.

    There will be a day or month of recogning when the banks finally put all those REOs up for sale. Maybe not until Obama buys them all with our tax dollars, but someday they will be for sale and when that happens Temecula will find its true value.

    People buying in the Temecula area today (thinking they got a smoking 50% off deal) will be organizing class action law suits next year against Realtors, the MLS and REO banks for hiding all that inventory and creating artificially high prices (yes even now).

    Temecula goes up 175% during the bubble and people get excited about a 50%-60% reduction? During the start of the Great Recession even?

    February 17, 2009 at 11:53 AM #347789
    sdrealtor
    Participant

    Scarlet
    Time for a little math lesson as it seems you skipped that class.

    $100K Temecula home goes up 175% and is worth $275K at peak.

    Buble bursts and 275K bubble price drops 60%. Care to guess where that is? $110K numbskull.

    sdr

    February 17, 2009 at 11:53 AM #348111
    sdrealtor
    Participant

    Scarlet
    Time for a little math lesson as it seems you skipped that class.

    $100K Temecula home goes up 175% and is worth $275K at peak.

    Buble bursts and 275K bubble price drops 60%. Care to guess where that is? $110K numbskull.

    sdr

    February 17, 2009 at 11:53 AM #348228
    sdrealtor
    Participant

    Scarlet
    Time for a little math lesson as it seems you skipped that class.

    $100K Temecula home goes up 175% and is worth $275K at peak.

    Buble bursts and 275K bubble price drops 60%. Care to guess where that is? $110K numbskull.

    sdr

    February 17, 2009 at 11:53 AM #348259
    sdrealtor
    Participant

    Scarlet
    Time for a little math lesson as it seems you skipped that class.

    $100K Temecula home goes up 175% and is worth $275K at peak.

    Buble bursts and 275K bubble price drops 60%. Care to guess where that is? $110K numbskull.

    sdr

    February 17, 2009 at 11:53 AM #348361
    sdrealtor
    Participant

    Scarlet
    Time for a little math lesson as it seems you skipped that class.

    $100K Temecula home goes up 175% and is worth $275K at peak.

    Buble bursts and 275K bubble price drops 60%. Care to guess where that is? $110K numbskull.

    sdr

    February 17, 2009 at 12:09 PM #347809
    Rt.66
    Participant

    $110k is still overpriced going into the Great Recession. That was my point, what is your point? The economy was doing well when that house sold for $100k, now its cratering.

    Are you saying that paying $10k more for the same house now is a good deal? I’d say $80K is about right. Do you doubt we will see $80k smaller 3/2s in Temecula/Murietta?

    Oh and GFYS

    February 17, 2009 at 12:09 PM #348131
    Rt.66
    Participant

    $110k is still overpriced going into the Great Recession. That was my point, what is your point? The economy was doing well when that house sold for $100k, now its cratering.

    Are you saying that paying $10k more for the same house now is a good deal? I’d say $80K is about right. Do you doubt we will see $80k smaller 3/2s in Temecula/Murietta?

    Oh and GFYS

    February 17, 2009 at 12:09 PM #348248
    Rt.66
    Participant

    $110k is still overpriced going into the Great Recession. That was my point, what is your point? The economy was doing well when that house sold for $100k, now its cratering.

    Are you saying that paying $10k more for the same house now is a good deal? I’d say $80K is about right. Do you doubt we will see $80k smaller 3/2s in Temecula/Murietta?

    Oh and GFYS

    February 17, 2009 at 12:09 PM #348279
    Rt.66
    Participant

    $110k is still overpriced going into the Great Recession. That was my point, what is your point? The economy was doing well when that house sold for $100k, now its cratering.

    Are you saying that paying $10k more for the same house now is a good deal? I’d say $80K is about right. Do you doubt we will see $80k smaller 3/2s in Temecula/Murietta?

    Oh and GFYS

    February 17, 2009 at 12:09 PM #348381
    Rt.66
    Participant

    $110k is still overpriced going into the Great Recession. That was my point, what is your point? The economy was doing well when that house sold for $100k, now its cratering.

    Are you saying that paying $10k more for the same house now is a good deal? I’d say $80K is about right. Do you doubt we will see $80k smaller 3/2s in Temecula/Murietta?

    Oh and GFYS

    February 17, 2009 at 12:10 PM #347815
    peterb
    Participant

    Breeze is quite the reactionary. Actually, if everyone that was upside down in a mortgage walked away this year, we’d purge the bad debt from the system de facto. Bring the RE prices into market range very fast. And that’s what is really needed to begin repairing the economy.
    Banks are trying like crazy to avoid this eventuality, and the govt is “helping”. This is why credit implosions take so long to unwind and thus keep the economy in a range bound pit for years.

    February 17, 2009 at 12:10 PM #348136
    peterb
    Participant

    Breeze is quite the reactionary. Actually, if everyone that was upside down in a mortgage walked away this year, we’d purge the bad debt from the system de facto. Bring the RE prices into market range very fast. And that’s what is really needed to begin repairing the economy.
    Banks are trying like crazy to avoid this eventuality, and the govt is “helping”. This is why credit implosions take so long to unwind and thus keep the economy in a range bound pit for years.

    February 17, 2009 at 12:10 PM #348253
    peterb
    Participant

    Breeze is quite the reactionary. Actually, if everyone that was upside down in a mortgage walked away this year, we’d purge the bad debt from the system de facto. Bring the RE prices into market range very fast. And that’s what is really needed to begin repairing the economy.
    Banks are trying like crazy to avoid this eventuality, and the govt is “helping”. This is why credit implosions take so long to unwind and thus keep the economy in a range bound pit for years.

    February 17, 2009 at 12:10 PM #348284
    peterb
    Participant

    Breeze is quite the reactionary. Actually, if everyone that was upside down in a mortgage walked away this year, we’d purge the bad debt from the system de facto. Bring the RE prices into market range very fast. And that’s what is really needed to begin repairing the economy.
    Banks are trying like crazy to avoid this eventuality, and the govt is “helping”. This is why credit implosions take so long to unwind and thus keep the economy in a range bound pit for years.

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