[takilma]

Fearful,

I am a geezerette, and I’ve been through my share of recessions. I know that this correction will be different than any I have seen, but I would be very surprised to see prices fall as far as you think they will.

I have looked at several short sale and reo properties, and the banks are taking hits of $100k and more in the asking prices. Unfortunately, it’s not enough, and I believe they will be getting 50 cents on the dollar, when all is said and done, if that. However, the axiom is true: when prices go down, interest rates go up. I believe this is going to happen sooner rather than later, as I think it’s going to hit the fan before the end of ’08.

The cost to buy right now, if you can get a good deal, is reasonable. With a 30-yr. fixed, PITI + HOA is about the same as rent. A 7-yr fixed IO, no-neg, no pre-pay penalty is cheaper than rent, and you can always pay down the principal during that period. Of course, determining what is reasonable is the key, isn’t it?

[takilma]

Fearful,

I am a geezerette, and I’ve been through my share of recessions. I know that this correction will be different than any I have seen, but I would be very surprised to see prices fall as far as you think they will.

I have looked at several short sale and reo properties, and the banks are taking hits of $100k and more in the asking prices. Unfortunately, it’s not enough, and I believe they will be getting 50 cents on the dollar, when all is said and done, if that. However, the axiom is true: when prices go down, interest rates go up. I believe this is going to happen sooner rather than later, as I think it’s going to hit the fan before the end of ’08.

The cost to buy right now, if you can get a good deal, is reasonable. With a 30-yr. fixed, PITI + HOA is about the same as rent. A 7-yr fixed IO, no-neg, no pre-pay penalty is cheaper than rent, and you can always pay down the principal during that period. Of course, determining what is reasonable is the key, isn’t it?

[takilma]

Fearful,

I am a geezerette, and I’ve been through my share of recessions. I know that this correction will be different than any I have seen, but I would be very surprised to see prices fall as far as you think they will.

I have looked at several short sale and reo properties, and the banks are taking hits of $100k and more in the asking prices. Unfortunately, it’s not enough, and I believe they will be getting 50 cents on the dollar, when all is said and done, if that. However, the axiom is true: when prices go down, interest rates go up. I believe this is going to happen sooner rather than later, as I think it’s going to hit the fan before the end of ’08.

The cost to buy right now, if you can get a good deal, is reasonable. With a 30-yr. fixed, PITI + HOA is about the same as rent. A 7-yr fixed IO, no-neg, no pre-pay penalty is cheaper than rent, and you can always pay down the principal during that period. Of course, determining what is reasonable is the key, isn’t it?

[takilma]

Fearful,

I am a geezerette, and I’ve been through my share of recessions. I know that this correction will be different than any I have seen, but I would be very surprised to see prices fall as far as you think they will.

I have looked at several short sale and reo properties, and the banks are taking hits of $100k and more in the asking prices. Unfortunately, it’s not enough, and I believe they will be getting 50 cents on the dollar, when all is said and done, if that. However, the axiom is true: when prices go down, interest rates go up. I believe this is going to happen sooner rather than later, as I think it’s going to hit the fan before the end of ’08.

The cost to buy right now, if you can get a good deal, is reasonable. With a 30-yr. fixed, PITI + HOA is about the same as rent. A 7-yr fixed IO, no-neg, no pre-pay penalty is cheaper than rent, and you can always pay down the principal during that period. Of course, determining what is reasonable is the key, isn’t it?

[takilma]

Fearful,

I am a geezerette, and I’ve been through my share of recessions. I know that this correction will be different than any I have seen, but I would be very surprised to see prices fall as far as you think they will.

I have looked at several short sale and reo properties, and the banks are taking hits of $100k and more in the asking prices. Unfortunately, it’s not enough, and I believe they will be getting 50 cents on the dollar, when all is said and done, if that. However, the axiom is true: when prices go down, interest rates go up. I believe this is going to happen sooner rather than later, as I think it’s going to hit the fan before the end of ’08.

The cost to buy right now, if you can get a good deal, is reasonable. With a 30-yr. fixed, PITI + HOA is about the same as rent. A 7-yr fixed IO, no-neg, no pre-pay penalty is cheaper than rent, and you can always pay down the principal during that period. Of course, determining what is reasonable is the key, isn’t it?

[takilma]

That’s the odd thing in this – to my knowledge, I made the only offer, and they didn’t accept it. I’m inclined to stick with my original offer, just to see what they do. But, they own another unit in the same complex, started out at $322 in August, just reduced for the 4th time, down to $264k. Meanwhile, across the street, an identical unit, another reo, was just listed last week at $210k. Maybe Deutsche just isn’t in as bad a shape as the others?

