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I am certainly glad people are buying….we need people to help set lower and lower comps.

With tongue in cheek I say this: “Good thing nobody from San Diego County thought it would be a good idea to liberate home equity here, to go to Arizona and buy houses for speculation purposes.”

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“But with inventory now at well below 20,000 in SD County, it’s not as bad as some portray.”

C’mon Steve…you are just kidding yourself if you think there aren’t a HUGE number of homes that will be re-listed come January/Spring PLUS several thousand more who have finally been convinced that it is NOW OR NEVER to get out…in my neighborhood of 200 homes alone, there are six current listings with another 7 that were pulled just before the holidays…these will go back on very soon.

I envision 30,000+ resales on the market by June. This doesn’t include new construction either. This market is D-E-A-D!!

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Hear, hear sdr!!

Obviously there are still a few bubble deniers left…not for long, though. Your examples should begin to strike fear into the hearts of such fools.

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Placed a call in to the listing agent this afternoon….no call back yet…guess I shouldn’t be expecting one.

I noticed another house on the same street, with the same square footage, listed for $599,000 that has been languishing for months. Probably some pretty deep poop in their pants right now, hoping this house doen’t sell for $190,000 less than theirs. Yikes!!

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There’s no reason to worry about whether the banks will “bail out overextended homeowners…

C’mon guys…don’t you know?:

“It’s a great time to buy or sell a home.”– National Association of REALTORS, 11/06

😉

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I can just hear it now:

“Okay, Mr. FB…we’re going to forgive this 200K of your mortgage so you can keep the house, but you better really, really, really promise to pay your smaller mortgage this next time…pretty please, don’t miss your payments, okay? Cross your heart?? Do you swear? C’mon really, do you really, really mean it ?!?”

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moved to “feelgood” comments topic

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Just as a reminder–

The year 2001 was just 5 years ago. There is no need to equate home prices returning to where they were just 5 years ago with “Armageddon”.

There will perhaps be financial “Armageddon” for many folks dependent on residential real estate for their livelihood. Everyone from bankers, real estate agents, and appraisers to Best Buy salesmen, roofers, and granite cutters could see dramatic loss of income.

People are experiencing financial “Armageddon” today, right here in San Diego county, losing houses to foreclosure in 4S Ranch and other expensive communities. Telling us that predictions of continued dramatic drops in prices are silly, won’t stop prices from falling, if they are meant to continue falling:)

sdrealtor…what is your opinion of the NAR campaign: “It’s a great time to buy or sell a home”?

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OR you can simply move away…

I’m still not buying it. Especially not while I’m watching the NODs and foreclosures begin to stack up here in beautiful SoCal. Remember- while everyone may want to live here, not everyone entertains the idea of doing so, and even fewer actually make the move. Are these rising rents going to attract new migration?

Now back to my daily dose of healthy schadenfreude…

P.S. I do agree that “in a few years, rent will be more than the mortgage”, but it will be for entirely different reasons than most people currently believe.

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Saw a lot of “scarecrows” er, “For Sale” signs in there as decorations too. Those “decorations” probably won’t be coming down until well after Valentine’s Day 😉

It’s a pretty spooky sight…

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It felt to me like these people are living in million-dollar tents, occupying very small and very public campsites. That’s what made me think of the public campsites (Curry) in Yosemite National Park.

Sorry for the confusion.

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JES-

Your post contains elements that remind me of an old joke…

Q. What’s the difference between a Mercedes and a porcupine???

A. A porcupine has it’s “pricks” on the outside!!

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Colombo…

That was either very funny, if meant to be sarcastic, or exactly the type of rude, inconsiderate behavior I expect from people, even those who may be like-minded about the direction of the housing market;)

Either way, I am amused…”whilst” is not a word I’ve ever used before…not sure why I chose to use it now. Most perplexing is why someone would take such offense to it. Perhaps it’s one of those words like “moist”, which to my wife is akin to “see you next Tuesday”.

All for now.

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Hi EJ…

I beg to differ. A growing number of people I encounter here in San Diego are indifferent, rude, and generally inconsiderate of others. You ever go into Costco? That place is packed with inconsiderate boors, who will run your ass over if you aren’t careful, OR they will block the entire aisle whilst trying to decide whether they need one or two giant boxes of Ziploc baggies. Wanna have some fun? Check out the Costco parking lot around lunchtime and watch everybody try to steam-roller each other out there;)

I look forward to the neutron-bomb effect of these ARMs re-adjusting…the houses will be left standing but the people will be gone…forced to move back in with Ma and Pa in Frankfort, Albany, Tulsa, Dayton, or whatever other place they came from.

The fuse for this bomb is getting very short I hope…

Also…I don’t consider most people my “fellow citizen”…the polite, considerate ones, yes. Most others, no.

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