[jpinpb]

The new house is on Santa Mariana. The best I can find out so far as far as sales are as follows:
1/2005 $995k
5/2004 $875k
11/2003 $819k
7/2001 531k
12/2000 543k
11/2000 544k
11/2000 567k
11/2000 599k

So I guess if she bought it for 795k, she made 150k, taking into consideration her loss. However, if prices continue to drop, there goes her profit, on paper anyway.

[jpinpb]

The new house is on Santa Mariana. The best I can find out so far as far as sales are as follows:
1/2005 $995k
5/2004 $875k
11/2003 $819k
7/2001 531k
12/2000 543k
11/2000 544k
11/2000 567k
11/2000 599k

So I guess if she bought it for 795k, she made 150k, taking into consideration her loss. However, if prices continue to drop, there goes her profit, on paper anyway.

[jpinpb]

The new house is on Santa Mariana. The best I can find out so far as far as sales are as follows:
1/2005 $995k
5/2004 $875k
11/2003 $819k
7/2001 531k
12/2000 543k
11/2000 544k
11/2000 567k
11/2000 599k

So I guess if she bought it for 795k, she made 150k, taking into consideration her loss. However, if prices continue to drop, there goes her profit, on paper anyway.

[jpinpb]

I know someone who recently (w/in the past few months) sold their place in 4S Ranch at 17032 Garden Walk Way for $635,500. They bought it for $681,000 in 11/18/05. Almost a 50k reduction. She thinks she’s savvy about this. Taking a loss on taxes.

It was not in default or foreclosure or short sale or bank owned. This woman wanted out so she could buy a bigger place that was a reduced 200k less than it sold for originally 2 years earlier. The new home is a better investment/deal?

I don’t have the info on the new place yet. This is all hearsay, what I was told. It’s a bigger place, I guess. I don’t know if the new place was in default or foreclosure or short sale or bank owned. Keeping an eye out for the info. Will do some research on it. Very curious.

[jpinpb]

I know someone who recently (w/in the past few months) sold their place in 4S Ranch at 17032 Garden Walk Way for $635,500. They bought it for $681,000 in 11/18/05. Almost a 50k reduction. She thinks she’s savvy about this. Taking a loss on taxes.

It was not in default or foreclosure or short sale or bank owned. This woman wanted out so she could buy a bigger place that was a reduced 200k less than it sold for originally 2 years earlier. The new home is a better investment/deal?

I don’t have the info on the new place yet. This is all hearsay, what I was told. It’s a bigger place, I guess. I don’t know if the new place was in default or foreclosure or short sale or bank owned. Keeping an eye out for the info. Will do some research on it. Very curious.

[jpinpb]

I know someone who recently (w/in the past few months) sold their place in 4S Ranch at 17032 Garden Walk Way for $635,500. They bought it for $681,000 in 11/18/05. Almost a 50k reduction. She thinks she’s savvy about this. Taking a loss on taxes.

It was not in default or foreclosure or short sale or bank owned. This woman wanted out so she could buy a bigger place that was a reduced 200k less than it sold for originally 2 years earlier. The new home is a better investment/deal?

I don’t have the info on the new place yet. This is all hearsay, what I was told. It’s a bigger place, I guess. I don’t know if the new place was in default or foreclosure or short sale or bank owned. Keeping an eye out for the info. Will do some research on it. Very curious.

[jpinpb]

I know someone who recently (w/in the past few months) sold their place in 4S Ranch at 17032 Garden Walk Way for $635,500. They bought it for $681,000 in 11/18/05. Almost a 50k reduction. She thinks she’s savvy about this. Taking a loss on taxes.

It was not in default or foreclosure or short sale or bank owned. This woman wanted out so she could buy a bigger place that was a reduced 200k less than it sold for originally 2 years earlier. The new home is a better investment/deal?

I don’t have the info on the new place yet. This is all hearsay, what I was told. It’s a bigger place, I guess. I don’t know if the new place was in default or foreclosure or short sale or bank owned. Keeping an eye out for the info. Will do some research on it. Very curious.

[jpinpb]

I know someone who recently (w/in the past few months) sold their place in 4S Ranch at 17032 Garden Walk Way for $635,500. They bought it for $681,000 in 11/18/05. Almost a 50k reduction. She thinks she’s savvy about this. Taking a loss on taxes.

It was not in default or foreclosure or short sale or bank owned. This woman wanted out so she could buy a bigger place that was a reduced 200k less than it sold for originally 2 years earlier. The new home is a better investment/deal?

I don’t have the info on the new place yet. This is all hearsay, what I was told. It’s a bigger place, I guess. I don’t know if the new place was in default or foreclosure or short sale or bank owned. Keeping an eye out for the info. Will do some research on it. Very curious.

