House Prices - what is yours worth now? (San Leandro: sale, foreclose)

[jvazjr]

i meant 40k buying 400k homes.

[Vizcaya]

I am banking on prices to drop furthur. Since I made $240k on my last sale, I am looking to pick-up some rental units by UCR. Then hold them until the next bubble is created.

[booz30]

Bought My 2003 Square Ft Home In Victorville In 2002 For 130k In 2006 It Was Worth 320k But Now In 2008 Its Worth Only 220k

[jvazjr]

'Then hold them until the next bubble is created.'

There wont be another bubble like the last one in our lifetimes. IE will continue to drop and will remain flat for many years to come. Save your profit for the hard times ahead.

[rotorholic]

Originally Posted by jvazjr

'Then hold them until the next bubble is created.'

There wont be another bubble like the last one in our lifetimes. IE will continue to drop and will remain flat for many years to come. Save your profit for the hard times ahead.

X2...bubble days came and will never return, the days of illegal lending are over

[chuck22b]

Originally Posted by rotorholic

X2...bubble days came and will never return, the days of illegal lending are over

back on topic:
bought in Chino : 11/2007 : 370k (if you count the builder incentives) - builder had listed it for 436k : now probably around 330-350k.

Just a thought:
Well, if we all listen to the dooms day predictions, we might as well all crawl into little caves, stock up on canned food and water and wait til the economy falls back to the early 90s or just crawl up and die.

Unfortunately, the population is still growing, technology has changed, the landscape has changed, people are still getting married, people are still having kids, people are still getting educated, global competition is still growing, and things change. It's called progress (or numerically, the GDP), it fuels appreciation, inflation, and overall growth. Like most business cycles there's overbuilding (boom), and contraction (busts). So more than likely as long as there's civilization and a market, there'll be booms (and possible bubbles), and busts. But overall civilization and society has been growing and improving (ie. why people say in the long haul RE is still a good investment).

I think after this shake down, and as people realize that the extra cash they are holding in banks etc aren't doing much (thank you Bernanke), see some fundamental value, and get back into the market, the housing market overall would be a whole lot better. I believe in our society, and our ability to persevere toughness. It'll just make us stronger.

Thanks,
chuck22b

[chuck22b]

Originally Posted by jvazjr

i meant 40k buying 400k homes.

SB median income in 2005 was 49k (this site) so it'd probably be around 55k now.

SB median homes now is 297k (Jan '08).

So, they're adjusting... and prices are approaching/encroaching affordability territory.

-chuck22b

[jvazjr]

Chuck

What do you think caused this boom? It was not population growth or any of those things you mentioned. It was the banks easy funny money. You sound educated and so am I but like I said , way too many 30k millionaires buying 300k homes. There is no doubt about it in my mind things are going to get worse. Just scratched the surface. Believe my I want the best for all of us. I am married, own homes here, have small children, of course I dont want this to be happening. But I am a realist and I look at the numbers every day, always take history to learn from and see thing heading more south. It is what it is.

[trmc2007]

Originally Posted by 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.

The house across the street from me in my development has gone from $525, to $367, $360, $350 and is now a whoppoing $300k as of Wednesday.

Up for sale now, it has been empty since October when the landlady kicked the people out because she wanted to raise the rent, and in Jan she put it up for sale because she was asking to much for rent and no one wanted to pay that much! now its up for short sale, they have 1 offer and are going through the motions, but the real estate agent says she doubts it will go through.

16 homes in our development have Riverside County leins on the property through the HOA, due to the landlords not paying the HOA dues?

[MoonDreamer715]

Perris, CA

Bought in June 2007 for $375,000

Community now asking $311,000 for same floor plan

Hopefully in a few years that will change!