12-26-2007, 04:06 PM | #1 |
Demiurge
Join Date: Aug 2005
Posts: 36,365
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Housing prices fall 6+%
I would always wonder about CA and other markets (including SLC), "how do normal working people afford homes in those areas?" Mystery to me.
I guess the truth is that they couldn't/can't. http://money.cnn.com/2007/12/26/real...ex.htm?cnn=yes |
12-26-2007, 04:12 PM | #2 |
Charon
Join Date: Jan 2006
Location: In the heart of darkness (Provo)
Posts: 9,564
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It's fascinating to watch. I can't help but feel a little bit of guilty pleasure after watching so much lunacy during the run-up of the bubble. If I didn't like my current home so much, I would be tempted to do some bargain-hunting.
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12-26-2007, 04:14 PM | #3 |
Senior Member
Join Date: Oct 2007
Location: Orange County, CA
Posts: 9,483
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As I have said to VV over and over again, please come down to South County and help me find all these bargain basement homes that everyone is talking about.
6% drop means that a detached 4 bedroom that was selling for 1.5MM is now selling for 1.4MM. Wow, I'll take two!
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12-26-2007, 04:15 PM | #4 |
Junior Member
Join Date: Sep 2007
Location: Cancun, AZ, TX and CA.
Posts: 191
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you can still bargain hunt!! Just use them as rentals
The prices will rise again and you'll make a load of money on the increase.
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12-26-2007, 04:17 PM | #5 |
Senior Member
Join Date: Oct 2007
Location: Orange County, CA
Posts: 9,483
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VV, where have you been? Merry X-mas, you old tycoon!
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Fitter. Happier. More Productive. "Everyone is against me. Everyone is fawning for 3D's attention and defending him." -- SeattleUte |
12-26-2007, 04:21 PM | #6 |
Junior Member
Join Date: Sep 2007
Location: Cancun, AZ, TX and CA.
Posts: 191
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heh trip
Lots of trips in last month. Currently in Vegas. Surprised 2 kids and 5 grand kids in so. utah for Christmas. Before that, cancun for a week and Miss, Ala for a week. Back to Texas today. San Diego down 11% according to article. You must be in a lucky spot. LA and sd on both sides of you getting killed. I hope yours holds up. Happy Holidays..
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12-26-2007, 04:25 PM | #7 | |
Senior Member
Join Date: Oct 2007
Location: Orange County, CA
Posts: 9,483
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Quote:
SD is dropping 11%....so, my same example holds true. A home in SD that was selling for $1.4MM (an average 2300 sf home) is now selling for about 1.2MM. Any new young marrieds want to step up and buy one of those? It is a steal! In Irvine, Newport Coast, etc, I havent seen anything we can jump to yet. And VV, how long have we been having this conversation now? A year? I hope someday we can, but for now, no way.
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Fitter. Happier. More Productive. "Everyone is against me. Everyone is fawning for 3D's attention and defending him." -- SeattleUte |
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12-26-2007, 04:30 PM | #8 |
Junior Member
Join Date: Sep 2007
Location: Cancun, AZ, TX and CA.
Posts: 191
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stay tuned.
This same conversation will go on for AT LEAST another year in most areas. We'll keep checking in . I still hope yours holds up, but don't believe it will, imho.
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12-26-2007, 04:35 PM | #9 |
Senior Member
Join Date: Oct 2007
Location: Orange County, CA
Posts: 9,483
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It may not. Likely not. But even if it drops 20%.....still too expensive.
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Fitter. Happier. More Productive. "Everyone is against me. Everyone is fawning for 3D's attention and defending him." -- SeattleUte |
12-26-2007, 04:46 PM | #10 | |
Senior Member
Join Date: Jan 2006
Posts: 5,084
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Quote:
I am not recommending anything here!!!!!! I have noticed Zions bank is down about 80%, Washington Mutual 200%, Citi bank down almost 100%. Now I am not brilliant, but if the housing market comes back, won't the banks have to too. |
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