[takilma]

That’s the odd thing in this – to my knowledge, I made the only offer, and they didn’t accept it. I’m inclined to stick with my original offer, just to see what they do. But, they own another unit in the same complex, started out at $322 in August, just reduced for the 4th time, down to $264k. Meanwhile, across the street, an identical unit, another reo, was just listed last week at $210k. Maybe Deutsche just isn’t in as bad a shape as the others?

[takilma]

That’s the odd thing in this – to my knowledge, I made the only offer, and they didn’t accept it. I’m inclined to stick with my original offer, just to see what they do. But, they own another unit in the same complex, started out at $322 in August, just reduced for the 4th time, down to $264k. Meanwhile, across the street, an identical unit, another reo, was just listed last week at $210k. Maybe Deutsche just isn’t in as bad a shape as the others?

[takilma]

That’s the odd thing in this – to my knowledge, I made the only offer, and they didn’t accept it. I’m inclined to stick with my original offer, just to see what they do. But, they own another unit in the same complex, started out at $322 in August, just reduced for the 4th time, down to $264k. Meanwhile, across the street, an identical unit, another reo, was just listed last week at $210k. Maybe Deutsche just isn’t in as bad a shape as the others?

[takilma]

That’s the odd thing in this – to my knowledge, I made the only offer, and they didn’t accept it. I’m inclined to stick with my original offer, just to see what they do. But, they own another unit in the same complex, started out at $322 in August, just reduced for the 4th time, down to $264k. Meanwhile, across the street, an identical unit, another reo, was just listed last week at $210k. Maybe Deutsche just isn’t in as bad a shape as the others?

[takilma]

Takilma

I have looked at the sales history. 1996-98 price + 40% would be about $180k. This unit is almost 1700 sf, in a reasonably good area. Yes, I know – it IS Escondido, and I do agree with the generally negative opinions about it, but I’m pretty well stuck here.

Units this size were selling in late 2002 for $225-$250. The high was actually ~$475k, in ’06. Last sale in the complex closed on Dec. 27, a smaller unit, at $310k, and two in Nov., one at $297k (sf unknown), and a very small one (988sf)at $208K. Ridiculous? You betcha!!

[takilma]

Takilma

I have looked at the sales history. 1996-98 price + 40% would be about $180k. This unit is almost 1700 sf, in a reasonably good area. Yes, I know – it IS Escondido, and I do agree with the generally negative opinions about it, but I’m pretty well stuck here.

Units this size were selling in late 2002 for $225-$250. The high was actually ~$475k, in ’06. Last sale in the complex closed on Dec. 27, a smaller unit, at $310k, and two in Nov., one at $297k (sf unknown), and a very small one (988sf)at $208K. Ridiculous? You betcha!!

[takilma]

Takilma

I have looked at the sales history. 1996-98 price + 40% would be about $180k. This unit is almost 1700 sf, in a reasonably good area. Yes, I know – it IS Escondido, and I do agree with the generally negative opinions about it, but I’m pretty well stuck here.

Units this size were selling in late 2002 for $225-$250. The high was actually ~$475k, in ’06. Last sale in the complex closed on Dec. 27, a smaller unit, at $310k, and two in Nov., one at $297k (sf unknown), and a very small one (988sf)at $208K. Ridiculous? You betcha!!

[takilma]

Takilma

I have looked at the sales history. 1996-98 price + 40% would be about $180k. This unit is almost 1700 sf, in a reasonably good area. Yes, I know – it IS Escondido, and I do agree with the generally negative opinions about it, but I’m pretty well stuck here.

Units this size were selling in late 2002 for $225-$250. The high was actually ~$475k, in ’06. Last sale in the complex closed on Dec. 27, a smaller unit, at $310k, and two in Nov., one at $297k (sf unknown), and a very small one (988sf)at $208K. Ridiculous? You betcha!!

[takilma]

Takilma

I have looked at the sales history. 1996-98 price + 40% would be about $180k. This unit is almost 1700 sf, in a reasonably good area. Yes, I know – it IS Escondido, and I do agree with the generally negative opinions about it, but I’m pretty well stuck here.

Units this size were selling in late 2002 for $225-$250. The high was actually ~$475k, in ’06. Last sale in the complex closed on Dec. 27, a smaller unit, at $310k, and two in Nov., one at $297k (sf unknown), and a very small one (988sf)at $208K. Ridiculous? You betcha!!

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