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CoronitaParticipantWhen people debate whether Carmel Valley or Scripps will correct more than 20% that's a subject in which reasonable people can disagree at this point. I don't think most people would disagree that Temeku and its surrounding environs are in for at least another 20% hit and the way things are going right now it could well be double that.
I would tend to agree with bugs. The issues that I see with places like Temecula, Otay Mesa, and Oceanside, is that I think there were a lot of people who had questionable income versus the price of the homes in these areas. Just looking at the foreclosures stats Temecula and Oceanside are in the top 500 zip codes of foreclosures
http://money.cnn.com/2007/06/19/real_estate/500_top_foreclosure_zip_codes/index.htm
And Otay Mesa isn't doing much better.
I'd be curious to see the relative percentage of income disparity from cost of a home in those areas, versus other areas like CarmelV, Rancho P, Scripps Ranch, etc. I've asked for the stats from anyone, but so far no one has been able to provide them..It's probably too difficult to do this. I myself can't because I don't have access to a lot of this data. If I were to guess, I would say the income disparity is far greater in areas like Temecula/Oceanside/Otay Mesa, than others..If that's the case, I would guess that that foreclosures in that area are going to snowball into more foreclosures as people that were marginally ok are going to be sucked into a trap, as property values further decline and as it's harder to qualify for loans (being double whammied by both property depreciation and questionable income that made it hard for folks to qualify for a conventional 30/15 year fixed loan to begin with)….hence, for those areas I don't think we're even half way there to completing a price correction yet in those areas.
Furthermore, we really haven't even begun to see a meaninful price correction in areas like LJ/CarmelV/Scripps etc. I'm not going to debate how much that will be. However, I think everyone is more or less in agreement that it's going to happen more.
CoronitaParticipantWhen people debate whether Carmel Valley or Scripps will correct more than 20% that's a subject in which reasonable people can disagree at this point. I don't think most people would disagree that Temeku and its surrounding environs are in for at least another 20% hit and the way things are going right now it could well be double that.
I would tend to agree with bugs. The issues that I see with places like Temecula, Otay Mesa, and Oceanside, is that I think there were a lot of people who had questionable income versus the price of the homes in these areas. Just looking at the foreclosures stats Temecula and Oceanside are in the top 500 zip codes of foreclosures
http://money.cnn.com/2007/06/19/real_estate/500_top_foreclosure_zip_codes/index.htm
And Otay Mesa isn't doing much better.
I'd be curious to see the relative percentage of income disparity from cost of a home in those areas, versus other areas like CarmelV, Rancho P, Scripps Ranch, etc. I've asked for the stats from anyone, but so far no one has been able to provide them..It's probably too difficult to do this. I myself can't because I don't have access to a lot of this data. If I were to guess, I would say the income disparity is far greater in areas like Temecula/Oceanside/Otay Mesa, than others..If that's the case, I would guess that that foreclosures in that area are going to snowball into more foreclosures as people that were marginally ok are going to be sucked into a trap, as property values further decline and as it's harder to qualify for loans (being double whammied by both property depreciation and questionable income that made it hard for folks to qualify for a conventional 30/15 year fixed loan to begin with)….hence, for those areas I don't think we're even half way there to completing a price correction yet in those areas.
Furthermore, we really haven't even begun to see a meaninful price correction in areas like LJ/CarmelV/Scripps etc. I'm not going to debate how much that will be. However, I think everyone is more or less in agreement that it's going to happen more.
CoronitaParticipantWhen people debate whether Carmel Valley or Scripps will correct more than 20% that's a subject in which reasonable people can disagree at this point. I don't think most people would disagree that Temeku and its surrounding environs are in for at least another 20% hit and the way things are going right now it could well be double that.
I would tend to agree with bugs. The issues that I see with places like Temecula, Otay Mesa, and Oceanside, is that I think there were a lot of people who had questionable income versus the price of the homes in these areas. Just looking at the foreclosures stats Temecula and Oceanside are in the top 500 zip codes of foreclosures
http://money.cnn.com/2007/06/19/real_estate/500_top_foreclosure_zip_codes/index.htm
And Otay Mesa isn't doing much better.
