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Not sure if this is what you’re looking for but here is some data collected by the UT going back to 1998.

http://realestate.signonsandiego.com/area_homesales/pastyears.php

Somebody else posted this on another thread.

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Former SanDiegan,

Great points, and thanks for the charts and the link. My memory of college statistics is vague — thanks for the refresher.

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Can’t speak for the other poster, but mine was dripping with sarcasm. Too bad that doesn’t come through so well sometimes on the internet. 🙂

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Yeah, Mission Hills and Hillcrest, both south of interstate 8, are real dumps.

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Public records. I have access to a database the contains all California real property transaction records. All you need is a name, or an address, and you can pull a property, see it’s sales history, mortgage history, etc. I believe you can also get all of this information if you physically go down to the assessor’s office.

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1X Admiralty Cross: As near as I can tell, this property has a mortgage of about $1.439 million, which means they put about $360k down when they bought it for $1.8 last year. It’s now listed at $2.2 million.

3X Green Turtle: the LLC that bought this in 2005 paid cash for it.

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Some interesting stories here. I can’t believe that these owners are willing to so freely tell their tenants they’re losing money hand over fist. I would have thought that most people would keep that a bit closer to the vest.

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USERRA applys to all employers, regardless of size and to all employees, regardless of how long they have been employed, or how many hours they worked while they were employed. 38 USC §§ 4303(3), (4)(A) & 4312(a). An employee who took military leave is entitled to be reinstated so long as:

–the cumulative leave(s) have not exceeded five years, with certain exceptions;

–the employee provided the employer with proper advance employee’s military service; and

–the employee must report back to work or submit an application for reemployment within the statutory time frame, as determined by the length of the employee’s military service. 38 USC § 4312.

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The loan on the first mortgage for the Bel Air Terrace property was an adjustable rate loan. I couldn’t find out any more detail on it, i.e. whether it was a 3, 5, 7 or 10 year ARM or whether it was an I/O, etc. I would assume the second mortgage they took out was also an adjustable rate loan, but the database I searched doesn’t say.

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These people need to talk to lawyers — employers must hold their jobs open for them. Sounds like they might have a good lawsuit or two.

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Interesting points regarding rents Daniel. I know this probably isn’t exactly what you’re talking about, but one of the UCLA Anderson forecast guys, Leamer, analyzed the relationship between rent and median home prices in SD from 1988 to 2000. From the articles I’ve read, it looks like he compared the median value of a home with the annual rent for a two bedroom unit over the course of these twelve years. San Diego’s average P/E during that time was 22.8, i.e. the median house was on average 22.8 times the annual rent of a two bedroom unit. I have no idea what the data before 1988 looks like, or whether Leamer analyzed that.

Using Leamer’s data, and the most recent rental rate reported by the Union Tribune for a two bedroom unit, would give us a median home price of $394,531 ($1442*12*22.8). Certainly a good bit below the current median priced home, but not half of the current median. It is my understanding that in the short term the purchase market and the rental market move in opposite directions but that over the long term they move together. That is, that when the purchase market softens or drops, the rental market improves and vice versa, but that over the long term rents and prices both increase. Do I have that right? If so, it seems to me that as housing prices decline, rents will likely increase, which means we’ll get back to the trend line but some of the movement may come from rental increases and not all of it (althoug quite likely the vast majority of it) will come from price drops.

http://moneycentral.msn.com/content/Banking/Homebuyingguide/P37631.asp

http://www.signonsandiego.com/news/business/20060719-9999-1b19rent.html

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She must mean 8 * annual income as another portion of her post says rents are a proxy for wages. From what I’ve read rents usually move with wages, but I don’t think that means you can substitute one for the other in the equation and keep the same multiplier. In other words, if you’re looking at the ratio between historic median home prices and historic median income, you can’t assume that ratio is the same for home prices to annual rent. Instead, you’ve got to look at the median price to median annual rent. That ratio may or may not be the same as the home price to income ratio.

For instance, one of the UCLA Anderson guys calculated historic averages of what he called “P/E” ratios for a number of cities from 1988 – 2000, including San Diego, by taking the median home price and dividing it by the annual rent for a two-bedroom unit in each city. San Diego’s average from 1988 to 2000 was 22.8. Now this ratio is probably inflated some because it sounds like he used apartments for the rental portion of his calculation, which I would expect to rent for lower amounts than a house all things being equal, but it shouldn’t be THAT far off.

http://moneycentral.msn.com/content/Banking/Homebuyingguide/P37631.asp

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Somewhat off topic, but I believe this is a poor example.

“For example, car dealerships would have you believe that they are selling cars at invoice. I don’t think they they could really do that for long. Car dealers don’t go out of busines often.”

Car dealers make most of their money on service and the sale of used cars — there is too much information out there regarding new car pricing for them to profit much on them.

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It’s too bad that the data on second homes isn’t subdivided into those that are purchased for investment and those that are purchased as true second homes. I can’t imagine that more than 5% to 10% of these “second” home purchases were truly second homes so the 30% of them representing investment purchases seems right (especially the condo conversions, I don’t see many people buying those as a true second home). It sure would be nice to know for certain though.

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This is my last post on the subject. PS, I don’t think you and I disagree all that much. I took issue with this statement: “In a market of rising interest rates, anyone who is not converting to a loan that is FIXED and PAYING PRINCIPAL, is in over their heads.” For all the reasons I mentioned above, I don’t believe this is true. I gave examples of my friends whose salaries were going to increase. They’re lawyers, at large law firms in town. Most will see their base salaries increase by about $35k over the next three years. Including bonuses, the increases will be even higher. That’s going to give them a lot of extra cash three years from now. The chart that the link below leads to is somewhat dated, salaries have increased since it was made, but you get the idea.

There aren’t a lot of these jobs out there and I don’t think the fact that these people exist is going to have any significant effect on the market in the coming years. The point I was trying to make was simply that not everyone who got an ARM in the last couple of years is going to end up in foreclosure, or are in over their heads. Since I don’t know any other way to put that, I’m done with this subject.

http://www.infirmation.com/shared/search/payscale-compare.tcl?city=San%20Diego&usps_abbrev=CA

And, by posting on this at 9:30 on a Friday night I’ve conclusively proved that I have no life. There, disagree with that! 🙂

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