CA Homes, Affordable Yet? (Santa Ana, Orange: short sale, credit, house)

[Consider_Again]

Originally Posted by goodbyehollywood

While desirable parts of SoCal may always command premium pricing, a 5+ multiple is still too high. I believe there's more downside.

The current "OC Premium" is 2.58 times the national average. Historically OC is ~twice the national average. That said, a lowering tide sinks all ships...

[runningncircles1]

b/c the cities you mentioned are not desirable....for lots of ppl So Cal is the place to be!

You are aware that Atlanta gained more people than any other metro in the country, aren't you? Oh yeah, sounds like it's SOOOO undesirable.

[flo2900]

Originally Posted by runningncircles1

You are aware that Atlanta gained more people than any other metro in the country, aren't you? Oh yeah, sounds like it's SOOOO undesirable.

even when prices will eventually bottom out in So Cal they will still be a lot higher than national average?...why?....SUPPLY AND DEMAND!
I agree that there are lots of places in US that are more affordable where people have a higher quality of life than SoCal. But for some ppl there`s more to life than just being able to pay the rent/mortgage and eat.

[Scott5280]

Think the prices are high in Cali; you could buy
yourself a parking spot in Vail for 500k

[impala666]

Originally Posted by Scott5280

Think the prices are high in Cali; you could buy
yourself a parking spot in Vail for 500k

Gold Pass, $3,250

[Arkadin]

Originally Posted by slowbill

Stop looking for the U.S. government your hope. True leadership comes from following the one and only King, Jesus the Christ. Pray to him not your political party.

and Bugs Bunny....

[tew]

Originally Posted by Scott5280

Think the prices are high in Cali; you could buy
yourself a parking spot in Vail for 500k

Good point. The houses are so pretty out there and I know the big ones are high $.

[bhcompy]

Originally Posted by Scott5280

Think the prices are high in Cali; you could buy
yourself a parking spot in Vail for 500k

except vail is a resort town. compare vail to lake arrowhead instead of socal and you have a better comparison

[John23]

Originally Posted by Charles

So your explanation is So Cal became three times more desirable in nine years and most everywhere else became about 20%-50% more desirable in those same nine years? Is that what you are implying?

So I guess my next question is, why was So Cal one-third as desirable in 1997 than it was in 2006?

This I havent been able to understand. Where was everyone in the 90's?

Why didn't they flood the state when home prices were more in line with the national average cost of a home?

The weather has been the same, plus or minus a little bit. The summers have gotten hotter, it rains less. But basically the same.

The beaches have always been here.

The lure of Hollywood and entertainment has always been here. Actors were getting big paychecks in the 90's. Why would rent around Hollywood go up much faster than the opportunities there? Entertainment income hasnt gone up as fast as rent/cost of living.

Entertainment has been the same...lakers, dodgers (you use to be able to get to their games in a reasonable amount of time). Lakers in the 90's sucked for awhile, but when they got Shaq in the late 90's, LA was still borderline reasonable.

Seems like the rest of the world figured out so cal was the place to be....in 9 years?

[Charles]

Originally Posted by John23

This I havent been able to understand. Where was everyone in the 90's?

Why didn't they flood the state when home prices were more in line with the national average cost of a home?

Because for the most part, the salaries were also in line with the national average. The whole question (that I asked) is why did LA housing prices balloon so much more than everywhere else when the conditions in LA didn't change any more than anywhere else. The mortgages were about the same, the salaries didn't change dramatically, etc. Now we are seeing LA (and other cities' which had bubble increases) housing prices fall more than most everywhere else.