[Carlsbadliving]

I get tired of hearing all the lame reasons for the market doing this or that. You can pretty much guarantee that today they’ll say either “fears of inflation spooked investors” or “nervous about further rate hikes”. The media doesn’t have a clue. Their blindness to the realities of the market are extremely annoying. You never know what the market is going to do as a whole on a daily basis. And for them to summarize each days activities with stupid remarks is just dumb.

In today’s global market, there are so many separate effects on the market at any given time. There’s never one single reason that can explain why the market took a dive on one particular day.

[Carlsbadliving]

I agree. I’m sure that the Property Manager was unaware of the circumstances. Their only objective would be to list and rent the place as soon as possible. I’m sure they’re not doing detailed background info on the financial status of the owner.

If I were you, I would defiently sit tight. With just a 1 year lease, I’d expect the process to take just as long, or as said before there’s a good chance the rent would just go straight to the bank.

[Carlsbadliving]

The entire County website is down. Have to check back later I guess. I’m curious to see how my neighbors are doing these days.

[Carlsbadliving]

Dang, I was so desparate to own I’d just started looking into moving to Southern China. I can’t catch a break.

[Carlsbadliving]

I agree, just a few minutes north will put you in Penasquitos. Much nicer neighborhood with nowhere near the congestion of Mira Mesa. You’ll probably pay a little bit more but well worth it.

[Carlsbadliving]

Not a lot for sale in RPQ. There were actually many more for sale signs earlier in the spring. It seems that many people may have pulled homes off the market after they realized things were cooling off. Of the signs that I do see, it’s the same ones and they stay up for a loooonnng time.

[Carlsbadliving]

Here you go, ratio of population:

Las Vegas Metro = .0123
Phoenix Metro = .0122
Riverside County = .0113
San Diego County = .0069
Sacramento Metro = .0069
Orange County = .0047
LA County = .0036
Seattle Metro = .0030
Santa Clara County = .0024

As you probably guessed, the desert/outlying areas have the highest inventories per capita. The coastal metro areas have fewer homes for sale. Should be an interesting analysis to check as we continue along.

[Carlsbadliving]

Thanks for the advice. The owner has actually owned since ’78, so there aren’t any issues with him being negative on the property. It rents for 1725 right now, wants to raise it to 1850. The thing is, the house is in horrible condition, needs new yard, roof, everything. That’s why I have such a hard time swallowing the increase. So, I’m going to at least see if we can get some improvements out of it.

[Carlsbadliving]

Bugs… I know that all areas of the country have had access to the same credit terms, but do you think that lenders have attacked all areas of the country like they have in SoCal and other bubble areas? with all the ARMS/IO, etc. I briefly considered buying last year and calculated that we could afford in the neighborhood of a $450,000 home (based on approx. 35-40% of income, 15% down payment, etc). Well, the lender called the realtor and told her that we were approved for up to $650,000. I was blown away. I would never even have dreamed of making a purchase like that. But I’m sure a majority of people would have jumped at the chance to “own” a $650,000 house.

Yet, a good friend of mine just purchased a home in Michigan last month and was barely approved for a loan of $140,000 (good credit, just a low monthly income). I think that the lenders have preyed in the areas of the country (particulary SoCal) where people will do anything to look the image. They’ll throw common sense out the window to have a bigger house than their friends. Perhaps the midwest or any other areas relatively untouched by the bubble aren’t concerned with those factors. In fact I’d argue that the only reason some of those areas have seen any increase in price is because of Californians, etc. cashing out and taking there money there.

I’d be interested to hear if people in other parts of the country are/were constantly bombarded with lending ads, home equity lines of credit, etc.

[Carlsbadliving]

Having lived in Seattle, No Cal, and now San Diego, I’ve noticed how transient San Diego is. Personally, I’ve been here 3 years and will probably go back to Seattle in a few more years. I chose to come down here for the “lifestyle” and accepted the fact that I wouldn’t make as much money and probably wouldn’t be able to afford a home. Since I’ve been here, a majority of the people I’ve met seem to be only “passing through”. In fact, it seems there’s a pipeline from Boston out here, where people make the trip out and stay for a few years and then return to Boston to live for good. I couldn’t believe how many Bostonians I’ve met. There’s a whole community of them out here. People have accepted the fact that they will make less money for the few years they’re here. I don’t know if that has anything to do with the lack of major employers. I just think that San Diego is such a temporary stop for so many people it helps contribute to the low pay. I agree with BostonandOc that most people back east grow up in the same place and never leave, sometimes even the same neighborhood.

[Carlsbadliving]

I have a hard time listening to George whenever he appears on the local NBC morning show. I think that once the bubble pops he’s going to conveniently disappear, because he’ll have an awfully hard time explaining how this could have happened.

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