I'd be curious to see the relative percentage of income disparity from cost of a home in those areas, versus other areas like CarmelV, Rancho P, Scripps Ranch, etc. I've asked for the stats from anyone, but so far no one has been able to provide them..It's probably too difficult to do this. I myself can't because I don't have access to a lot of this data. If I were to guess, I would say the income disparity is far greater in areas like Temecula/Oceanside/Otay Mesa, than others..If that's the case, I would guess that that foreclosures in that area are going to snowball into more foreclosures as people that were marginally ok are going to be sucked into a trap, as property values further decline and as it's harder to qualify for loans (being double whammied by both property depreciation and questionable income that made it hard for folks to qualify for a conventional 30/15 year fixed loan to begin with)….hence, for those areas I don't think we're even half way there to completing a price correction yet in those areas.
Furthermore, we really haven't even begun to see a meaninful price correction in areas like LJ/CarmelV/Scripps etc. I'm not going to debate how much that will be. However, I think everyone is more or less in agreement that it's going to happen more.
CoronitaParticipantI read in Top Gear that the number one rated sports car by readers was the Honda S2000. That car is cheaper than a Porsche Boxster, more reliable and more fun. I drove both the Boxster and S2000 and would take the Honda S2000 hands down for the fun factor, reliability, cheaper insurance and 10k in savings over a Boxster.
And you know how the saying goes. My lugnut has more torque than a Honda :).
Regarding the previous thread about BMW v mazda. BMW 3's are one of the few cars that are near 50/50 weight distributed and RWD. That and the handling is top notch. The only problem i see is most who drive one don't appreciate that. Mazda miatas, rx-8, and mazdaspeed3 are respectable. The crappy thing about BIMMERS are the maintanence and electrical gremlins that happen after 4 years. But considering an Mazda RX-8's rotary engine likes to eat a can an oil every so often, I would consider maintanence a wash.
CoronitaParticipantI read in Top Gear that the number one rated sports car by readers was the Honda S2000. That car is cheaper than a Porsche Boxster, more reliable and more fun. I drove both the Boxster and S2000 and would take the Honda S2000 hands down for the fun factor, reliability, cheaper insurance and 10k in savings over a Boxster.
And you know how the saying goes. My lugnut has more torque than a Honda :).
Regarding the previous thread about BMW v mazda. BMW 3's are one of the few cars that are near 50/50 weight distributed and RWD. That and the handling is top notch. The only problem i see is most who drive one don't appreciate that. Mazda miatas, rx-8, and mazdaspeed3 are respectable. The crappy thing about BIMMERS are the maintanence and electrical gremlins that happen after 4 years. But considering an Mazda RX-8's rotary engine likes to eat a can an oil every so often, I would consider maintanence a wash.
CoronitaParticipantI read in Top Gear that the number one rated sports car by readers was the Honda S2000. That car is cheaper than a Porsche Boxster, more reliable and more fun. I drove both the Boxster and S2000 and would take the Honda S2000 hands down for the fun factor, reliability, cheaper insurance and 10k in savings over a Boxster.
And you know how the saying goes. My lugnut has more torque than a Honda :).
Regarding the previous thread about BMW v mazda. BMW 3's are one of the few cars that are near 50/50 weight distributed and RWD. That and the handling is top notch. The only problem i see is most who drive one don't appreciate that. Mazda miatas, rx-8, and mazdaspeed3 are respectable. The crappy thing about BIMMERS are the maintanence and electrical gremlins that happen after 4 years. But considering an Mazda RX-8's rotary engine likes to eat a can an oil every so often, I would consider maintanence a wash.
CoronitaParticipantThere were plenty of 800k homes in Carmel V around 03 and 04. Still, it's overpriced. But the pattern I would like to know is folks income relative to borrowing here in CV versus other places. During 03 and early 04 when we were looking around, several times we were outbid by folks doing close to 50% down and/or 15 year conforming. Again, not saying everyone was in this boat, but it did seem like plenty of buyers were well financed.
