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bubble_contagion
ParticipantI hope the news makes it to the front page.
BTW People are leaving the county without being laid off. My wife tells me there are a lot of job openings in her field and the company I work for cannot fill several positions because experienced engineers will not move here. We just lost another one to Indiana last week.
A few days back there was an article in the UT about how San Diego is now the least safe major city in the USA. The reason: policemen are leaving citing high costs of living. To the city economy, it is the same when an employee gets laid off vs. when an employer cannot find employees to hire.
Participant[img_assist|nid=827|title=UTC rents|desc=I have been tracking rents of a UTC apartment complex I used to live in. Other apartments complexes in the area track very closely. The data goes back to 4/01 and it is current to 7/06.|link=node|align=left|width=400|height=275]
ParticipantMy idea was not that far fetched! Rich people are now buying condos just so they can use the parking for their exotic cars. Downtown condos, with underground garages, are going to sell like crazy.
ParticipantThe Wall Street Journal Guide to Undestanding Money and Investing, $16 at your local bookstore, explains how the federal reserve system works, the money supply, the CPI, forex, stocks, bonds, mutual funds, options, futures and many other subjects that may help you make sense of it all. Highly recommended.
ParticipantIt has been three months since I’ve checked the UTC condo conversions and now the lowest priced 2 bed in Lucera are 30K less than in late February. At the peak of the madness, condos in UTC were going up at a pace of 10K per month. It is not unreasonable that now they are coming down at the same rate. By the time prices hit bottom, downtown and conversion condos are going to be so cheap I may buy one just to use it as storage.
ParticipantYou also have to look at sales. 2/06: 5400 for Phoenix vs 2800 in San Diego. Both cities have about 6.5 months of inventory.
ParticipantThese charts may be useful. The inventory data is, I believe, only for the city of San Diego. It ends December 2005. Today we are at around 9000.
It is important to note how sales have increased quite sharply from the month of March to the summer months. Sales data for the next couple of months will be very interesting.
ParticipantFor the same montly payment it is better to have lower price and higher interest:
– lower property taxes
– larger portion of the mortgage payment can be tax deducted
– if interest rates drop, you can refinance
– if you have extra cash, you can pay the principal fasterParticipant17,648 as of 3/10 but who is counting anymore. The important news is that February sales are down from January and off 25% from February 05. In addition, sales price to list price ratio fell to 93%.
With at least two more rate hikes to go, we have inventory at the highest level since 98 (by far) and sales at the lowest level since 98. It doesn’t look good for the bubble.
Source of sales data: http://rereport.com
March 6, 2006 at 5:59 PM in reply to: Advice needed on mobile home purchase – right choice for first time buyer? #23588ParticipantAs a renter you have a tax deduction. It is called the standard deduction.
“Even if it loses half its value, wouldn’t that be better than not having a tax deduction?”
Only the interest can be deducted which, for the first year, is about $1200 a month for 120K at 12%. At the most the tax deduction is $550 (If you are in a high tax bracket of 35%). Of course you cannot claim the standard deduction anymore which would be about $300 a month for the same tax bracket. Net tax deduction $550-$300= $250
Let say it looses half it’s value in 5 years and it is now worth $60,000:
Total deductions: 60 months x $250 = $15,000
You are down $45,000.
ParticipantNot anymore…
17,126 as of 2/24.
What? Just 100 more in 3 days? Common San Diegans you can do better than that.
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