[jpinpb]

I have some family in Italy. They own their own homes. Generally passed down through the family. They never sell.

I don’t own a home for the very reason that I could not afford one. I hope to one day afford one. I don’t have much of a choice but wait, save, limit my debt, hope prices come down to something reasonable, hope I don’t have to move out of state.

I already missed the no money down, interest only train. It made no sense. I was pressure by friends, family, realtors, and lenders. I did not want to gamble w/an interest rate that could change, even when they said I could always refinance, I kept thinking whatifs, if there is pre-payment penalty, if the value comes down even 5%, etc.

When the subprime mess hit the fan, I felt like I did the right thing. But now government coming to the rescue, I feel like I was punished for doing the right thing.

I do agree w/you that a correction is in order. Just b/c I think that or you think that, doesn’t mean it’s going to happen. I know it’s not in the Declaration that people are entitled to afford a house, but it’s nice after working hard, you can come home and say, “I’m working hard for this. It’ll be mine.” I mean, ever since people came to America, the pioneers bought land, built their cabins. It just seems like a reward for all the hard work.

I’ve owned a house before and it is a good feeling, something tangible. And I’m not even a consumer or materialistic at all. I don’t give into that. Yet, something about having your own place, though.

[jpinpb]

I have some family in Italy. They own their own homes. Generally passed down through the family. They never sell.

I don’t own a home for the very reason that I could not afford one. I hope to one day afford one. I don’t have much of a choice but wait, save, limit my debt, hope prices come down to something reasonable, hope I don’t have to move out of state.

I already missed the no money down, interest only train. It made no sense. I was pressure by friends, family, realtors, and lenders. I did not want to gamble w/an interest rate that could change, even when they said I could always refinance, I kept thinking whatifs, if there is pre-payment penalty, if the value comes down even 5%, etc.

When the subprime mess hit the fan, I felt like I did the right thing. But now government coming to the rescue, I feel like I was punished for doing the right thing.

I do agree w/you that a correction is in order. Just b/c I think that or you think that, doesn’t mean it’s going to happen. I know it’s not in the Declaration that people are entitled to afford a house, but it’s nice after working hard, you can come home and say, “I’m working hard for this. It’ll be mine.” I mean, ever since people came to America, the pioneers bought land, built their cabins. It just seems like a reward for all the hard work.

I’ve owned a house before and it is a good feeling, something tangible. And I’m not even a consumer or materialistic at all. I don’t give into that. Yet, something about having your own place, though.

[jpinpb]

I have some family in Italy. They own their own homes. Generally passed down through the family. They never sell.

I don’t own a home for the very reason that I could not afford one. I hope to one day afford one. I don’t have much of a choice but wait, save, limit my debt, hope prices come down to something reasonable, hope I don’t have to move out of state.

I already missed the no money down, interest only train. It made no sense. I was pressure by friends, family, realtors, and lenders. I did not want to gamble w/an interest rate that could change, even when they said I could always refinance, I kept thinking whatifs, if there is pre-payment penalty, if the value comes down even 5%, etc.

When the subprime mess hit the fan, I felt like I did the right thing. But now government coming to the rescue, I feel like I was punished for doing the right thing.

I do agree w/you that a correction is in order. Just b/c I think that or you think that, doesn’t mean it’s going to happen. I know it’s not in the Declaration that people are entitled to afford a house, but it’s nice after working hard, you can come home and say, “I’m working hard for this. It’ll be mine.” I mean, ever since people came to America, the pioneers bought land, built their cabins. It just seems like a reward for all the hard work.

I’ve owned a house before and it is a good feeling, something tangible. And I’m not even a consumer or materialistic at all. I don’t give into that. Yet, something about having your own place, though.

[jpinpb]

I have some family in Italy. They own their own homes. Generally passed down through the family. They never sell.

I don’t own a home for the very reason that I could not afford one. I hope to one day afford one. I don’t have much of a choice but wait, save, limit my debt, hope prices come down to something reasonable, hope I don’t have to move out of state.

I already missed the no money down, interest only train. It made no sense. I was pressure by friends, family, realtors, and lenders. I did not want to gamble w/an interest rate that could change, even when they said I could always refinance, I kept thinking whatifs, if there is pre-payment penalty, if the value comes down even 5%, etc.

When the subprime mess hit the fan, I felt like I did the right thing. But now government coming to the rescue, I feel like I was punished for doing the right thing.

I do agree w/you that a correction is in order. Just b/c I think that or you think that, doesn’t mean it’s going to happen. I know it’s not in the Declaration that people are entitled to afford a house, but it’s nice after working hard, you can come home and say, “I’m working hard for this. It’ll be mine.” I mean, ever since people came to America, the pioneers bought land, built their cabins. It just seems like a reward for all the hard work.

