[jpinpb]

Here’s some info on this complex:

Address Last Sold Last Price
4525 Mississippi St #1, San Diego 92116 05/11/1999 $81,500
4525 Mississippi St #2, San Diego 92116 08/23/2005 $337,500
4525 Mississippi St #3, San Diego 92116 05/17/2005 $355,000
4525 Mississippi St #4, San Diego 92116 07/14/2005 $307,000
4525 Mississippi St #5, San Diego 92116 09/22/2005 $347,000
4525 Mississippi St #6, San Diego 92116 07/01/1998 $87,500
4525 Mississippi St #7, San Diego 92116 04/24/1989 $95,000
4525 Mississippi St #8, San Diego 92116 04/05/1990 $99,500

Now why Wells Fargo would raise the price when they have added another criteria in their credit standards, 20%, is beyond me. At the peak, these places sold for 350k, so they are taking a hit from the peak considerably.

Maybe they checked the comps and thought the increase was justified. Something tells me if one offered 199k, they might go for it. Maybe they have other properties in the area and don’t want to drag the comps down too low and have to take a bigger hit on other properties.

[jpinpb]

Here’s some info on this complex:

Address Last Sold Last Price
4525 Mississippi St #1, San Diego 92116 05/11/1999 $81,500
4525 Mississippi St #2, San Diego 92116 08/23/2005 $337,500
4525 Mississippi St #3, San Diego 92116 05/17/2005 $355,000
4525 Mississippi St #4, San Diego 92116 07/14/2005 $307,000
4525 Mississippi St #5, San Diego 92116 09/22/2005 $347,000
4525 Mississippi St #6, San Diego 92116 07/01/1998 $87,500
4525 Mississippi St #7, San Diego 92116 04/24/1989 $95,000
4525 Mississippi St #8, San Diego 92116 04/05/1990 $99,500

Now why Wells Fargo would raise the price when they have added another criteria in their credit standards, 20%, is beyond me. At the peak, these places sold for 350k, so they are taking a hit from the peak considerably.

Maybe they checked the comps and thought the increase was justified. Something tells me if one offered 199k, they might go for it. Maybe they have other properties in the area and don’t want to drag the comps down too low and have to take a bigger hit on other properties.

[jpinpb]

Here’s some info on this complex:

Address Last Sold Last Price
4525 Mississippi St #1, San Diego 92116 05/11/1999 $81,500
4525 Mississippi St #2, San Diego 92116 08/23/2005 $337,500
4525 Mississippi St #3, San Diego 92116 05/17/2005 $355,000
4525 Mississippi St #4, San Diego 92116 07/14/2005 $307,000
4525 Mississippi St #5, San Diego 92116 09/22/2005 $347,000
4525 Mississippi St #6, San Diego 92116 07/01/1998 $87,500
4525 Mississippi St #7, San Diego 92116 04/24/1989 $95,000
4525 Mississippi St #8, San Diego 92116 04/05/1990 $99,500

Now why Wells Fargo would raise the price when they have added another criteria in their credit standards, 20%, is beyond me. At the peak, these places sold for 350k, so they are taking a hit from the peak considerably.

Maybe they checked the comps and thought the increase was justified. Something tells me if one offered 199k, they might go for it. Maybe they have other properties in the area and don’t want to drag the comps down too low and have to take a bigger hit on other properties.

[jpinpb]

Eventually those bank owned homes will sell and back in use by someone who won’t be renting. Ease the rental market strain.

Seems there is some correlation also between the builders cutting back on future building, causing concern of decrease of homes. However, with the continued tightening of credit standards, that decreases the buyers.

I’m personally amused by the incentives of builders, upgrades, etc. Really, the only thing that will sell is drastic reduction in price. DR Horton seems to have figured that out. Maybe some others will follow suit.

[jpinpb]

Eventually those bank owned homes will sell and back in use by someone who won’t be renting. Ease the rental market strain.

