What do you see happening to prices of homes in the 225K and under range? (Concord: foreclosed, condo)

[sonarrat]

Originally Posted by michaelsa

Marin County--prices have fallen below their $1.2 million average home price, which is just lovely, but they seem almost indestructible no matter how severe the downturn gets. I've heard that banks are holding on to huge numbers of foreclosed homes because they don't want to go to the trouble of cleaning them up and listing them, so all of the inventory is going to waste. Does anyone foresee an influx of foreclosed, cheaper homes in Marin County, or is Marin the last, unpoppable bubble in this world? Are residents still going to be laughing in their mansions to the very end, drinking wheat-grass cocktails while the rest of the Bay Area fills up with foreclosure signs?

I think they'll get theirs. It has just taken a lot longer than it took the similar regions in Southern California, but they're following the same pattern now. When the low end crashed 40-50% it was just a matter of time.

[18Montclair]

Its not gonna last. Id give it another year or so and then prices will rise.

[clongirl]

Originally Posted by 18Montclair

Its not gonna last. Id give it another year or so and then prices will rise.

I respectfully disagree. I don't think prices are going to rise for a very long time...if at all. Those Alt-A resets are all just beginning to reset this year..people are still getting laid off..the banks are still only lending to the "prime" borrowers with 20% down. Nobody's getting raises with their jobs, many people have lost an awful lot of their retirement funds, and many people that are finding jobs are taking pay cuts. Prices will only rise when the banks start lending to anyone with a pulse that thinks they can afford a 500k house on a 40k salary... Then of course, it's another bubble all over again.

[18Montclair]

Originally Posted by clongirl

I respectfully disagree. I don't think prices are going to rise for a very long time...if at all.

As far as the very lowest price range, I actually dont mind prices remaining stagnant. From a buyers standpoint, that's awesome.

I just cant see prices staying that low for more than a year and a half.

Unless of course, the glut of homes persists, but then sales are soaring.

I dont know. I used to be able to predict the Bay Area housing market quite well, but we are in unchartered territory so I guess nowadays its anyones guess.

[D-Towner]

Originally Posted by clongirl

I respectfully disagree. I don't think prices are going to rise for a very long time...if at all. Those Alt-A resets are all just beginning to reset this year..people are still getting laid off..the banks are still only lending to the "prime" borrowers with 20% down. Nobody's getting raises with their jobs, many people have lost an awful lot of their retirement funds, and many people that are finding jobs are taking pay cuts. Prices will only rise when the banks start lending to anyone with a pulse that thinks they can afford a 500k house on a 40k salary... Then of course, it's another bubble all over again.

I agree, let's hope there is better regulation when the housing market heads upwards.

[theonlymember]

Originally Posted by clongirl

the banks are still only lending to the "prime" borrowers with 20% down.

As it should be...

[18Montclair]

Originally Posted by theonlymember

As it should be...

I totally agree.

There were people on SSI and Welfare getting home loans? How absurd is that?

[geos]

Originally Posted by Michael Tryn

I thought I heard some of the bad things about S.F. . Someone posted contrary to common belief all of the men are not gay,and I think Hunter's Point is not a decent place to move to. We all knew the prices would crash in S.F.. I ask, WHY would anyone want to live in Cal. with all of the negative surrounding Cal. . except for the weather? It is not any better here ! In Illinois 10% sales tax , the car license is $70 , and the foolish new Gov. is talking about raising the state income tax. We DO have water, that is getting cut off south of Stockton. The story said 90k Mex. will head south of the border. Will some one give me more things to consider about moving to S.F. please. We are conservative with high morals as we have a daughter. I find it disgusting for men to be holding hands around me. Lesbianism is o.k. by me. As long as they are nice looking. I AM judgemental. I don't approve of pedaphiles or drugs. I may be too strange for S.f. , I know little about the area , and have no use for the East Bay. Oakland looked like Haiti on CNN when that man got shot recently . I will look at the demo for Oakland but I think they are not as good as Montana for example. I'm not Clint Eastwood. Feedback on S.F. for family life.

You'd probably be more comfortable in Kansas with other ignorant bigots

[D-Towner]

I didn't realize there was a significant stock of $225,000 priced homes in the Bay Area.

[Luv4ThePaws]

Originally Posted by michaelsa

Marin County--prices have fallen below their $1.2 million average home price, which is just lovely, but they seem almost indestructible no matter how severe the downturn gets. I've heard that banks are holding on to huge numbers of foreclosed homes because they don't want to go to the trouble of cleaning them up and listing them, so all of the inventory is going to waste. Does anyone foresee an influx of foreclosed, cheaper homes in Marin County, or is Marin the last, unpoppable bubble in this world? Are residents still going to be laughing in their mansions to the very end, drinking wheat-grass cocktails while the rest of the Bay Area fills up with foreclosure signs?

Hehe! This made me laugh so hard! Of course I am just jealous that the closest I ever came to being a Bay Area resident was long weekends spent at my ex-boyfriend's mom's house on the water in San Rafael. I moved somewhere affordable where, unfortunately, there are lots of people like that odious poster, Michael Trynn or whatever his name was, and I wish I was back with all of you! Marin County is my favorite place in the whole world.