[unbiasedobserver]

I remember when I took my first job out of college earning 32,000 my realtor told me the highest price home I could afford with 5% down was 98,000. I found a house I really liked listed at 102,000 and he strongly urged against me buying it (which I did anyway). How times have changed, now the govt of all people encourages people with that income level to buy in the 300,000s. WTF. Our government evidently wants its citizens to be as broke as it is. Shameful.

[unbiasedobserver]

I remember when I took my first job out of college earning 32,000 my realtor told me the highest price home I could afford with 5% down was 98,000. I found a house I really liked listed at 102,000 and he strongly urged against me buying it (which I did anyway). How times have changed, now the govt of all people encourages people with that income level to buy in the 300,000s. WTF. Our government evidently wants its citizens to be as broke as it is. Shameful.

[unbiasedobserver]

I remember when I took my first job out of college earning 32,000 my realtor told me the highest price home I could afford with 5% down was 98,000. I found a house I really liked listed at 102,000 and he strongly urged against me buying it (which I did anyway). How times have changed, now the govt of all people encourages people with that income level to buy in the 300,000s. WTF. Our government evidently wants its citizens to be as broke as it is. Shameful.

[unbiasedobserver]

I have a good friend in San Diego who has been a mortgage broker for 20 years and is an eternal housing optimist up until August. He told me a few weeks ago that the average person who comes into his office now overestimates their equity by at least 100K and that’s before the realtor commission. Believe me this guy is probably being conservative, the average San Delusional homeowner has a lot less equity than they care to believe at this point.

[unbiasedobserver]

I have a good friend in San Diego who has been a mortgage broker for 20 years and is an eternal housing optimist up until August. He told me a few weeks ago that the average person who comes into his office now overestimates their equity by at least 100K and that’s before the realtor commission. Believe me this guy is probably being conservative, the average San Delusional homeowner has a lot less equity than they care to believe at this point.

[unbiasedobserver]

I have a good friend in San Diego who has been a mortgage broker for 20 years and is an eternal housing optimist up until August. He told me a few weeks ago that the average person who comes into his office now overestimates their equity by at least 100K and that’s before the realtor commission. Believe me this guy is probably being conservative, the average San Delusional homeowner has a lot less equity than they care to believe at this point.

[unbiasedobserver]

CMRJoe, you said you thought 275K was a good deal for a 1BR condo. As I would like to try to understand what was going on in people’s minds a few years ago, please clarify:

Did you think 275K was a good deal because that’s what 1BR condos are worth, or did you think 275K was a good deal because you would be selling it for 400K in 2 years?

I sold a 1BR condo in the early 90’s for 29K. That plus some inflation is about what a 1BR condo is worth.

[unbiasedobserver]

CMRJoe, you said you thought 275K was a good deal for a 1BR condo. As I would like to try to understand what was going on in people’s minds a few years ago, please clarify:

Did you think 275K was a good deal because that’s what 1BR condos are worth, or did you think 275K was a good deal because you would be selling it for 400K in 2 years?

I sold a 1BR condo in the early 90’s for 29K. That plus some inflation is about what a 1BR condo is worth.

[unbiasedobserver]

CMRJoe, you said you thought 275K was a good deal for a 1BR condo. As I would like to try to understand what was going on in people’s minds a few years ago, please clarify:

Did you think 275K was a good deal because that’s what 1BR condos are worth, or did you think 275K was a good deal because you would be selling it for 400K in 2 years?

I sold a 1BR condo in the early 90’s for 29K. That plus some inflation is about what a 1BR condo is worth.

[unbiasedobserver]

Adding up the 4 weeks of August gives a thousand NOTs! If this is what gets reflected in the official released data, I think that will have a huge psychological effect on the populace. The wheels are coming off this market much faster than I expected.

[unbiasedobserver]

Farls, you heard that the “median” in Portland is still rising. I can assure you that prices are dropping rather precariously from the peak last year. I just sold my house there this year for 10% less than 2 of the exact model sold for last spring, if anything mine was in better shape with all new floors, paint, etc. This was in a rather nondistinct neighborhoor, no lot premiums, etc. Although you may have heard many times that the median doesn’t really tell you anything about what specific house prices are doing, it doesn’t really slap you in the face like a large fish until you actually go to sell your house.

[unbiasedobserver]

Farls, you heard that the “median” in Portland is still rising. I can assure you that prices are dropping rather precariously from the peak last year. I just sold my house there this year for 10% less than 2 of the exact model sold for last spring, if anything mine was in better shape with all new floors, paint, etc. This was in a rather nondistinct neighborhoor, no lot premiums, etc. Although you may have heard many times that the median doesn’t really tell you anything about what specific house prices are doing, it doesn’t really slap you in the face like a large fish until you actually go to sell your house.

[unbiasedobserver]

Rock, great story. What happened to your FSBO neighbor that yelled at SDR? Is he still shooting for the moon?

[unbiasedobserver]

To the realtors or others with MLS access, how are April’s closed sales shaping up?

[unbiasedobserver]

He paid $630K, so he’s entitled to break even, isn’t he? Only problem is the last identical unit sold for $520K (OOPS)

[Author]

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