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Old 11-18-2008, 01:24 PM
 
11,715 posts, read 40,385,082 times
Reputation: 7585

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Quote:
Originally Posted by BRinSM View Post
i think this time around, the fires are going to have an adverse effect on housing prices in the region. the recent news coverage of the fires is going to make the danger from wildfires much more real to the people who might have been considering buying homes in foothill communities that are open to brush/wilderness. There are many, many areas in socal the are susceptible to fires (ie, Thousand Oaks, La Crescenta, Santa Clarita, inland south OC communites, Temecula, the list goes on and on). I have no doubt potential buyers in these areas may reconsider homes in fire prone neighborhoods.
And just like a major earthquake, maybe the fire coverage will put some fear in the minds of people from other states thinking about moving to SoCal and slow a few of them down.
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Old 11-18-2008, 01:26 PM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,595,462 times
Reputation: 17830
Quote:
Originally Posted by BRinSM View Post
i think this time around, the fires are going to have an adverse effect on housing prices in the region. the recent news coverage of the fires is going to make the danger from wildfires much more real to the people who might have been considering buying homes in foothill communities that are open to brush/wilderness. There are many, many areas in socal the are susceptible to fires (ie, Thousand Oaks, La Crescenta, Santa Clarita, inland south OC communites, Temecula, the list goes on and on). I have no doubt potential buyers in these areas may reconsider homes in fire prone neighborhoods.
Below is a link to the California Dept of Forest Service and Fire Protection which show Fire Hazard Severity Zone Maps.

CAL FIRE - Fire Protection - Zone Maps
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Old 11-18-2008, 01:35 PM
 
Location: Cottonwood CA
362 posts, read 1,117,173 times
Reputation: 377
Default How to qualify for a loan...

You get your nanny-state leftist friends in congress to implement requirements that banks make risky loans to lower income folks-that wouldn't otherwise qualify. "Job-schmobbs, the folks don't need jobs..."

Then get ACORN to follow-up by staging protests at lending institutions who object to the requirements. Oh, and provide federal funds to ACORN so they can keep the pressure on. Then, when everything goes to hell in a hand basket-blame the "broken down capitalist policies" of the GOP and ride that mantra to political vistory.

Oh, wait, that's pretty much what brought us to this point.

I know this wasn't the nature of your question, but couldn't resist the opportunity to opine...
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Old 11-18-2008, 01:48 PM
 
Location: San Jose, CA
214 posts, read 1,082,138 times
Reputation: 150
For you sheri257:

Mr. Mortgage’s Guide to the TRUTH! » Moody’s Ominous Alt-A Warning - Mortgage Implosion Round 2

"It's the coast for christ sakes!"

I know you are dealing with lots of bidding wars where you are, but when you have the high end facing problems like this...I don't see how you can in good faith think prices won't fall much furhter.
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Old 11-18-2008, 01:57 PM
 
11,715 posts, read 40,385,082 times
Reputation: 7585
Quote:
Originally Posted by eclipxe View Post
For you sheri257:

Mr. Mortgage’s Guide to the TRUTH! » Moody’s Ominous Alt-A Warning - Mortgage Implosion Round 2

"It's the coast for christ sakes!"

I know you are dealing with lots of bidding wars where you are, but when you have the high end facing problems like this...I don't see how you can in good faith think prices won't fall much furhter.
I'm so glad I'm sitting on the sidelines with my popcorn, banking my money, and watching the show.
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Old 11-18-2008, 02:10 PM
 
47 posts, read 150,326 times
Reputation: 33
Quote:
Originally Posted by finzup2 View Post
We are seriously considering LB or OC, and are fine renting for awhile, but I really don't get how people have qualified on loans -- and now that prices are high, and loan requirements are tighter, how others will qualify? We will make approx 120,000. but have OUTRAGEOUS student loan debt with payments of 1200.oo a month. The best we could hope to qualify until we get those paid off on typical calculators is about 180,000.00 for a home. That wouldn't buy a 1 bdr condo, LOL.

So, if others make less and have no debt, they be about where we are ... and yet htey have 500,000 homes. I'm missing something, right?
If you make 120k per year even with 1200 per month in student loan payments, you qualify for a lot more than 180k. Realistically you qualify for something around 280 to 320k. Unless you have a lot more debt than you are disclosing.
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Old 11-19-2008, 02:08 AM
 
619 posts, read 2,164,169 times
Reputation: 261
Quote:
Originally Posted by finzup2 View Post
We are seriously considering LB or OC, and are fine renting for awhile, but I really don't get how people have qualified on loans -- and now that prices are high, and loan requirements are tighter, how others will qualify? We will make approx 120,000. but have OUTRAGEOUS student loan debt with payments of 1200.oo a month. The best we could hope to qualify until we get those paid off on typical calculators is about 180,000.00 for a home. That wouldn't buy a 1 bdr condo, LOL.

So, if others make less and have no debt, they be about where we are ... and yet htey have 500,000 homes. I'm missing something, right?
how?...well... they dont anymore!
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Old 11-19-2008, 05:35 AM
 
Location: Irvine, CA to Keller, TX
4,829 posts, read 6,918,873 times
Reputation: 844
Quote:
Originally Posted by EscapeCalifornia View Post
It depends on the area. I read recently that one zip code in Irvine is down a lot. Something like 20% in the last year. I know a couple that bought a house in Irvine (tiny little house with literally zero yard that looks like an apartment building except they're actually SFRs) in 2006 or 2007 for I believe $700k. It was the last unit sold in the project and they actually got it for a lot cheaper than some of their neighbors. They put over 20% down and are still upside down by $50k or so not including transaction costs were they to actually attempt to sell it today.
You are so right. Our house that we sold, zip 92614, in Nov. 07 is easily down 15-20 % from last year. Housing is stll not affordable in OC for most.
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Old 11-19-2008, 06:36 AM
 
Location: South Pasadena
689 posts, read 2,577,450 times
Reputation: 560
On the other side of the coin in Orange County people are buying REO properties quickly in Santa Ana. Santa Ana leads a bittersweet real estate boomlet - Los Angeles Times It is Santa Ana, but you have to start somewhere.
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Old 11-20-2008, 06:59 PM
 
342 posts, read 1,924,076 times
Reputation: 253
Quote:
Originally Posted by finzup2 View Post
We are seriously considering LB or OC, and are fine renting for awhile, but I really don't get how people have qualified on loans -- and now that prices are high, and loan requirements are tighter, how others will qualify? We will make approx 120,000. but have OUTRAGEOUS student loan debt with payments of 1200.oo a month. The best we could hope to qualify until we get those paid off on typical calculators is about 180,000.00 for a home. That wouldn't buy a 1 bdr condo, LOL.

So, if others make less and have no debt, they be about where we are ... and yet htey have 500,000 homes. I'm missing something, right?
Just because your house is worth 500,000 does not mean that you paid 500,000 for it. You may have bought it for 100,000 about 25 years ago.

Most people that own houses in California bought them over 10 years ago. Financially responsible people that did not buy over 10 years ago probably made a large down payment when they bought.

All of this subprime foreclosure stuff really only affects people that bought recently with silly loans and people that recklessly used their houses as ATMs. Most people are completely unaffected by this but you wouldn't know if you spend all your time getting your information from the TV.

And median means median. The median income may not be enough to buy a decent house in the better parts of CA. But that does not really matter. Once all of these foreclosures are flushed out of the system and the economy recovers the only people that will be able to afford to buy houses in good parts of CA will be people in the top 10-20% of incomes. Everyone else will be a renter for life or have to buy in an "up and coming" area.
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