House Prices - what is yours worth now? (Riverside, Chino: for sale, foreclosure)

[trmc2007]

Yeppers AND they are going to drop it to $200k, in about a month...they just put out a huge red banner on Saturday that says "we accept VA/FMA Loans"

Ya we were surprised since we had the house across from us, same floor footage, and they paid $379k. DR Horton dropped the house $100k from orig price AND paid all closing costs. However they moveed out after 3 months and some other people moved in, the house directly next door to that is for rent but tthat realestate agent lady is asking $2600 a month and $5200. as deposit.

Crazy I tell ya..

[JV in the IE]

'The market workes in cycles. There is no way in Hell you will ever lose money on California Real Estate.'

Yes it does and right about we are in an extremely bad down cycle. So nobody lost money in the last 2 crashe? Please. People are losing a lot of $$ in RE right now. ASk the guy above who paid over 500k last year and now same homes are going for 300k. Thats a massive loss in equity in my book. Sorry but RE doesnt 'always' go up.

[waggie]

45k, purchased in 1960.
neighbor sold theirs in 06 for 875k-900k
now it worth around 700-750k.

[trmc2007]

Market sux people.. good thing some of us got into fixed rates with our taxes impounded and can make the monthly payment.

Riding it out for a while...

its tough on those that didnt think about the "what if's" and although qualified for a $700-800k house on a variable and teaser rate on paper..... should have really just taken a good look at thier money flow, and opt'd for the $300k house and not over extended and stayed within thier means. Now they are foreclosing, abandoning, short sales... and lets not forget those that bought to flip a house.. ya... great infomercials, to bad it just makes the guy rich who's seminars they attend.

[RedNC]

For what it’s worth, in April 2007, I sold a house in YL OC, for 7% less than they were selling for in 2005. Now a similar home is listed for 20% less than my selling price and it’s not selling.
There are a bunch of, pre-foreclosures, auction and bank owned homes in the same neighborhood.
I’m glad I got out when I did.

[tkdmom]

I bought my home in the Menifee area back in 1996 for 130k. I refinanced last year and it was appraised for $375k. Three yrs ago it appraised for $485k. How much worse can it get ???

[jvazjr]

'Three yrs ago it appraised for $485k. How much worse can it get ???'

3 years ago is an eternity in real estate time. There is no way your home has recently gone up in value especially in a foreclosure swamped area like Temecula. I can guarantee if you got an appraisal now it would be less than you would imagine. The IE is toast.

[tkdmom]

Obviously, you didn't read my post !

No kidding...my house hasn't gone up in equity...I said "I have lost equity over the last couple yrs".

[Vizcaya]

I bought my first home in 2000, for 115k, I sold it in April of 2007 for 370k.

Now, the same home has houses on the same street that are being listed at 280k and are not moving.

I bought my current house in Sept 2007 for $420k. It was a bank owned. The last owners paid $565k back in 2005.

Right now my current house is valued at 420k-430k. There is a home across the street that just sold last week for $420k, which has a smaller yard, no pool, no spa, no view, no deck, but is the same model and floor plan as my house.

[jvazjr]

Sorry but next year expect your IE home to worth far less. The IE is toast. Way too many foreclosures and way too many overpriced homes. Too many 40k salaries buying 40k homes.