[sakina96]

Update…checked out foreclosure.com this evening and a notice of default was filed against the landlord several days ago. We know that we will probably have to move soon (we are in the process of looking for a new rental property). In the meantime, it seems criminal for our landlord to continue to collect rent while not paying the mortgage. I’m starting to think that I’ll never see my $2500 deposit.

[sakina96]

Update…checked out foreclosure.com this evening and a notice of default was filed against the landlord several days ago. We know that we will probably have to move soon (we are in the process of looking for a new rental property). In the meantime, it seems criminal for our landlord to continue to collect rent while not paying the mortgage. I’m starting to think that I’ll never see my $2500 deposit.

[sakina96]

Update…checked out foreclosure.com this evening and a notice of default was filed against the landlord several days ago. We know that we will probably have to move soon (we are in the process of looking for a new rental property). In the meantime, it seems criminal for our landlord to continue to collect rent while not paying the mortgage. I’m starting to think that I’ll never see my $2500 deposit.

[sakina96]

This house has been on the market for almost four months. Since we didn’t want to move and the landlord has generally been nice to us we did our part to facilitate the house being shown (kept it extra clean, arranged to let realtors in since we didn’t want a lockbox). I’m not aware of any NOD on the house but I wouldn’t be shocked if it happened. I think someone put an offer on the house Friday. The fact that it was an offer with a 24 hour expiration makes me wonder if it is only the seller and agent that seem to know (or think) this is a short sale. The MLS listing also does not mention a short sale (although I don’t have access to confidential remarks.

[sakina96]

This house has been on the market for almost four months. Since we didn’t want to move and the landlord has generally been nice to us we did our part to facilitate the house being shown (kept it extra clean, arranged to let realtors in since we didn’t want a lockbox). I’m not aware of any NOD on the house but I wouldn’t be shocked if it happened. I think someone put an offer on the house Friday. The fact that it was an offer with a 24 hour expiration makes me wonder if it is only the seller and agent that seem to know (or think) this is a short sale. The MLS listing also does not mention a short sale (although I don’t have access to confidential remarks.

[sakina96]

Thanks for the responses. In speaking to the realtor, my impression is that they have unilaterally decided on the price. Once an offer is made they plan on submitting it to the bank for for approval of a short sale.

[sakina96]

Thanks for the responses. In speaking to the realtor, my impression is that they have unilaterally decided on the price. Once an offer is made they plan on submitting it to the bank for for approval of a short sale.

[sakina96]

I looked at Cordelane about 1 year ago. I think that the prices you mention are about 10% lower than 1 year ago. I think that the total tax rate (MR and property tax) is 1.4% (not just mello roos). No matter how you stack it I agree that high 800s is quite high for this size house on this size lot, particularly since these houses are in the San Marcos school district (despite the fact that they are located in Carlsbad).

At that point you might as well save 100-150K and buy the same size house in San Marcos.

[sakina96]

Where can I find the original thread that PS references…”Rich and I missed the boom”.

I’ve never cared for PS (to say it lightly), I’m glad that even some of her previous supporters are finally realizing that she is certifiable.

[sakina96]

I agree in the two-tier pricing going on. Some sellers have got the message and others haven’t. As an example, there is a seller of a 3500sf house in Rancho Dorado in San Marcos. Original selling price back in the spring was 975K to 1.05M, despite that fact that comparable listings in the neighborhood were selling for roughly 850K. After twice weekly open houses and five months on the market he has dropped his asking price to 799K.

I suspect that over time more and more sellers that are unrealistic will have to come back to reality provided that they: 1. have to sell; 2. unless the find a clueless buyer that has no idea what’s going on out there.

[sakina96]

I don’t dispute that ARMs will have a significant impact on the housing market. However, I also believe that not everyone with an ARM or I/O loan is in jeopardy on losing their home when they reset. Many of my colleagues have such loans and I have no doubt that they will come out of this housing bubble unscathed. These individuals opted for such loans not because they could not afford a more conventional loan but rather that it made more financial sense for them. I think that it is nearly impossible to accurately quantitate the number or percentage of people with ARMs that are likely to get burned. I personally do not have access to sufficient data nor the time to make such an analysis.

I actually do not believe that rising wages will do much to avert a significant housing downturn. My inclusion of this statement in my last posting served only an illustrative purpose…that while you have such a strong insistance that people support their statements with data you seem to have a very loose interpretation of what constitutes true “data” (ie. heresay, and personal observations).

[sakina96]

“I again kindly request data on which jobs in San Diego are going up 50% in the next 3 years. Please name the occupation, and how many of those jobs currently exist”

Powayseller,

I think that you have also made your fair share of statements without sufficient data to back it up. Firstly, you use a ton of anecdotal information to make your points. Second, several days ago you predicted that the San Diego housing market had dropped 10%, would drop 10% next year and then 20% for each of the next three consecutive years. I don’t recall an data to support that assertion. The whole premise was based upon what “Jim the Realtor” said that he had observed in North County.

I think that just about everyone in this forum agrees that San Diego housing will decline, that exotic financing has hastened the run up in prices and will surely hasten the decline. Despite this fact you seem adamant about fighting people tooth and nail when they don’t accept your assertions as truth.

[sakina96]

You are absolutely right that there are inherent flaws in using median values. I would imagine that the only thing worse is blind acceptance of someone’s anecdotal information as fact.

Sure, it is possible to find an example of an occassional house selling at 2004 levels. However, I absolutely do not think this is representative of the north county market as a whole at this time. As a potential buyer I would love for houses to have fallen that low. I just don’t think that is reality…yet.

[sakina96]

Powayseller,

Your 10, 10, 20 logic is mind-boggling. Where did you get that one?

I also seriously question the notion that north county sales prices are at 2004 levels. I am not aware of any data to actually support this one:

1. I have actively looked in the north county market for the past year. For any house that I find interesting I’ll look up previous sales data. It is exceedingly rare that prices are even in the same ballbark as two years ago.

2. Jim the realtor’s own website contradicts the notion. Look at the page entitled Statistics 2006 — monthly. This page compares the median sales prices for 2003, 2004, 2005 and 2006. Unless I’m missing something, the median sales prices for every single month of 2006 is significantly higher than 2004.

For the record, I’m not a homeowner, I’m not angry and I do believe that house prices will go down over the next several years.

[sakina96]

You hit the nail on the head. How about the house on the next street over for a mere 1,050,000 to 1.2. Crazy.

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