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Old 05-18-2010, 12:47 AM
 
79 posts, read 237,229 times
Reputation: 44

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Thanks for the link. Just saw on the news that the L.A city council is making another huge round of layoffs...700+ positions on the chopping block. That can't be good for the economic outlook for Los Angeles. I'm beginning to lean more on the housing market dropping more over the next few years being that school districts are down and now city services are going to diminish as well. Those factors alone should drop location value.
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Old 05-18-2010, 08:33 AM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,427,408 times
Reputation: 17827
Quote:
Originally Posted by Charles View Post
I don't think an army of PhDs and MBAs knows what is going to happen.
I think the guys in this article have a little more credibility than a group of anonymous internet posters. When the big boys don't agree, what are amateurs (economics kindergartners like me) supposed to think? (Same argument for politics when you think about it.)
"Defying some analysts' predictions of a slow and subpar U.S. recovery, researchers at the Federal Reserve Bank of San Francisco are predicting a rapid economic rebound.

Citing growth in both consumer and business spending, economists Justin Weidner and John C. Williams said recovery "is likely to be faster than from the two previous recessions" in a report released Monday."

"I see no signs of a double dip," said Williams, director of research at the San Francisco Fed."'
but
Other economists disagree. They point to April retail sales as a sign that the March bounce may not be sustainable; nearly 70% of chains missed expectations last month. They worry that the volatile stock market will affect spending by the wealthy, who are leading the consumer comeback.

"You still have a very constrained balance sheet on the part of consumers," said David Shulman, senior economist at the UCLA Anderson Forecast.

Not even business spending is guaranteed to recover at a strong pace, said Christopher Thornberg, founding principal of Beacon Economics.
from

Economic recovery will be rapid, San Francisco Fed researchers say - latimes.com
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Old 05-18-2010, 08:37 AM
 
7,704 posts, read 12,543,156 times
Reputation: 12300
Quote:
Originally Posted by curiosa View Post
I want to know what everybody feels about the housing market pricing in Los Angeles. I Have been looking on and off for the past few years and have noticed that prices have dropped however they seemed to have leveled off in the past few months. I'm wanting to know if you think the prices will still continue to drop more into 2011 being that california is broke and still is making tons of layoffs left and right or if the housing market will start to rise now being the federal tax credit for first time buyers has now past.

It already has. There was a brief period between 2008-2009 that folk from out of California could purchase a home in Compton or a condo in San Francisco for under 500,000 but that point has passed and I don't think will ever come back.
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Old 05-18-2010, 08:42 AM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,427,408 times
Reputation: 17827
Quote:
Originally Posted by allenk893 View Post
It already has. There was a brief period between 2008-2009 that folk from out of California could purchase a home in Compton or a condo in San Francisco for under 500,000 but that point has passed and I don't think will ever come back.
Are you sure you meant Compton?

As a contrasting example, here are 19 3+ BR, SFR homes sold in Pasadena (sort of the opposite of Compton), between $400K and $500K in the past three months:

Real Estate Search | Redfin
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Old 05-18-2010, 08:46 AM
 
7,704 posts, read 12,543,156 times
Reputation: 12300
Quote:
Originally Posted by Charles View Post
Are you sure you meant Compton?

Here are 19 3+ BR, SFR homes sold in Pasadena (sort of the opposite of Compton), between $400K and $500K in the past three months:

Real Estate Search | Redfin
I don't know. Back then, I was paying attention to random different housing markets. All I know is that houses in the ghetto were like Texas prices. This was the time they were selling that one house in Detroit for $1. Lol. It was around that time. Housing prices everywhere were down.

Oh and that Pasadena house is CRAZY! Are they serious?! You know what though? Two years ago I believe I saw a San Francisco 15-bedroom home for a mere $325,000! But I suspect it may have been a former crack house or located in the middle of Frisco's worst ghettoes. It looked nice inside. But I didn't expect a house like THAT in Pasadena of all places to sell for that low. Nadya Soleman should be taking notes! I heard she's about to be kicked out of her home because it's too expensive and she can't afford it. She could buy that one for all her kids and call it a day.
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Old 05-18-2010, 10:30 AM
 
Location: Madison, WI
1,044 posts, read 2,756,127 times
Reputation: 979
I like to use Redfin for checking real estate prices:

Find All the Homes for Sale & Experienced Real Estate Agents | Redfin

I did a search for 3+ bedroom, 1500+ square feet, detached houses in Compton. There are currently 46 such houses for sale, with a median asking price of $247,994, and the highest priced one is $485,876. Seven of them are below $200k. My opinion is that these prices still have a long way to fall unless Compton has changed drastically over the past decade, but it seems that happy days for allenk893 haven't gone away yet.
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Old 05-18-2010, 11:27 AM
 
3,322 posts, read 7,928,219 times
Reputation: 2851
Redfin is a joke. It is nothing like a real MLS site. I wouldn't take anything off Redfin seriously. Its barely above zillow.
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Old 05-18-2010, 12:57 PM
 
Location: Madison, WI
1,044 posts, read 2,756,127 times
Reputation: 979
Quote:
Originally Posted by Dub D View Post
Redfin is a joke. It is nothing like a real MLS site. I wouldn't take anything off Redfin seriously. Its barely above zillow.
How do you figure? It gets its listings straight from the MLS. Additionally, it lets you search by more parameters than the MLS (at least the one at themls.com), for example square footage, how long the house has been listed, how many price reductions, etc. It can also search sale records, so you can see what houses have actually been selling for, as opposed to the listings which only show how much the seller is hoping to get.
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Old 05-18-2010, 01:19 PM
 
Location: SoCal
2,261 posts, read 7,206,093 times
Reputation: 960
Quote:
Originally Posted by allenk893 View Post
It already has. There was a brief period between 2008-2009 that folk from out of California could purchase a home in Compton or a condo in San Francisco for under 500,000 but that point has passed and I don't think will ever come back.
I've been house hunting for the past few weeks/months with a high of $375K. My realtor has been sending me TONS of listings in Pasadena, North Hollywood, & Highland Park for less than that (single family over 1300 sq ft w/ 3 bedrooms). I currently have 49 houses to look at (that I need to pare down). Some nicer than others. Are you saying that they are ALL crack dens?

Doesn't compute.
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Old 05-18-2010, 01:20 PM
 
26,680 posts, read 28,567,090 times
Reputation: 7943
Quote:
Originally Posted by Dub D View Post
Redfin is a joke. It is nothing like a real MLS site. I wouldn't take anything off Redfin seriously. Its barely above zillow.
They list properties for sale directly from the MLS. How is it "nothing like a real MLS site"?
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