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Our story is similar to others here. We had bought our home in ’00 and sold in Mar. ’06 in Ventura County. Once we had our first child in ’05 our plan was to move back toward where we have family…San Diego. We sold at the peak up there, although prices haven’t come down that much in the area. We sold as the equity we took out allowed me to immediately quit my job and stay at home with our daughter, the best decision ever.
Also, we still own a rental property in Riverside County so we get the tax benefits of that.

So I am one of the wifes that really wants to “nest” but all my studies of economics and logic tell me to wait….so we are renting for now (even with baby #2 on the way). We just moved to San Diego and found a nice rental home in RB that we move to shortly.

We personally think we’ll be aggressively looking in winter ’07-08, but time will tell if the right opportunity presents itself.

Someone also posted that they spend way too much time looking at listings…I think I have the same issue! It’s hard not too as I have usually found the homes that we buy. I do enjoy everyone’s comments here and will continue to look here for support as a renter vs. former homeowner as this has been harder to transition to than realized.

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We went to a foreclosure auction for Riverside county last weekend. It wasn’t as busy as the San Diego auction had been. There was a home over 3k square feet that sold (subject to confirmation from the bank as it didn’t meet the reserve set) at 530K in Harveston…we noticed comps in the 700k range for the area and a home across the street that the sellers had priced at over 800k….it’s getting interesting around there for sure now!

[cashflow]

We went to a foreclosure auction for Riverside county last weekend. It wasn’t as busy as the San Diego auction had been. There was a home over 3k square feet that sold (subject to confirmation from the bank as it didn’t meet the reserve set) at 530K in Harveston…we noticed comps in the 700k range for the area and a home across the street that the sellers had priced at over 800k….it’s getting interesting around there for sure now!

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Any good ideas on researching CD’s and where to get the best rates? We are in the same boat as all above and need to lock some in rather than let it sit in Money Markets? Also, how does everyone feel about the US banking system with all this foreclosure and subprime mess? Is anyone nervous of losing their cash…even if FDIC insured? Just curious….I just think anything could be possible.

[cashflow]

Any good ideas on researching CD’s and where to get the best rates? We are in the same boat as all above and need to lock some in rather than let it sit in Money Markets? Also, how does everyone feel about the US banking system with all this foreclosure and subprime mess? Is anyone nervous of losing their cash…even if FDIC insured? Just curious….I just think anything could be possible.

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Don’t know how this is related to housing, but since it’s such a heated topic these days, I will comment.

…What to do with illegal immigration is so complex. My husband and family came to this country totally legally, but since they have extended family down there sympathize with the situation and hear about it first hand.

What all of us very ungrateful americans don’t realize is what the majority of the world, i.e. 3rd world countries have to live in. Most people would not risk life and limb to leave their country if they had any hope for a future.

Our question is if our gov’t wants to spend billions on a war in Iraq to ‘fix’ the problem over there? What about addressing issues with our neighbors to the south which directly affects us? I just think that the issue of illegal immigration needs to be looked at from a much bigger picture. We are not for illegal immigration as his family has tried to help extended family go through the process legally (wait in line for 20+ years), but really the solution is to open our eyes to the extreme poverty and oppression, want to do something about it, and push our government to facilitate real government change down there.

[cashflow]

Don’t know how this is related to housing, but since it’s such a heated topic these days, I will comment.

…What to do with illegal immigration is so complex. My husband and family came to this country totally legally, but since they have extended family down there sympathize with the situation and hear about it first hand.

What all of us very ungrateful americans don’t realize is what the majority of the world, i.e. 3rd world countries have to live in. Most people would not risk life and limb to leave their country if they had any hope for a future.

Our question is if our gov’t wants to spend billions on a war in Iraq to ‘fix’ the problem over there? What about addressing issues with our neighbors to the south which directly affects us? I just think that the issue of illegal immigration needs to be looked at from a much bigger picture. We are not for illegal immigration as his family has tried to help extended family go through the process legally (wait in line for 20+ years), but really the solution is to open our eyes to the extreme poverty and oppression, want to do something about it, and push our government to facilitate real government change down there.

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My husband went to watch the circus today at this auction. He was quite surprised at how many people showed and how high people were bidding these properties up. Most properties needed lots of work. Also, the final bid price, plus the 5% commission the auction house was taking, ended up being at market or not much below market price. It was a great tactic for the banks. One other observation was many homes were being bid up and since the buyers weren’t prequalified-many winning bidders would go back to finalize the deal and then come up short, so many homes were having to be auctioned off for a 2nd time. So seems like many people there weren’t even aware of their limits and were just emotional.

He didn’t stay the entire time, but here are some results he had written down;

The house mentioned above Morning Creek South, in the Carmel Mtn. Ranch area, started bidding at $349k final winning bid was 585K plus the 5% commission the auction house takes. This house didn’t even have a stove or ac unit, and needed almost everything redone….also looked like one of the rooms had previous water damage.

4667 La Canada Rd. Fallbrook, on 2.5 acres-started bidding at 439K, final bid was $620k plus the 5%. We visited this home and it appeared to us that it was almost a teardown…needed absolutely everything and had a strange garage conversion with cement floors. The property was just weeds with little development.

4306 Morgan Creek Way, Oceanside-started bidding at $419k, final bid was 615K plus the 5%. This was a newer home with 3500 s.f.

16564 Gettysburg Dr, San Diego (in 4S Ranch)-started bidding at $339k, final bid was 525k plus the 5%. In addition by my calculations beforehand this home has nearly a 2% property tax rate due to high mello roos. This home is on a 0 lot line with a patio type ‘yard’.

We would love to hear from the original poster (REO investor that had emailed in) on their perspective.

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