[Arraya]

I casually watch values there. Though it is slightly out of my 1st time home buyer range. There definately is a large inventory, to an unhealthy level. Most properties for sale there have pretty good amount of equity according to there purchase price. I guess it is just a matter of how many sellers are motivated enough. Eventually somebody will say screw it and the rest will follow if they need to(so what they only made 500K and not 750). I don’t think it could drop too much but there are definately some people that want to sell and not enough buyers. Maybe it’s that nasty rat rumor that is keeping the buyers away;)

[Arraya]

I casually watch values there. Though it is slightly out of my 1st time home buyer range. There definately is a large inventory, to an unhealthy level. Most properties for sale there have pretty good amount of equity according to there purchase price. I guess it is just a matter of how many sellers are motivated enough. Eventually somebody will say screw it and the rest will follow if they need to(so what they only made 500K and not 750). I don’t think it could drop too much but there are definately some people that want to sell and not enough buyers. Maybe it’s that nasty rat rumor that is keeping the buyers away;)

[Arraya]

Not sure on that unit but they are having some problems on the one in Bankers Hill. So they are in distress.

http://www.signonsandiego.com/uniontrib/20070804/news_1b4condo.html

[Arraya]

Not sure on that unit but they are having some problems on the one in Bankers Hill. So they are in distress.

http://www.signonsandiego.com/uniontrib/20070804/news_1b4condo.html

[Arraya]

Not sure on that unit but they are having some problems on the one in Bankers Hill. So they are in distress.

http://www.signonsandiego.com/uniontrib/20070804/news_1b4condo.html

[Arraya]

Speaking of banks lowering prices….

Here is on I found this morning, it may be the first 50% off peak sighting.

Downtown of course.

702 Ash St #205
San Diego, CA 92101
General Info
Location: San Diego > Downtown
Neighborhood: Cortez Hill
Community: El Cortez
Zoning: Special And/Or Misc.
Use: Agricultural Preserve (Under Contract)
Parcel Number: 5340320514
MLS Listing
List Price: $309,900
MLS#: 076041731
Tax Assesment
Land Value: $130,561
Improvement Value: $304,643
Net Value: $435,204
Est Property Tax: $5,440
Sales History
Date Price
12/14/2005 $625,000
12/01/2004 $429,868

http://www.sdlookup.com/Property-3BCEC903-702_Ash_St_205_San_Diego_CA_92101

[Arraya]

Speaking of banks lowering prices….

Here is on I found this morning, it may be the first 50% off peak sighting.

Downtown of course.

702 Ash St #205
San Diego, CA 92101
General Info
Location: San Diego > Downtown
Neighborhood: Cortez Hill
Community: El Cortez
Zoning: Special And/Or Misc.
Use: Agricultural Preserve (Under Contract)
Parcel Number: 5340320514
MLS Listing
List Price: $309,900
MLS#: 076041731
Tax Assesment
Land Value: $130,561
Improvement Value: $304,643
Net Value: $435,204
Est Property Tax: $5,440
Sales History
Date Price
12/14/2005 $625,000
12/01/2004 $429,868

http://www.sdlookup.com/Property-3BCEC903-702_Ash_St_205_San_Diego_CA_92101

[Arraya]

Speaking of banks lowering prices….

Here is on I found this morning, it may be the first 50% off peak sighting.

Downtown of course.

702 Ash St #205
San Diego, CA 92101
General Info
Location: San Diego > Downtown
Neighborhood: Cortez Hill
Community: El Cortez
Zoning: Special And/Or Misc.
Use: Agricultural Preserve (Under Contract)
Parcel Number: 5340320514
MLS Listing
List Price: $309,900
MLS#: 076041731
Tax Assesment
Land Value: $130,561
Improvement Value: $304,643
Net Value: $435,204
Est Property Tax: $5,440
Sales History
Date Price
12/14/2005 $625,000
12/01/2004 $429,868

http://www.sdlookup.com/Property-3BCEC903-702_Ash_St_205_San_Diego_CA_92101

[Arraya]

385K for a 800 sqft home in City Heights! Here is what zillow says about CH.

# They tend to have a modest income relative to housing cost.
# There’s a higher percentage of people who work in food preparation or serving-related occupations.

The CH residents can not afford that price. Maybe if you put the price in the 135-165K range. That house went up almost 800% in 10 years…

[Arraya]

385K for a 800 sqft home in City Heights! Here is what zillow says about CH.

# They tend to have a modest income relative to housing cost.
# There’s a higher percentage of people who work in food preparation or serving-related occupations.

The CH residents can not afford that price. Maybe if you put the price in the 135-165K range. That house went up almost 800% in 10 years…

[Arraya]

385K for a 800 sqft home in City Heights! Here is what zillow says about CH.

# They tend to have a modest income relative to housing cost.
# There’s a higher percentage of people who work in food preparation or serving-related occupations.

The CH residents can not afford that price. Maybe if you put the price in the 135-165K range. That house went up almost 800% in 10 years…

[Arraya]

Fundamentals=affordabilty
affordability is a function of interest rate
Loans above 417K: large interest rate shift due to risk-reward valuations
affordability of jumbo loans greatly decreased due to higher interest rate
affordability takes seismic shift
affordability=fundamentals

[Arraya]

Fundamentals=affordabilty
affordability is a function of interest rate
Loans above 417K: large interest rate shift due to risk-reward valuations
affordability of jumbo loans greatly decreased due to higher interest rate
affordability takes seismic shift
affordability=fundamentals

[Arraya]

Fundamentals=affordabilty
affordability is a function of interest rate
Loans above 417K: large interest rate shift due to risk-reward valuations
affordability of jumbo loans greatly decreased due to higher interest rate
affordability takes seismic shift
affordability=fundamentals

[Arraya]

Anyone else have any input regarding this rather large discrepancy in rates?

First SBH said he paid 1.5 points to get his 6.5%. That probably puts the actual “par” rate around 7.2-7.5%. You can always pay to bring down a rate.

Second, regarding the CW rate sheet. That is just a small portion of the programs they have availble. It looks to be a subprime rate sheet. Most likely only used for borrowers with lower credit. Though they have 700+ ficos listed on that rate sheet, most likely that credit range would use a different sheet.

From what I here from my broker freinds jumbos for people with good credit are starting in the low 7s now. Keep in mind just a few weeks ago they would be just a hair over prime rates which was about 6.5. So basically rates on jumbos have gone up .75 points and up depending on the exact situation in the past week.

[Author]

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