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(former)FormerSanDiegan
ParticipantRight now I can say that Nov 2007 isn’t the month for me to buy.
At some point everyone will be saying this. When that happens, it is time to buy.
ParticipantRight now I can say that Nov 2007 isn’t the month for me to buy.
At some point everyone will be saying this. When that happens, it is time to buy.
ParticipantRight now I can say that Nov 2007 isn’t the month for me to buy.
At some point everyone will be saying this. When that happens, it is time to buy.
ParticipantRight now I can say that Nov 2007 isn’t the month for me to buy.
At some point everyone will be saying this. When that happens, it is time to buy.
November 15, 2007 at 10:36 AM in reply to: Home prices back to 2003 levels – according to the UT #99788ParticipantAccording to THIS link from DataQuick we’re back to Spring 2005 levels.
kev374 – That’s for ALL of southern CA, including Orange, LA, Riverside, San Berdoo, San Diego, and Ventura Counties.
Here it the thing, the article says the SoCal median is $444,000 and the typical mortgage payment is $2111. A 30yr loan on 444k with $88,000 down at 6.8% would be $2,320 which is the basic mortgage payment only. And I know most are not putting 20% down, how did they arrive at this low figure?
Rather than 6.8% (wherever that’s from) perhaps they must be using some published average 30-year fixed rate for the time period. For example, today’s average rate is about 6.24%.
http://www.freddiemac.comThe mortgage is P&I only. The rest are taxes and insurance. Yes, these are important and may be impounded along with a mortgage, but are not part of the mortgage.
November 15, 2007 at 10:36 AM in reply to: Home prices back to 2003 levels – according to the UT #99866ParticipantAccording to THIS link from DataQuick we’re back to Spring 2005 levels.
kev374 – That’s for ALL of southern CA, including Orange, LA, Riverside, San Berdoo, San Diego, and Ventura Counties.
Here it the thing, the article says the SoCal median is $444,000 and the typical mortgage payment is $2111. A 30yr loan on 444k with $88,000 down at 6.8% would be $2,320 which is the basic mortgage payment only. And I know most are not putting 20% down, how did they arrive at this low figure?
Rather than 6.8% (wherever that’s from) perhaps they must be using some published average 30-year fixed rate for the time period. For example, today’s average rate is about 6.24%.
http://www.freddiemac.comThe mortgage is P&I only. The rest are taxes and insurance. Yes, these are important and may be impounded along with a mortgage, but are not part of the mortgage.
November 15, 2007 at 10:36 AM in reply to: Home prices back to 2003 levels – according to the UT #99882ParticipantAccording to THIS link from DataQuick we’re back to Spring 2005 levels.
kev374 – That’s for ALL of southern CA, including Orange, LA, Riverside, San Berdoo, San Diego, and Ventura Counties.
Here it the thing, the article says the SoCal median is $444,000 and the typical mortgage payment is $2111. A 30yr loan on 444k with $88,000 down at 6.8% would be $2,320 which is the basic mortgage payment only. And I know most are not putting 20% down, how did they arrive at this low figure?
Rather than 6.8% (wherever that’s from) perhaps they must be using some published average 30-year fixed rate for the time period. For example, today’s average rate is about 6.24%.
http://www.freddiemac.comThe mortgage is P&I only. The rest are taxes and insurance. Yes, these are important and may be impounded along with a mortgage, but are not part of the mortgage.
November 15, 2007 at 10:36 AM in reply to: Home prices back to 2003 levels – according to the UT #99893ParticipantAccording to THIS link from DataQuick we’re back to Spring 2005 levels.
kev374 – That’s for ALL of southern CA, including Orange, LA, Riverside, San Berdoo, San Diego, and Ventura Counties.
Here it the thing, the article says the SoCal median is $444,000 and the typical mortgage payment is $2111. A 30yr loan on 444k with $88,000 down at 6.8% would be $2,320 which is the basic mortgage payment only. And I know most are not putting 20% down, how did they arrive at this low figure?
Rather than 6.8% (wherever that’s from) perhaps they must be using some published average 30-year fixed rate for the time period. For example, today’s average rate is about 6.24%.
http://www.freddiemac.comThe mortgage is P&I only. The rest are taxes and insurance. Yes, these are important and may be impounded along with a mortgage, but are not part of the mortgage.
November 15, 2007 at 10:36 AM in reply to: Home prices back to 2003 levels – according to the UT #99900ParticipantAccording to THIS link from DataQuick we’re back to Spring 2005 levels.
kev374 – That’s for ALL of southern CA, including Orange, LA, Riverside, San Berdoo, San Diego, and Ventura Counties.
