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Old 01-05-2012, 12:09 AM
700 posts, read 1,054,782 times
Reputation: 185


I'm not a realtor and I can't speak to Camarillo, but a quick internet search will give you what you're looking for.

That said, I'm someone who pays close attention and lives in the county.

Housing prices in most of the county have fallen to the point where the fully loaded monthly cost is the same or less than renting an equivalent property. In some areas, renting is at parity with the minimum down payment (3.5% FHA).

Since housing is mostly a leveraged purchase, the monthly costs are a huge driver. In that sense, affordability has dropped substantially while the purchase prices have dropped 30-50% from the peak. Not a huge surprise that distressed sales are driving prices down. Decent homes in the sub-400k range (or at the area's respective median) generally move quickly. Homes above the median tend to sit. There are no move-up buyers as the distressed/unoccupied homes suck the oxygen out of the market.

Values will fall further when rates climb. But it's hard to see monthly payments getting much lower, unless rents fall off, as well.

Interesting times.
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Old 01-05-2012, 12:20 AM
700 posts, read 1,054,782 times
Reputation: 185
Here's a good one:

Some friends of ours live in Hobson Heights in Ventura. Amazing house, ocean views from every room, swanky. They bought for $1M during the bubble years on a neg-am blow-up loan.

The lenders have since reduced the principal, twice, and recently lowered the rate to 3.2% fixed and extended the term to 40 years and converted it to a conventional note. The banks did this without our friends missing a single payment --- and without our friends even asking for a concession. Get this: it was offered to them. BY THE BANK.

Their payment is lower than ours, and we bought a modest house recently for less than half theirs.

Best part? They are looking to move to TO, and the rent on the place will more than cover the mortgage.

Now I feel like the sucker for waiting for the magical reset for all these loans. It just didn't happen like the bears (including me) said it would. The banks are winning, and they have the resources of the Fed backstopping them.

I'm sure there are thousands of stories like this out there...
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Old 01-05-2012, 06:47 PM
Location: San Luis Obispo
4,807 posts, read 10,345,134 times
Reputation: 1259
Camarillo has alot of families who live there and work in the Conejo Valley or in Oxnard, but also has it's own jobs like CSU Channel Islands, tourism from the outlet mall, and Ventura Youth Authority. It's better than Oxnard in that the high school is the best public school in Ventura County and it's quieter, but Oxnard has more things to do and more shopping and dining and has the beach. Camarillo's closest beach is like 20 min away I think. If you keep heading south you touch Silver Strand. BTW, The API Index score for CHS is around 850.

Oxnard has good private schools and Rio Mesa is okay. Rio Mesa's API score is at 740. But Oxnard is better for non-families, or rich families who can afford to put their kids in private school. Camarillo is better for families of all income levels. Ventura I also suggest for non-families and rich families. Both public schools in Ventura are okay, but housing is high. Simi Valley is also like Camarillo and is for families of all income levels. Thousand Oaks is another better for non-families and rich families because of high housing costs.
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