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Ex-SD
ParticipantHouses along the nicer coastal areas will probably drop less (in %) than many of the other areas of SD but they too will drop. I used to live in Leucadia for many years. I just went on Redfin and looked at the map of properties for sale and I notice that there are several homes in Skyloft that were asking $900k+ a year and a half ago…..now around $799k and a couple are long term owners so they have smelled the air and figure that it’s time to cash out. My guess is that the coast properties will drop another 25-30%+ from where they presently are if borrowers will now have to qualify for a mortgage with proven income, rates remain high for jumbo loans and foreclosure sales drive the comps down. It’s a good time to have a lot of cash and not be a homeowner so you can afford to rent and wait for the storms to pass. I would rent for a minimum of three years because I think this whole thing is not going to be over for a minimum of three and as long as five years and when it hits bottom, prices are not going to ramp up quickly again.
Can’t help you on the schools since my kids all finished the local high schools in the Encinitas area a long time ago and I have no idea how much they may have changed.
Good luck and congratulations on being smart enough to cash out while the getting was good.ParticipantA former Orange County Doctor posted this on a blog related to this story:
3 years ago I saw my medical assistant buying a $550,000 house in Anaheim, and I saw multiple patients in various blue collar jobs buying over $500,000 homes in Santa Ana.
yet when I kept doing the math over and over again, it would have been a stretch for me to afford one of these $600,000 homes on my $150,000/year salary.
I knew then everyone in OC were in over their heads and it was time to get out of there.
I know I’m not the only one that saw this coming. a lot of industry insiders knew this was going to happen. they are all just pretending to be surprised by all of this right now.
Posted by: former oc doc | August 13, 2007 at 12:49 PM
ParticipantA former Orange County Doctor posted this on a blog related to this story:
3 years ago I saw my medical assistant buying a $550,000 house in Anaheim, and I saw multiple patients in various blue collar jobs buying over $500,000 homes in Santa Ana.
yet when I kept doing the math over and over again, it would have been a stretch for me to afford one of these $600,000 homes on my $150,000/year salary.
I knew then everyone in OC were in over their heads and it was time to get out of there.
I know I’m not the only one that saw this coming. a lot of industry insiders knew this was going to happen. they are all just pretending to be surprised by all of this right now.
Posted by: former oc doc | August 13, 2007 at 12:49 PM
ParticipantA former Orange County Doctor posted this on a blog related to this story:
3 years ago I saw my medical assistant buying a $550,000 house in Anaheim, and I saw multiple patients in various blue collar jobs buying over $500,000 homes in Santa Ana.
yet when I kept doing the math over and over again, it would have been a stretch for me to afford one of these $600,000 homes on my $150,000/year salary.
I knew then everyone in OC were in over their heads and it was time to get out of there.
I know I’m not the only one that saw this coming. a lot of industry insiders knew this was going to happen. they are all just pretending to be surprised by all of this right now.
Posted by: former oc doc | August 13, 2007 at 12:49 PM
August 13, 2007 at 12:09 PM in reply to: Oh my… Countrywide just set new rates (effective tomorrow)… #74435ParticipantBugs: Great analysis! Well written and thought out……………Right on the money.
LA Renter: LOL! Great analogy!
August 13, 2007 at 12:09 PM in reply to: Oh my… Countrywide just set new rates (effective tomorrow)… #74552ParticipantBugs: Great analysis! Well written and thought out……………Right on the money.
LA Renter: LOL! Great analogy!
August 13, 2007 at 12:09 PM in reply to: Oh my… Countrywide just set new rates (effective tomorrow)… #74560ParticipantBugs: Great analysis! Well written and thought out……………Right on the money.
LA Renter: LOL! Great analogy!
August 13, 2007 at 11:56 AM in reply to: Can someone explain to me what the FED did this week? #74416ParticipantFrom the L.A. Land blog in the L.A. times, today…….8/13/07.
Update on Fed’s intervention
When we reported last week on the Fed’s attempts to pump liquidity into the financial markets, we quoted two news organizations reporting that the Fed had purchased mortgage-backed securities, or MBS’s.
