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(former)FormerSanDiegan
ParticipantI will stick with the same response I had to this question about a year ago. Based on the median price for Central San Diego I am guessing 19-26% nominal price decline over a 5-year period. (At 3% inflation for 5 years thats a total of 34-41% real price decline).
Other areas : East County, South Bay, Temecula/, Riverside County will fare worse.ParticipantI will stick with the same response I had to this question about a year ago. Based on the median price for Central San Diego I am guessing 19-26% nominal price decline over a 5-year period. (At 3% inflation for 5 years thats a total of 34-41% real price decline).
Other areas : East County, South Bay, Temecula/, Riverside County will fare worse.ParticipantI will stick with the same response I had to this question about a year ago. Based on the median price for Central San Diego I am guessing 19-26% nominal price decline over a 5-year period. (At 3% inflation for 5 years thats a total of 34-41% real price decline).
Other areas : East County, South Bay, Temecula/, Riverside County will fare worse.ParticipantI would stay.
I agree with temeculaguy and Rustico.
Your timing on purchase was good. You bought a house you will own 24 years from now for less than monthly rent. Whatever it is worth at that point is a great bonus. If you had to move, you could rent it out and cover the expenses.
If you wanted to sell and buy back cheaper you have to have good timing two more times. Unfortunately you already missed the first mark, and by the time you sold (assuming this fall) you could easily be down another 5%, making it 15% off the peak, plus 8% selling costs. If prices drop only 25% off the peak you will have gone through a lot of hassle AND would have to time the bottom correctly to make this pay off.
ParticipantI would stay.
I agree with temeculaguy and Rustico.
Your timing on purchase was good. You bought a house you will own 24 years from now for less than monthly rent. Whatever it is worth at that point is a great bonus. If you had to move, you could rent it out and cover the expenses.
If you wanted to sell and buy back cheaper you have to have good timing two more times. Unfortunately you already missed the first mark, and by the time you sold (assuming this fall) you could easily be down another 5%, making it 15% off the peak, plus 8% selling costs. If prices drop only 25% off the peak you will have gone through a lot of hassle AND would have to time the bottom correctly to make this pay off.
ParticipantI would stay.
I agree with temeculaguy and Rustico.
Your timing on purchase was good. You bought a house you will own 24 years from now for less than monthly rent. Whatever it is worth at that point is a great bonus. If you had to move, you could rent it out and cover the expenses.
If you wanted to sell and buy back cheaper you have to have good timing two more times. Unfortunately you already missed the first mark, and by the time you sold (assuming this fall) you could easily be down another 5%, making it 15% off the peak, plus 8% selling costs. If prices drop only 25% off the peak you will have gone through a lot of hassle AND would have to time the bottom correctly to make this pay off.
August 13, 2007 at 8:42 AM in reply to: Oh my… Countrywide just set new rates (effective tomorrow)… #74210ParticipantBugs – Why do you think that rates will rise as we go through the second wave of ARM rests in a couple years.
Won’t the current wave of resets (which peaks this fall) do enough damage to the overall economy that rates would tend to drop (at least short-term rates) ?August 13, 2007 at 8:42 AM in reply to: Oh my… Countrywide just set new rates (effective tomorrow)… #74329ParticipantBugs – Why do you think that rates will rise as we go through the second wave of ARM rests in a couple years.
Won’t the current wave of resets (which peaks this fall) do enough damage to the overall economy that rates would tend to drop (at least short-term rates) ?August 13, 2007 at 8:42 AM in reply to: Oh my… Countrywide just set new rates (effective tomorrow)… #74335ParticipantBugs – Why do you think that rates will rise as we go through the second wave of ARM rests in a couple years.
Won’t the current wave of resets (which peaks this fall) do enough damage to the overall economy that rates would tend to drop (at least short-term rates) ?August 10, 2007 at 8:43 AM in reply to: Why is overall credit market tanking on mortgage defaults #72713ParticipantFEAR
August 10, 2007 at 8:43 AM in reply to: Why is overall credit market tanking on mortgage defaults #72833ParticipantFEAR
August 10, 2007 at 8:43 AM in reply to: Why is overall credit market tanking on mortgage defaults #72838ParticipantFEAR
August 10, 2007 at 7:57 AM in reply to: Bush addresses the nation on the economy and the stock market tanks. Irony #72680ParticipantDidn’t Paulson recently say it’s the best economy he has seen in a couple decades.
August 10, 2007 at 7:57 AM in reply to: Bush addresses the nation on the economy and the stock market tanks. Irony #72798ParticipantDidn’t Paulson recently say it’s the best economy he has seen in a couple decades.
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