Seems there is some correlation also between the builders cutting back on future building, causing concern of decrease of homes. However, with the continued tightening of credit standards, that decreases the buyers.

I’m personally amused by the incentives of builders, upgrades, etc. Really, the only thing that will sell is drastic reduction in price. DR Horton seems to have figured that out. Maybe some others will follow suit.

[jpinpb]

Eventually those bank owned homes will sell and back in use by someone who won’t be renting. Ease the rental market strain.

Seems there is some correlation also between the builders cutting back on future building, causing concern of decrease of homes. However, with the continued tightening of credit standards, that decreases the buyers.

I’m personally amused by the incentives of builders, upgrades, etc. Really, the only thing that will sell is drastic reduction in price. DR Horton seems to have figured that out. Maybe some others will follow suit.

[jpinpb]

Eventually those bank owned homes will sell and back in use by someone who won’t be renting. Ease the rental market strain.

Seems there is some correlation also between the builders cutting back on future building, causing concern of decrease of homes. However, with the continued tightening of credit standards, that decreases the buyers.

I’m personally amused by the incentives of builders, upgrades, etc. Really, the only thing that will sell is drastic reduction in price. DR Horton seems to have figured that out. Maybe some others will follow suit.

[jpinpb]

Eventually those bank owned homes will sell and back in use by someone who won’t be renting. Ease the rental market strain.

Seems there is some correlation also between the builders cutting back on future building, causing concern of decrease of homes. However, with the continued tightening of credit standards, that decreases the buyers.

I’m personally amused by the incentives of builders, upgrades, etc. Really, the only thing that will sell is drastic reduction in price. DR Horton seems to have figured that out. Maybe some others will follow suit.

[jpinpb]

My tax dollars helping gamblers.
Grrrrr.

I’m going to Boston and protest.
Anyone want to join me in a tea party?

[jpinpb]

My tax dollars helping gamblers.
Grrrrr.

I’m going to Boston and protest.
Anyone want to join me in a tea party?

[jpinpb]

My tax dollars helping gamblers.
Grrrrr.

I’m going to Boston and protest.
Anyone want to join me in a tea party?

[jpinpb]

My tax dollars helping gamblers.
Grrrrr.

I’m going to Boston and protest.
Anyone want to join me in a tea party?

[jpinpb]

My tax dollars helping gamblers.
Grrrrr.

I’m going to Boston and protest.
Anyone want to join me in a tea party?

[jpinpb]

I would just like to add that it wasn’t merely the low interest rates which caused the housing price to increase. I believe it is the direct correlation between the low monthly payment on the teaser rate that allowed people to buy more expensive homes they otherwise would not

The price increase is tied directly to the low teaser monthly payment. Some of those initial teaser rates allowed the mortgage payment to be just slightly higher than what rents would be.

All shortsighted, of course. No one thought about when the rate adjusted, or cared. They were going to flip or take money out or whatever.

There will be more people in the rental market as they get evicted from their foreclosed homes. Therefore, the vacancies will be low. I think the rents will increase because of the mere demand. Predatory renting, so to speak. People will stretch their budget for a while. But ultimately, it can only go so high compared to incomes.

My two cents.

[jpinpb]

I would just like to add that it wasn’t merely the low interest rates which caused the housing price to increase. I believe it is the direct correlation between the low monthly payment on the teaser rate that allowed people to buy more expensive homes they otherwise would not

The price increase is tied directly to the low teaser monthly payment. Some of those initial teaser rates allowed the mortgage payment to be just slightly higher than what rents would be.

All shortsighted, of course. No one thought about when the rate adjusted, or cared. They were going to flip or take money out or whatever.

There will be more people in the rental market as they get evicted from their foreclosed homes. Therefore, the vacancies will be low. I think the rents will increase because of the mere demand. Predatory renting, so to speak. People will stretch their budget for a while. But ultimately, it can only go so high compared to incomes.

My two cents.

[Author]

Posts