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powayseller
ParticipantHere’s a foreclosure in Poway I’ve been following, on Country Creek Road. It is bank-owned, and would have sold last fall for around $780K. Perhaps one of the appraisers can verify that. My friend, who is a neighbor of said house, said it was in original condition, and in need of updates. The new owners did a big makeover the day after it closed.
What will the 15% price drop do to the neighborhood? Will this be considered an anomaly, or will buyers of future houses in that neighborhood make offers based on the $660K sales price?
Price history (Country Creek Rd, Poway, foreclosed home)
06/07/2006: $659,885 (realtor sale week of Auction)
04/06/2004: $725,000
09/27/2000: $395,000ParticipantThanks, Bugs, for that response.
If I have to blame someone, it would be Greenspan, who
1) lowered i to 1%
2) increased liquidity so much that the risk premium almost vanished. Investors bought MBS at 100% LTV.Greenspan’s legacy will be the creation of asset bubbles. Everyone loved him while the party was going strong, but when you have a hangover you question whether all that partying was really worth it. At my age, I’ve figured out it isn’t. Maybe the government will someday be that wise too. (Not being conceited, actually I’m just too old for hangovers)
ParticipantAs long as inventory (and DOM) are high, there will be downward pressure on prices. Could sales pick up because rents are rising? Rents would have to rise a lot. Now, rents are about half of a mortgage payment. SD wages just cannot support the larger rents either. I think a rental priced too high for our median wage, will remain vacant. We just don’t have the high-paying jobs of New York, Boston, or San Francisco.
ParticipantSDAppraiser, I understand your frustration with posting the foreclosure information. You see the daily suffering being brought by this, whereas for us it is just one more data point. However, I can’t help but wonder if you feel some personal responsibility for perpetuating this real estate bubble. The appraisers validated the unrealistic prices, and led buyers to believe the price they were offering was credible. No appraiser warning, such as “These bubblicious prices are sure to drop” was issued, right? An ignorant public was preyed upon by realtors, appraisers, and lenders. I am watching it unfold. And I am the bad guy?
ParticipantThis San Antonio newspaper article muses about the reasons for San Diego’s population loss and San Antonio’s population increase. From their perspective, SD suffers from City Hall corruption and high housing prices.
ParticipantBen Bernanke stated that inflation is a concern.
I am puzzled why Bill Fleckenstein and Peter Schiff say Ben is going to pause. How can he? Inflation is rearing its head. Rents, which are 30 or 40% of CPI (?), are rising as housing cools, and will keep pushing up the CPI.
If the Fed lets inflation get out of control, our economy will be in a world of hurt. Inflation must be contained at all costs.
Does anyone else see a 6% Federal funds rate?
ParticipantAnother article today on rental prices increasing.
ParticipantI prefer to not receive compliments from someone who really doesn’t like me. Please respect my request.
ParticipantThat’s the show I’m commenting about. It was aired on 6/22 the first time.
ParticipantThe market has turned. Let’s all accept it. I heard June is down 40% from last year.
Don’t look for a silver lining in reduced inventory. If some take their home off the market, there will be new ones coming on, and the old ones piling up at a greater pace. You’ll have June’s listings still on there, as DOM picks up, increasing inventory.
Sales will keep dropping, if the current increasing rate of increase continues, and the inventory will rise even if we didn’t have more listings.
But those ARM sellers are just starting to get their new mortgages.
I guess inventory of 50,000 by end of 2007. Phoenix, we are right behind you.
ParticipantI like the personal stories, and I agreed to not post any names. I do agree with all of you that we don’t want to cause further embarassment to these people. However, our discussions here do not cause any embarassment to them, so the worry is not justified.
Also for the record, I wish people would stop bringing up the past. Let’s move on.
ParticipantCompliments from someone who just called my house the meth capital of the world doesn’t feel genuine.
Participantsdr, I kindly request that you don’t talk to me again.
ParticipantBugs, I wish you had not brought up sdr’s threat to publish my name and address at a time when I was an anonymous poster on this website. It is in the past and he apologized and I wish to leave it at that. However, I will respond only because it fits in well with the theme and you brought it up. I will never bring this up on my own. Regarding sdr’s post to publish my name and address, it was done in a malicious way because he was angry with my post about Sell Now. My response was, “Hey, you found me” and I explained my situation. I was a little spooked by his fascination with me, and why he would look me up. It was lostkitty who said it was creepy.
It is in poor taste to research somebody who is anonymous on an internet forum and trying to find out their name, address, employer, salary, financial records, or health history. sdr is bent on staying anonymous, but he threatened to publish my name. So for that reason, I now agree it was in poor taste, although at the time I did not realize it.
Back to the point. NODs and tax liens are already published in the newspaper. It is perhaps embarassing but fair to post this information. If you find it bothersome that the tax liens and NODs of individuals are published on forums or newspapers, perhaps you ought to start with the county recorder and request that this be kept private.
The posters did not publish any names, and they put down incomplete addresses. I agreed to stop posting names, and stick with full addresses. The people we are writing about don’t know us, we don’t know them, and they are just data points. Nobody is being embarassed. With this context, what is the harm? Lighten up!
Schahrzad Berkland
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