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pemeliza
Participant“This is Piggington circa 2005 all over again.”
Except prices are down 30-60% across the board and interest rates are lower for those with strong credit. These facts are working in favor of the market … the facts opposed to the market are high unemployment, distressed loans, stock market selloff from 14k, etc.
Right now it is a tug of war between these factors. This is not really in anyway that I can think of like 2005. Not near as much funny money out there for one thing. Also the high end is pretty much dead except for the absolute best properties and deals. Again unlike 2005 when they flew off the shelf at ridiculous valuations.
Some people think we are in a bubble just because they are not the only ones interested in buying a house in SD at these price levels.
I have to say that the markets I’m looking at regularly have definitely cooled down for the winter. Probably will see some very good deals close over the next few months.
Participant“This is Piggington circa 2005 all over again.”
Except prices are down 30-60% across the board and interest rates are lower for those with strong credit. These facts are working in favor of the market … the facts opposed to the market are high unemployment, distressed loans, stock market selloff from 14k, etc.
Right now it is a tug of war between these factors. This is not really in anyway that I can think of like 2005. Not near as much funny money out there for one thing. Also the high end is pretty much dead except for the absolute best properties and deals. Again unlike 2005 when they flew off the shelf at ridiculous valuations.
Some people think we are in a bubble just because they are not the only ones interested in buying a house in SD at these price levels.
I have to say that the markets I’m looking at regularly have definitely cooled down for the winter. Probably will see some very good deals close over the next few months.
Participant“We eventually selected with a local, top producer who was an acquaintance. Only real issue was asking price as we settled on a price higher than what this person recommended.”
Why?
Participant“We eventually selected with a local, top producer who was an acquaintance. Only real issue was asking price as we settled on a price higher than what this person recommended.”
Why?
Participant“We eventually selected with a local, top producer who was an acquaintance. Only real issue was asking price as we settled on a price higher than what this person recommended.”
Why?
Participant“We eventually selected with a local, top producer who was an acquaintance. Only real issue was asking price as we settled on a price higher than what this person recommended.”
Why?
Participant“We eventually selected with a local, top producer who was an acquaintance. Only real issue was asking price as we settled on a price higher than what this person recommended.”
Why?
ParticipantI think people that are wondering why the government is doing what they are doing need to consider these numbers:
“First American CoreLogic reports that 26% of homeowners with a mortgage had substantial equity, or paper profit, in their properties at the end of June in the Los Angeles-Orange area. More data:
* 35% were underwater, owing more than their homes were worth.
* 39% were within 5% of being underwater.”These numbers are ridiculously bad and likely historically unprecedented. If it is this bad with all the massive intervention, imagine what it would be like without it. We are currently down to 02-03 price levels in most of SD county and probably headed towards 00-01 price levels as it is. Do we really want 95-96 price levels (which were the same as late 80 price levels). That is two lost decades and would be Japan level statistics. I suppose it could happen but I’m pretty sure most people are vastly unprepared for the consequences even if you are sitting on a pile of cash or think you have a stable job.
ParticipantI think people that are wondering why the government is doing what they are doing need to consider these numbers:
“First American CoreLogic reports that 26% of homeowners with a mortgage had substantial equity, or paper profit, in their properties at the end of June in the Los Angeles-Orange area. More data:
* 35% were underwater, owing more than their homes were worth.
* 39% were within 5% of being underwater.”These numbers are ridiculously bad and likely historically unprecedented. If it is this bad with all the massive intervention, imagine what it would be like without it. We are currently down to 02-03 price levels in most of SD county and probably headed towards 00-01 price levels as it is. Do we really want 95-96 price levels (which were the same as late 80 price levels). That is two lost decades and would be Japan level statistics. I suppose it could happen but I’m pretty sure most people are vastly unprepared for the consequences even if you are sitting on a pile of cash or think you have a stable job.
ParticipantI think people that are wondering why the government is doing what they are doing need to consider these numbers:
“First American CoreLogic reports that 26% of homeowners with a mortgage had substantial equity, or paper profit, in their properties at the end of June in the Los Angeles-Orange area. More data:
* 35% were underwater, owing more than their homes were worth.
* 39% were within 5% of being underwater.”These numbers are ridiculously bad and likely historically unprecedented. If it is this bad with all the massive intervention, imagine what it would be like without it. We are currently down to 02-03 price levels in most of SD county and probably headed towards 00-01 price levels as it is. Do we really want 95-96 price levels (which were the same as late 80 price levels). That is two lost decades and would be Japan level statistics. I suppose it could happen but I’m pretty sure most people are vastly unprepared for the consequences even if you are sitting on a pile of cash or think you have a stable job.
ParticipantI think people that are wondering why the government is doing what they are doing need to consider these numbers:
“First American CoreLogic reports that 26% of homeowners with a mortgage had substantial equity, or paper profit, in their properties at the end of June in the Los Angeles-Orange area. More data:
* 35% were underwater, owing more than their homes were worth.
* 39% were within 5% of being underwater.”These numbers are ridiculously bad and likely historically unprecedented. If it is this bad with all the massive intervention, imagine what it would be like without it. We are currently down to 02-03 price levels in most of SD county and probably headed towards 00-01 price levels as it is. Do we really want 95-96 price levels (which were the same as late 80 price levels). That is two lost decades and would be Japan level statistics. I suppose it could happen but I’m pretty sure most people are vastly unprepared for the consequences even if you are sitting on a pile of cash or think you have a stable job.
ParticipantI think people that are wondering why the government is doing what they are doing need to consider these numbers:
“First American CoreLogic reports that 26% of homeowners with a mortgage had substantial equity, or paper profit, in their properties at the end of June in the Los Angeles-Orange area. More data:
* 35% were underwater, owing more than their homes were worth.
* 39% were within 5% of being underwater.”These numbers are ridiculously bad and likely historically unprecedented. If it is this bad with all the massive intervention, imagine what it would be like without it. We are currently down to 02-03 price levels in most of SD county and probably headed towards 00-01 price levels as it is. Do we really want 95-96 price levels (which were the same as late 80 price levels). That is two lost decades and would be Japan level statistics. I suppose it could happen but I’m pretty sure most people are vastly unprepared for the consequences even if you are sitting on a pile of cash or think you have a stable job.
ParticipantTo me it sounds like the poker equivalent of “doubling down” or maybe just a strong case of buyer’s remorse because your payment can afford you more house now. There are fundamental reasons why prices are lower now than in ’07 and it is hard to see those fundamentals improving in the near term.
ParticipantTo me it sounds like the poker equivalent of “doubling down” or maybe just a strong case of buyer’s remorse because your payment can afford you more house now. There are fundamental reasons why prices are lower now than in ’07 and it is hard to see those fundamentals improving in the near term.
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