[DaCounselor]

I would tend to agree with iseedots on this. Addressing psychology, I think there is an overall underlying sentiment on the part of most folks that is pro-homeownership. At this particular point in time that underlying sentiment may be overlaid with a psychology of caution and restraint due to the market conditions, but as prices fall the underlying desire to buy will emerge, at different points in time for different people.

I was around and a homeowner during the last real estate (and overall economic) downturn last decade and the prevailing concern then, in my opinion, was regarding jobs and the economy. I recall no negative sentiment toward real estate in the sense of “real estate is a terrible investment.” In fact, there was a general consensus among smart money folks that SD real estate was a sound investment and that we would see real estate prices rise substantially out of the recession. That being said, I don’t think it is too helpful to look back at those days inasmuch as we have a completely different scenario confronting us in the current market.

[DaCounselor]

I would tend to agree with iseedots on this. Addressing psychology, I think there is an overall underlying sentiment on the part of most folks that is pro-homeownership. At this particular point in time that underlying sentiment may be overlaid with a psychology of caution and restraint due to the market conditions, but as prices fall the underlying desire to buy will emerge, at different points in time for different people.

I was around and a homeowner during the last real estate (and overall economic) downturn last decade and the prevailing concern then, in my opinion, was regarding jobs and the economy. I recall no negative sentiment toward real estate in the sense of “real estate is a terrible investment.” In fact, there was a general consensus among smart money folks that SD real estate was a sound investment and that we would see real estate prices rise substantially out of the recession. That being said, I don’t think it is too helpful to look back at those days inasmuch as we have a completely different scenario confronting us in the current market.

[DaCounselor]

I would tend to agree with iseedots on this. Addressing psychology, I think there is an overall underlying sentiment on the part of most folks that is pro-homeownership. At this particular point in time that underlying sentiment may be overlaid with a psychology of caution and restraint due to the market conditions, but as prices fall the underlying desire to buy will emerge, at different points in time for different people.

I was around and a homeowner during the last real estate (and overall economic) downturn last decade and the prevailing concern then, in my opinion, was regarding jobs and the economy. I recall no negative sentiment toward real estate in the sense of “real estate is a terrible investment.” In fact, there was a general consensus among smart money folks that SD real estate was a sound investment and that we would see real estate prices rise substantially out of the recession. That being said, I don’t think it is too helpful to look back at those days inasmuch as we have a completely different scenario confronting us in the current market.

[DaCounselor]

I would tend to agree with iseedots on this. Addressing psychology, I think there is an overall underlying sentiment on the part of most folks that is pro-homeownership. At this particular point in time that underlying sentiment may be overlaid with a psychology of caution and restraint due to the market conditions, but as prices fall the underlying desire to buy will emerge, at different points in time for different people.

I was around and a homeowner during the last real estate (and overall economic) downturn last decade and the prevailing concern then, in my opinion, was regarding jobs and the economy. I recall no negative sentiment toward real estate in the sense of “real estate is a terrible investment.” In fact, there was a general consensus among smart money folks that SD real estate was a sound investment and that we would see real estate prices rise substantially out of the recession. That being said, I don’t think it is too helpful to look back at those days inasmuch as we have a completely different scenario confronting us in the current market.

[DaCounselor]

If the DOW falls off a cliff I will add substantially to my DIA shares. I have recently added (last week) to positions in IWM and MDY at low points and plan to add to SPY and QQQQ depending on the severity of dips. As you can tell I am primarily an index guy.

With the exception of some biotech and tech stocks I am mostly a value guy when it comes to individual stocks, so I’m watching the financials, retail and home-related industry companies. There appear to be some unbelievable discounts right now, but it’s only a discount if the company survives and the stock goes up. Discounts are only confirmed in the rear-view mirror. I also track two indices – ITB and XHB, which are both beaten down bad. I’m not sure the downward trend is over yet, though.

[DaCounselor]

If the DOW falls off a cliff I will add substantially to my DIA shares. I have recently added (last week) to positions in IWM and MDY at low points and plan to add to SPY and QQQQ depending on the severity of dips. As you can tell I am primarily an index guy.

With the exception of some biotech and tech stocks I am mostly a value guy when it comes to individual stocks, so I’m watching the financials, retail and home-related industry companies. There appear to be some unbelievable discounts right now, but it’s only a discount if the company survives and the stock goes up. Discounts are only confirmed in the rear-view mirror. I also track two indices – ITB and XHB, which are both beaten down bad. I’m not sure the downward trend is over yet, though.

[DaCounselor]

If the DOW falls off a cliff I will add substantially to my DIA shares. I have recently added (last week) to positions in IWM and MDY at low points and plan to add to SPY and QQQQ depending on the severity of dips. As you can tell I am primarily an index guy.

With the exception of some biotech and tech stocks I am mostly a value guy when it comes to individual stocks, so I’m watching the financials, retail and home-related industry companies. There appear to be some unbelievable discounts right now, but it’s only a discount if the company survives and the stock goes up. Discounts are only confirmed in the rear-view mirror. I also track two indices – ITB and XHB, which are both beaten down bad. I’m not sure the downward trend is over yet, though.

[DaCounselor]

If the DOW falls off a cliff I will add substantially to my DIA shares. I have recently added (last week) to positions in IWM and MDY at low points and plan to add to SPY and QQQQ depending on the severity of dips. As you can tell I am primarily an index guy.

