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PD
ParticipantThey could hand out green ribbons that say “I support the housing market.”
ParticipantFriends with a very nice townhouse for sale near Rancho Bernardo are about to drop their price down to 15% off the high and they aren’t sure if that will be enough to move it. They have already reduced once before. They are worried about ending up one step behind the downward trend as they chase it down. This is going to happen to a lot of people!
ParticipantWhile there are plenty of bad things that can be laid at Clinton’s door, I doubt anybody will try to leave this one there.
ParticipantThey show Port St. Lucie in Fl going up 7%. Isn’t that one of the places in Florida that is getting whacked right now?
ParticipantWow. Who paid for that piece of propaganda?
ParticipantThere is another area that is probably in big trouble and no one talks about it – Yuma. The amount of building there in the last couple of years is INSANE. There is nothing there to support such an increase in housing. The biggest employers are the Marine base, the Dole plant and Walmart.
There is a big development in process about 40 miles east of Yuma. There is a golf course that is being heavily watered next to freeway and a few nice houses in the distance. THERE IS NO INFRASTRUCTURE to support this place. Yuma is a long distance away.
The last time we drove by, I turned to my husband and said, “This is going to revert back to sand in five years.”ParticipantHome prices there were dirt cheap in comparision to places like OC and SD. I know a number of people who sold here and moved there. They ended up with a lot more money and a better life. Calfornia people have been tossing money around there like confetti. That declining poopulation in SD?– they all went to Vegas and Phx and took their speculation $$ with them.
ParticipantI think 40 – 50% is a good number. Cycles typically last 7 to 10 years from peak to peak. If we hit the bottom 3 to 5 years from now, inflation is not going to soften the blow that much. It would be strange if prices did not start rising until 2016 (down for 5 and flat for 5), as a previous poster suggested.
I think the correction to mean will be much swifter than that.ParticipantInteresting data. Thanks.
ParticipantI would much prefer to own. But I also want to make the right financial moves. I have zero debt, never buy a new car (always pay cash) and am very frugal. I also try to buy stocks low and sell high. It made sense to sell my house, despite the fact that I had invested a significant amount of myself in fixing it up and designing the landscaping.
History shows that the chances of a significant downturn are much, much better than that they will stay stable.
Docteur, you are very fortunate as well as very much in the minority in that you have found a home that will make you happy for the long term. Most Americans live the Bigger, Better, Newer mantra and will never actually find their dream home.
I made a mistake in the stock market in 2000. I’m not going to ingnore the warning signs again.ParticipantI don’t think the entire region has seen a 10% decline either. Each area has its own micro forces. There are areas in decline and some still holding steady.
ParticipantWith the respect to the home we’ve been talking about, if the guy paid it, it is real as far as a property value graph goes.
When we look historical graphs, you never see any footnotes that say, “This peak is higher than some people think it should be because some fool allowed their realtor to convice them to pay a higher price than other comps.”ParticipantIn spring 2004 the market was just gathering steam! If you sold homes to people in 2004 for a price that could not be topped later…. I don’t have anything nice to say about that.
I will admit that I am not familiar with the Carlsbad market. Anybody else out there claim prices peaked in Carlsbad and Encinitas in 2004?ParticipantI want names. The areas I know about peaked in 2005. You can’t get away with “most of them.”
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