Here it the thing, the article says the SoCal median is $444,000 and the typical mortgage payment is $2111. A 30yr loan on 444k with $88,000 down at 6.8% would be $2,320 which is the basic mortgage payment only. And I know most are not putting 20% down, how did they arrive at this low figure?
Rather than 6.8% (wherever that’s from) perhaps they must be using some published average 30-year fixed rate for the time period. For example, today’s average rate is about 6.24%.
http://www.freddiemac.comThe mortgage is P&I only. The rest are taxes and insurance. Yes, these are important and may be impounded along with a mortgage, but are not part of the mortgage.
ParticipantHere’s my proxy …
I’m looking for 3/2 SFRs in bread-and-butter areas for rental purposes to be priced at about zero cash flow with 20% down before I even start tracking seriously. Bread-and-butter SFRs would be in areas like Clairemont, Serra Mesa, Kearny Mesa. If things go far enough down, then maybe even Point Loma will hit zero cash flow and the others areas slightly positive. I recently ran the numbers for some low-end Clairemont houses, they were still 15-20% too high for zero cash flow.Assuming rates and rents are about where they are today, I’ll start looking to buy at another -15%. If long-rates go up 1%, I’d need to see another -25% or so. If long-rates go down 1%, it might make sense 5-10% below today’s prices. If rents drop, I would need prices to drop proportionally.
ParticipantHere’s my proxy …
I’m looking for 3/2 SFRs in bread-and-butter areas for rental purposes to be priced at about zero cash flow with 20% down before I even start tracking seriously. Bread-and-butter SFRs would be in areas like Clairemont, Serra Mesa, Kearny Mesa. If things go far enough down, then maybe even Point Loma will hit zero cash flow and the others areas slightly positive. I recently ran the numbers for some low-end Clairemont houses, they were still 15-20% too high for zero cash flow.Assuming rates and rents are about where they are today, I’ll start looking to buy at another -15%. If long-rates go up 1%, I’d need to see another -25% or so. If long-rates go down 1%, it might make sense 5-10% below today’s prices. If rents drop, I would need prices to drop proportionally.
ParticipantHere’s my proxy …
I’m looking for 3/2 SFRs in bread-and-butter areas for rental purposes to be priced at about zero cash flow with 20% down before I even start tracking seriously. Bread-and-butter SFRs would be in areas like Clairemont, Serra Mesa, Kearny Mesa. If things go far enough down, then maybe even Point Loma will hit zero cash flow and the others areas slightly positive. I recently ran the numbers for some low-end Clairemont houses, they were still 15-20% too high for zero cash flow.Assuming rates and rents are about where they are today, I’ll start looking to buy at another -15%. If long-rates go up 1%, I’d need to see another -25% or so. If long-rates go down 1%, it might make sense 5-10% below today’s prices. If rents drop, I would need prices to drop proportionally.
ParticipantHere’s my proxy …
I’m looking for 3/2 SFRs in bread-and-butter areas for rental purposes to be priced at about zero cash flow with 20% down before I even start tracking seriously. Bread-and-butter SFRs would be in areas like Clairemont, Serra Mesa, Kearny Mesa. If things go far enough down, then maybe even Point Loma will hit zero cash flow and the others areas slightly positive. I recently ran the numbers for some low-end Clairemont houses, they were still 15-20% too high for zero cash flow.Assuming rates and rents are about where they are today, I’ll start looking to buy at another -15%. If long-rates go up 1%, I’d need to see another -25% or so. If long-rates go down 1%, it might make sense 5-10% below today’s prices. If rents drop, I would need prices to drop proportionally.
ParticipantHere’s my proxy …
I’m looking for 3/2 SFRs in bread-and-butter areas for rental purposes to be priced at about zero cash flow with 20% down before I even start tracking seriously. Bread-and-butter SFRs would be in areas like Clairemont, Serra Mesa, Kearny Mesa. If things go far enough down, then maybe even Point Loma will hit zero cash flow and the others areas slightly positive. I recently ran the numbers for some low-end Clairemont houses, they were still 15-20% too high for zero cash flow.Assuming rates and rents are about where they are today, I’ll start looking to buy at another -15%. If long-rates go up 1%, I’d need to see another -25% or so. If long-rates go down 1%, it might make sense 5-10% below today’s prices. If rents drop, I would need prices to drop proportionally.
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