I’ve owned a house before and it is a good feeling, something tangible. And I’m not even a consumer or materialistic at all. I don’t give into that. Yet, something about having your own place, though.

[jpinpb]

I have some family in Italy. They own their own homes. Generally passed down through the family. They never sell.

I don’t own a home for the very reason that I could not afford one. I hope to one day afford one. I don’t have much of a choice but wait, save, limit my debt, hope prices come down to something reasonable, hope I don’t have to move out of state.

I already missed the no money down, interest only train. It made no sense. I was pressure by friends, family, realtors, and lenders. I did not want to gamble w/an interest rate that could change, even when they said I could always refinance, I kept thinking whatifs, if there is pre-payment penalty, if the value comes down even 5%, etc.

When the subprime mess hit the fan, I felt like I did the right thing. But now government coming to the rescue, I feel like I was punished for doing the right thing.

I do agree w/you that a correction is in order. Just b/c I think that or you think that, doesn’t mean it’s going to happen. I know it’s not in the Declaration that people are entitled to afford a house, but it’s nice after working hard, you can come home and say, “I’m working hard for this. It’ll be mine.” I mean, ever since people came to America, the pioneers bought land, built their cabins. It just seems like a reward for all the hard work.

I’ve owned a house before and it is a good feeling, something tangible. And I’m not even a consumer or materialistic at all. I don’t give into that. Yet, something about having your own place, though.

[jpinpb]

HLS – I have to agree that affordability is a factor. But that is also why none of this makes sense to me. The median priced home in San Diego, they say now, is $440k. I think it may be off. Whatever. The median income is something like $50k. To be fair, we’ll say the average household is a couple, so that bumps it up, one earning more, so we should say about $85k? But if we say it’s a married couple, chances are they have a kid – maybe two – added expense.

Is the median income net or gross?

Most people don’t have 5% to slap down on a house, plus the 6% realtor commission, plus closing costs, if any. We’re looking at $22k + 26 = $48k+.
Almost 50k needed to get a place.

If a house is $440k and say they were lucky to get a loan today w/zero down @ 5.5%, the payment is 2,498, adding to that prop. tax of 366, plus insurance, I’m not sure, $100 – hoping there is no HOA, we’re at $2,964. Let’s say 3k easy math.

When we add to that utilities (gas, electric, phone – cable if they’re splurging) then add food and clothing, gasoline. Shall we add car payments. Very few people know or want to drive a car into the ground. I’ve done this in my life many times, but most people don’t. Most people want a new car. The lowest car payment I’ve seen for a new car is about $150 a month. Shall we times 2 for the couple.
We’ve got to be at around $2,500 by now, thereabouts, being very conservative.

What if they have a student loan or credit card payments?

This leaves very little room at the end of the month for much else.

So how the hell are these people doing it?

Consumer spending amounts to 2/3 of our economy.

How or what incentive is there to save when interest rate keeps going down.

This whole economy is not making sense. If you do the right thing, and save and don’t go in over your head, you’re screwed and never get ahead. Catch-22.

So frustrated. Thanks for your wise words.

[jpinpb]

HLS – I have to agree that affordability is a factor. But that is also why none of this makes sense to me. The median priced home in San Diego, they say now, is $440k. I think it may be off. Whatever. The median income is something like $50k. To be fair, we’ll say the average household is a couple, so that bumps it up, one earning more, so we should say about $85k? But if we say it’s a married couple, chances are they have a kid – maybe two – added expense.

Is the median income net or gross?

Most people don’t have 5% to slap down on a house, plus the 6% realtor commission, plus closing costs, if any. We’re looking at $22k + 26 = $48k+.
Almost 50k needed to get a place.

If a house is $440k and say they were lucky to get a loan today w/zero down @ 5.5%, the payment is 2,498, adding to that prop. tax of 366, plus insurance, I’m not sure, $100 – hoping there is no HOA, we’re at $2,964. Let’s say 3k easy math.

When we add to that utilities (gas, electric, phone – cable if they’re splurging) then add food and clothing, gasoline. Shall we add car payments. Very few people know or want to drive a car into the ground. I’ve done this in my life many times, but most people don’t. Most people want a new car. The lowest car payment I’ve seen for a new car is about $150 a month. Shall we times 2 for the couple.
We’ve got to be at around $2,500 by now, thereabouts, being very conservative.

What if they have a student loan or credit card payments?

This leaves very little room at the end of the month for much else.

So how the hell are these people doing it?

Consumer spending amounts to 2/3 of our economy.

How or what incentive is there to save when interest rate keeps going down.

This whole economy is not making sense. If you do the right thing, and save and don’t go in over your head, you’re screwed and never get ahead. Catch-22.

So frustrated. Thanks for your wise words.

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