As far as the issues with CV. Yes, I would agree a lot of the manufactured homes have general issues, but I wouldn't say it's worse than other manufactured communities. A friend who purchased a new home had her toilet backed up. Turns out workers had threw a few beer cans down the drain why working. Go figure.
BTW, when was the last bust? I thought CV was around only circa early 90ies.
CoronitaParticipantThere were plenty of 800k homes in Carmel V around 03 and 04. Still, it's overpriced. But the pattern I would like to know is folks income relative to borrowing here in CV versus other places. During 03 and early 04 when we were looking around, several times we were outbid by folks doing close to 50% down and/or 15 year conforming. Again, not saying everyone was in this boat, but it did seem like plenty of buyers were well financed.
As far as the issues with CV. Yes, I would agree a lot of the manufactured homes have general issues, but I wouldn't say it's worse than other manufactured communities. A friend who purchased a new home had her toilet backed up. Turns out workers had threw a few beer cans down the drain why working. Go figure.
BTW, when was the last bust? I thought CV was around only circa early 90ies.
CoronitaParticipantThere were plenty of 800k homes in Carmel V around 03 and 04. Still, it's overpriced. But the pattern I would like to know is folks income relative to borrowing here in CV versus other places. During 03 and early 04 when we were looking around, several times we were outbid by folks doing close to 50% down and/or 15 year conforming. Again, not saying everyone was in this boat, but it did seem like plenty of buyers were well financed.
As far as the issues with CV. Yes, I would agree a lot of the manufactured homes have general issues, but I wouldn't say it's worse than other manufactured communities. A friend who purchased a new home had her toilet backed up. Turns out workers had threw a few beer cans down the drain why working. Go figure.
BTW, when was the last bust? I thought CV was around only circa early 90ies.
CoronitaParticipantDid some research on how what it takes to own an H2.
MSRP $55k minus $4k sale price minus $3k manufacturer rebate:
$48k, plus 0% financing from GM for 60 months.
No wonder there's more and more of these these days.
I'm still trying to figure out how a sports sedan like an S4 or M3 gets slapped with a gas guzzler tax, but this one doesn't. Oh wait, trucks don't have the same regulations as cars. No wonder more car manufacturers are putting out crossover vehicles.
CoronitaParticipantDid some research on how what it takes to own an H2.
MSRP $55k minus $4k sale price minus $3k manufacturer rebate:
$48k, plus 0% financing from GM for 60 months.
No wonder there's more and more of these these days.
I'm still trying to figure out how a sports sedan like an S4 or M3 gets slapped with a gas guzzler tax, but this one doesn't. Oh wait, trucks don't have the same regulations as cars. No wonder more car manufacturers are putting out crossover vehicles.
CoronitaParticipantDid some research on how what it takes to own an H2.
MSRP $55k minus $4k sale price minus $3k manufacturer rebate:
$48k, plus 0% financing from GM for 60 months.
No wonder there's more and more of these these days.
I'm still trying to figure out how a sports sedan like an S4 or M3 gets slapped with a gas guzzler tax, but this one doesn't. Oh wait, trucks don't have the same regulations as cars. No wonder more car manufacturers are putting out crossover vehicles.
CoronitaParticipantPersonally, I wouldn't own one because of the stereotype,but…why do people hate BMW's so much? They're great cars. It's usually the idiots behind they wheels that can't drive them.
My only comment is I don't understand folks that buy an M3 with an automatic or an M3 convertible. It's kinda defeating the purpose.
CoronitaParticipantPersonally, I wouldn't own one because of the stereotype,but…why do people hate BMW's so much? They're great cars. It's usually the idiots behind they wheels that can't drive them.
My only comment is I don't understand folks that buy an M3 with an automatic or an M3 convertible. It's kinda defeating the purpose.
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