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Old 05-03-2008, 06:50 PM
 
2,220 posts, read 5,622,140 times
Reputation: 879
Quote:
Originally Posted by Unkllars View Post
The market isn't done falling, but interest rates are going up with such a weak dollar and not enough movement and growth in the respective sectors that rely on it. Those who do the math will find that the falling prices and increasing interest rates are intersecting, and being on either side is less than optimal. That is a critical issue to point out. A cheaper home with a higher interest rate will be more expensive in a few years than a more expensive home with a lower interest rate.

As for the prices dropping 60%, no that won't happen. Asian and Middle Eastern investors will purchase Southern California if it did. Of course, maybe they'll bring their .96/gallon gas with them. Then we could all drive SUVs the size of houses. Those depreciate 60% within a few years. Way to keep up on the market though. I commend you for that
I'd rather pay a lower price for a house with a high interest rate than a high price with a low interest rate. You can always refinance at a better rate when available (not to mention make extra payments that can potentially negate a lot of the interest) but you will ALWAYS be stuck with the price you pay for the house.
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Old 05-04-2008, 01:53 PM
 
1,868 posts, read 3,855,936 times
Reputation: 502
Quote:
Originally Posted by esmith143 View Post
Even with the recession, people are making 2-3 times more money today than they did in 1987. I wouldn't hold my breath for $250K 3-bedrooms in Point Loma.

I do expect a 20% or so decline in good parts of the city over the next 3 years.
Do you mean an ADDITIONAL 20%...because that mark has already been hit ...and in some areas it's more.
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Old 05-04-2008, 03:23 PM
 
2,220 posts, read 5,622,140 times
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Quote:
Originally Posted by shannon94 View Post
Do you mean an ADDITIONAL 20%...because that mark has already been hit ...and in some areas it's more.
with every previous bubble, CA's statewide average price fell to match the US national average price. There's no reason to think this time is different.
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Old 05-04-2008, 06:43 PM
 
1,868 posts, read 3,855,936 times
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And the national average is f a l l i n g .......and so are incomes.
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Old 05-05-2008, 07:28 AM
 
Location: Escondido, CA
1,504 posts, read 3,563,561 times
Reputation: 812
Quote:
Originally Posted by shannon94 View Post
Do you mean an ADDITIONAL 20%...because that mark has already been hit ...and in some areas it's more.
I do mean additional 20%.

I don't think that good parts like Point Loma are more than 10-15% down at the moment.
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Old 05-07-2008, 09:45 AM
 
3 posts, read 4,959 times
Reputation: 10
Quote:
Originally Posted by Unkllars View Post
The market isn't done falling, but interest rates are going up with such a weak dollar and not enough movement and growth in the respective sectors that rely on it. Those who do the math will find that the falling prices and increasing interest rates are intersecting, and being on either side is less than optimal. That is a critical issue to point out. A cheaper home with a higher interest rate will be more expensive in a few years than a more expensive home with a lower interest rate.

As for the prices dropping 60%, no that won't happen. Asian and Middle Eastern investors will purchase Southern California if it did. Of course, maybe they'll bring their .96/gallon gas with them. Then we could all drive SUVs the size of houses. Those depreciate 60% within a few years. Way to keep up on the market though. I commend you for that
The person who said the housing market has bottomed out also just bought a house so that is wishful thinking on their part. The prices definitely have some room to drop. The best bet is to not buy more house than you need right now and stay away from overpriced condos. And don't buy something you plan on selling in 2-5 years for the most part.
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