With the exception of some biotech and tech stocks I am mostly a value guy when it comes to individual stocks, so I’m watching the financials, retail and home-related industry companies. There appear to be some unbelievable discounts right now, but it’s only a discount if the company survives and the stock goes up. Discounts are only confirmed in the rear-view mirror. I also track two indices – ITB and XHB, which are both beaten down bad. I’m not sure the downward trend is over yet, though.

[DaCounselor]

If the DOW falls off a cliff I will add substantially to my DIA shares. I have recently added (last week) to positions in IWM and MDY at low points and plan to add to SPY and QQQQ depending on the severity of dips. As you can tell I am primarily an index guy.

With the exception of some biotech and tech stocks I am mostly a value guy when it comes to individual stocks, so I’m watching the financials, retail and home-related industry companies. There appear to be some unbelievable discounts right now, but it’s only a discount if the company survives and the stock goes up. Discounts are only confirmed in the rear-view mirror. I also track two indices – ITB and XHB, which are both beaten down bad. I’m not sure the downward trend is over yet, though.

[DaCounselor]

Any loan whose proceeds were used to pay the purchase price of an owner-occupied property is a non-recourse loan. This applies to all loans, including 2nd mortgages and so-called “piggyback” loans, even if they are termed a HELOC.

There is good CA case law suggesting that a no-cash-out refi of a purchase money loan is also non-recourse. In this circumstance, however, any loan provisions regarding recourse may be applicable. I haven’t looked deeper into whether such a refi is non-recourse regardless of loan doc language (as it is with true purchase money loans) or whether in a refi the lender can contract around the non-recourse status (which they cannot do with a true purchase money loan)

In the original example provided it’s pretty clear that this homeowner can walk with no recourse and no tax liability, just the credit ding.

[DaCounselor]

Any loan whose proceeds were used to pay the purchase price of an owner-occupied property is a non-recourse loan. This applies to all loans, including 2nd mortgages and so-called “piggyback” loans, even if they are termed a HELOC.

There is good CA case law suggesting that a no-cash-out refi of a purchase money loan is also non-recourse. In this circumstance, however, any loan provisions regarding recourse may be applicable. I haven’t looked deeper into whether such a refi is non-recourse regardless of loan doc language (as it is with true purchase money loans) or whether in a refi the lender can contract around the non-recourse status (which they cannot do with a true purchase money loan)

In the original example provided it’s pretty clear that this homeowner can walk with no recourse and no tax liability, just the credit ding.

[DaCounselor]

Any loan whose proceeds were used to pay the purchase price of an owner-occupied property is a non-recourse loan. This applies to all loans, including 2nd mortgages and so-called “piggyback” loans, even if they are termed a HELOC.

There is good CA case law suggesting that a no-cash-out refi of a purchase money loan is also non-recourse. In this circumstance, however, any loan provisions regarding recourse may be applicable. I haven’t looked deeper into whether such a refi is non-recourse regardless of loan doc language (as it is with true purchase money loans) or whether in a refi the lender can contract around the non-recourse status (which they cannot do with a true purchase money loan)

In the original example provided it’s pretty clear that this homeowner can walk with no recourse and no tax liability, just the credit ding.

[DaCounselor]

Any loan whose proceeds were used to pay the purchase price of an owner-occupied property is a non-recourse loan. This applies to all loans, including 2nd mortgages and so-called “piggyback” loans, even if they are termed a HELOC.

There is good CA case law suggesting that a no-cash-out refi of a purchase money loan is also non-recourse. In this circumstance, however, any loan provisions regarding recourse may be applicable. I haven’t looked deeper into whether such a refi is non-recourse regardless of loan doc language (as it is with true purchase money loans) or whether in a refi the lender can contract around the non-recourse status (which they cannot do with a true purchase money loan)

In the original example provided it’s pretty clear that this homeowner can walk with no recourse and no tax liability, just the credit ding.

[DaCounselor]

Any loan whose proceeds were used to pay the purchase price of an owner-occupied property is a non-recourse loan. This applies to all loans, including 2nd mortgages and so-called “piggyback” loans, even if they are termed a HELOC.

There is good CA case law suggesting that a no-cash-out refi of a purchase money loan is also non-recourse. In this circumstance, however, any loan provisions regarding recourse may be applicable. I haven’t looked deeper into whether such a refi is non-recourse regardless of loan doc language (as it is with true purchase money loans) or whether in a refi the lender can contract around the non-recourse status (which they cannot do with a true purchase money loan)

In the original example provided it’s pretty clear that this homeowner can walk with no recourse and no tax liability, just the credit ding.

[DaCounselor]

“Also, looking for recommendations for other San Diego neighborhoods that offer city, bay, ocean or mountain views (safe neighborhood and easy commute to city) with house prices under $850K.”
________________________

I echo FSD’s recommendation to take a look at Bay Park and Bay Ho, ie: West Clairemont. There are some great streets up there with some pretty tremendous views. You are alot closer to the coast so the ocean/bay views can be spectacular, you get cool ocean breezes, etc. About 10 minutes to downtown. I think you could do pretty well in $850K range and even better next year if you can wait as prices continue to pull back.

Another option is to take a look at the Mt streets in Clairemont – I have been in a few on canyons with excellent canyon views, just not quite the same panorama as you will find on the western hills.

Can’t speak to the quality of schools.

[Author]

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