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Old 04-14-2013, 10:36 PM
 
Location: On the water.
21,724 posts, read 16,323,643 times
Reputation: 19794

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This sucks. Just when I thought everybody would leave for Montana. California makes a comeback. Dang!

Home-building boom returning to Southern California - latimes.com

"With mortgage interest rates low and prices for existing homes rising, builders are coming back into the market. They're bidding up land prices, scrambling to find workers and building bigger, more expensive homes than they did just a few years ago."
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Old 04-14-2013, 10:38 PM
 
Location: State of Transition
102,183 posts, read 107,774,599 times
Reputation: 116077
That was a nice little window of hope, for as long as it lasted--about 10 minutes.
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Old 04-14-2013, 11:16 PM
 
Location: Phoenix,az
391 posts, read 840,468 times
Reputation: 323
Quote:
Originally Posted by Tulemutt View Post
This sucks. Just when I thought everybody would leave for Montana. California makes a comeback. Dang!

Home-building boom returning to Southern California - latimes.com

"With mortgage interest rates low and prices for existing homes rising, builders are coming back into the market. They're bidding up land prices, scrambling to find workers and building bigger, more expensive homes than they did just a few years ago."
No relation to the new Obama loans by chance?

Obama plan to open housing market to those with weaker credit sparks debate
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Old 04-14-2013, 11:19 PM
 
11,715 posts, read 40,436,952 times
Reputation: 7586
Quote:
Originally Posted by kremit View Post
Wow, talk about a short memory. Thanks, Obama.
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Old 04-14-2013, 11:32 PM
 
Location: LBC
4,156 posts, read 5,558,208 times
Reputation: 3594
Quote:
Originally Posted by Ruth4Truth View Post
That was a nice little window of hope, for as long as it lasted--about 10 minutes.
Take comfort knowing many who left simply lack the chops to mount a successful return.
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Old 04-15-2013, 01:31 AM
 
Location: Oroville, California
3,477 posts, read 6,506,734 times
Reputation: 6796
Like the new term there - "Superhome" with "more people living there to contribute to the mortgage" and "multigenerational". Just new catch-phrases for a McMansion built with immigrants in mind. I saw this with the last bubble in Salinas - large 5-6 bedroom homes with multiple families living in them because they can't afford a single home for each with the inflated prices and low wages. Half a dozen cars crowded around each house. I'm not slamming the immigrants either - I'm just disappointed to see the traditional single family home (3-4 bedrooms, 2 baths) in California go by the wayside for these monstrosities covering the same small city lot.
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Old 04-15-2013, 05:05 AM
 
Location: So Ca
26,712 posts, read 26,770,596 times
Reputation: 24770
Quote:
Originally Posted by kremit View Post
From your link: "Administration officials say they are looking only to allay unnecessary hesitation among banks and encourage safe lending to borrowers who have the financial wherewithal to pay..."
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Old 04-15-2013, 06:43 AM
 
Location: Earth
17,440 posts, read 28,587,825 times
Reputation: 7477
Quote:
Originally Posted by BeauCharles View Post
Like the new term there - "Superhome" with "more people living there to contribute to the mortgage" and "multigenerational". Just new catch-phrases for a McMansion built with immigrants in mind. I saw this with the last bubble in Salinas - large 5-6 bedroom homes with multiple families living in them because they can't afford a single home for each with the inflated prices and low wages. Half a dozen cars crowded around each house. I'm not slamming the immigrants either - I'm just disappointed to see the traditional single family home (3-4 bedrooms, 2 baths) in California go by the wayside for these monstrosities covering the same small city lot.
It doesn't make any sense. Just build condos and apartments instead of those horrors. Another example of how zoning in CA is often completely out of touch with reality.
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Old 04-15-2013, 08:56 AM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,328,356 times
Reputation: 21891
The roller coaster is still working well I see. Homes in my neighborhood were under $300,000 back in 2000. Up to $700,000 in 2007. Down to $300,000 in 2011, and back to $350,000 in 2013. We paid $310,000 in 2010 and our neighbor jost sold for $350,000 ($349,900)
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Old 04-15-2013, 09:56 AM
 
11,715 posts, read 40,436,952 times
Reputation: 7586
Quote:
Originally Posted by SOON2BNSURPRISE View Post
The roller coaster is still working well I see. Homes in my neighborhood were under $300,000 back in 2000. Up to $700,000 in 2007. Down to $300,000 in 2011, and back to $350,000 in 2013. We paid $310,000 in 2010 and our neighbor jost sold for $350,000 ($349,900)
They're going back up here, but its not like they ever got cheap in the "crash". I don't consider a $1M tract house going for $850k cheap.
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