House Prices - what is yours worth now? (Riverside, Temecula: to rent, HOA)

[GirlsRUs]

Originally Posted by FalconRanch1

I lived in San Leandro , Ca ( The Bay Area )/ June 2003/$425,000/ SOld ON July 2005 for 600K, moved to Texas and paid off my house!! YEA!!!! 3000 Sq. Ft for less than 200K!!! Master planned community with great schools, awesome!!

Where in Texas?

[roxiemack]

bought in 2005 for $134,000

worth in 2005 $250,000

todays worth $199,000 maybe

big bear city, ca

[kenjay]

bought In 1989 For 100,000.00 Sold In 2002 For 800,000.00



2 Bdrm 2b Put 25,000.00 +sweat Equity Best Area Of S.palm Canyon

[trmc2007]

So you probably have heard the latest news blasts and commercials for "un-Auctions" so happens my community is having on this month. Here is how it works.

There are 15 homes. Not built yet, wont be done for 6+ months
You go into the selling office and get prequalified, choose the house out of the 15 you want.
Mind now, thre are a lot of people for only 15 un-built homes.

So now you go back on the 29th of March and camp at least 2 days before..why?
Because on March 29th, when the doors open at 8am ,its a first come first serve.

Gotta have a cashiers check of $3k. and the homes are starting at $295k up to $390K.

Do I think it will happen? sure, they will sell but will home prices drop more? yes... cuz there are homes for sale now by owners for less then $295k and with the yards done, some have pools and min bedrooms of 4 all have 3 ful baths... I dont know.... I dont plan to be around to see it.

I just saw an open house sign near us but not in our development, the realtor was asking $495K!!!!!!!!!! I said are you nuts? he said it comes with all the furniture... I laughed guy was an idiot!

[sheri257]

When we bought our High Desert house in 2003, we knew the market would crash so ... we only paid $150K for it. We figured we'd be safe from a negative equity situation ....

Now, I'm not so sure. I'm now seeing a couple of houses listed at $150K ... Yikes!

[YOU-CANT-EAT-SCENERY]

I bought mine in 2003 for $335,000. At it's peak iit was worth about $670,000 to $700,000. Now it's worth about $540,000 (what I owe on it). I'm not worried about it as long as I stay employed, I'll ride it out.

check this out though...my neighbor at the end of my street is asking $765,000 for his. Been on the market for a good year now, and will remain for many more years at that price.

[evolutionrules]

New homes with all upgrades and no back yard are still way higher than a foreclosed home. I expect new home prices will have to continue to drop in order to be competitive.

[McHopper]

We are renting now after selling our house in Dec 07 and are watching the RE market crumble around us. I am scared to buy anywhere, but I hate paying out more for rent than what I would for a house payment. I see nothing but rental homes on our street after people have given up trying to sell them. If the market hasn't finished crashing by Jan 09, I am hoping that the rents will have been forced down also.
What's the general opinion of how low the price levels will go? I have heard that they may return to 2002 levels. That would be necessary to make them truly affordable in relation to the prevailing lower wages in this economy.

[evolutionrules]

We're buying. We realize the house will drop in value but we want to get in when rates are low because they are projecting higher rates to fight inflation. We found a cheap foreclosure and plan on staying put for 20 years (our kids are 5 and 3). We can afford the mortgage payments on just my income so I'm confident we are making a sound decision. 3100 square feet for $290,000 built in 2003, nice big yard, good schools. It will appreciate very slowly but that is normal. What happened over the last 7 years is not.

[trmc2007]

Update on ours-- $525k April 2007, now $250k