In the interest of setting the record straight, we note that Calculated Risk — an excellent blog on economic issues, btw — reports that, technically, that’s not exactly what the Fed did: …”the Fed didn’t buy ‘billions of dollars worth of crumbling bonds’. The MBS is just put up as collateral, and unless the banks go under in 3 calendar days, they will pay the loan back with 3 days of 5.25% interest. No big deal.”
More: “Technically the legal ownership of the collateral apparently does change hands, so saying the Fed is ‘buying’ is not completely inaccurate – just misleading.”
And an update: http://www.cnbc.com/id/20246769
August 13, 2007 at 11:56 AM in reply to: Can someone explain to me what the FED did this week? #74533ParticipantFrom the L.A. Land blog in the L.A. times, today…….8/13/07.
Update on Fed’s intervention
When we reported last week on the Fed’s attempts to pump liquidity into the financial markets, we quoted two news organizations reporting that the Fed had purchased mortgage-backed securities, or MBS’s.
In the interest of setting the record straight, we note that Calculated Risk — an excellent blog on economic issues, btw — reports that, technically, that’s not exactly what the Fed did: …”the Fed didn’t buy ‘billions of dollars worth of crumbling bonds’. The MBS is just put up as collateral, and unless the banks go under in 3 calendar days, they will pay the loan back with 3 days of 5.25% interest. No big deal.”
More: “Technically the legal ownership of the collateral apparently does change hands, so saying the Fed is ‘buying’ is not completely inaccurate – just misleading.”
And an update: http://www.cnbc.com/id/20246769
August 13, 2007 at 11:56 AM in reply to: Can someone explain to me what the FED did this week? #74538ParticipantFrom the L.A. Land blog in the L.A. times, today…….8/13/07.
Update on Fed’s intervention
When we reported last week on the Fed’s attempts to pump liquidity into the financial markets, we quoted two news organizations reporting that the Fed had purchased mortgage-backed securities, or MBS’s.
In the interest of setting the record straight, we note that Calculated Risk — an excellent blog on economic issues, btw — reports that, technically, that’s not exactly what the Fed did: …”the Fed didn’t buy ‘billions of dollars worth of crumbling bonds’. The MBS is just put up as collateral, and unless the banks go under in 3 calendar days, they will pay the loan back with 3 days of 5.25% interest. No big deal.”
More: “Technically the legal ownership of the collateral apparently does change hands, so saying the Fed is ‘buying’ is not completely inaccurate – just misleading.”
And an update: http://www.cnbc.com/id/20246769
ParticipantIf you have some cash and you wait patiently…………you’ll be able to buy a nice, single family residence in SD for $270k and up, depending on the area/size/etc.
ParticipantIf you have some cash and you wait patiently…………you’ll be able to buy a nice, single family residence in SD for $270k and up, depending on the area/size/etc.
ParticipantIf you have some cash and you wait patiently…………you’ll be able to buy a nice, single family residence in SD for $270k and up, depending on the area/size/etc.
August 13, 2007 at 7:17 AM in reply to: OT: Attention Walmart Shoppers, Disposable Car Coming to Walmart/Chrysler near you. #74269ParticipantThis is typical of the first generation products that come from Korea and China. I retired from the piano manufacturing business. When the Koreans first got into the business, the products were pure crap. There was an opportunity for them to make a lot of money because Japanese piano prices had gone through the roof. (which is how the Japanese stole the business from the U.S. manufacturers). I traveled to Korea many times in an attempt to get the owners of the factories to understand that their products had to be of a much higher quality if they wanted to have success in the USA. Some listened and some didn’t. The ones that listened finally produced acceptable products but never quite achieved the same level of quality of the Japanese pianos. Then, as prices got higher and higher, along came the Chinese. Their first attempt at making a piano for the U.S. market was far worse than what the Koreans had produced in their first attempt. But, the Chinese learn very quickly and it didn’t take long for them to equal what the Koreans were producing………..so the Korean companies starting building piano factories in Indonesia to combat the lower prices offered by the Chinese. Today, the highest, sales volume piano that is being sold by the majority of dealers may not have a Korean, Chinese or Indonesian name above the keys, but most are manufactured in China and Indonesia. I suspect that although this car is presently not very good, that within two to three years (at the most), it will be much better and capture a large amount of sales volume in the USA.
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