When did the current housing bubble first hit Ca? (foreclosure, agent, investment)

[Desertrose34]

I was just wondering.

I am looking at 2 comparable homes. One sold in 2005 for $430,000, one sold in 2004 for $300,000.

I was thinking maybe the housing bubble hadn't hit yet for house #2 in 2004?

[texdav]

I don't really know but its been going on for sometime. I know a guy that bought in the late 60's and his home now makes him a millionaire even with prices dropping.

[KCfromNC]

Depends on the area in Southern CA - the San Diego bubble started in the late 90s and had peaked by the summer of 2005. Other areas were later, but I'd be really surprised if most areas weren't showing signs of bubble pricing in 2004. Can you get comparable sales going back further than 2004, even if those houses aren't on the market now? That would give you a better idea of the trend.

[glenn_1000]

Trulia - Real Estate, Homes For Sale, Sold Properties, Real Estate Maps shows the selling history

I'm looking at a home listed at $189,900 in So. Calif

Sales history
July 7, 2008 $279,000
February 28, 2007 $530,000
December 20, 2004 $400,000
September 15, 2004 $307,500

Looks like someone did a quick flip in 2004, next buyer held it for two years, then the last buyer lost his shirt... it is now in foreclosure

[Desertrose34]

Thanx guys/gals. Yeah this is not an investment purchase and I want the 2nd house no matter what(pending inspection), but I am just trying to make sure there isn't anything funny going on.

You know, like if they are comp homes( to me, #2 is far superior and has a completely different look outside and a different layout inside, but location, size, builder(it looks to me) is the same, etc.)

I just want to make sure it sold for less cause of the year it sold, not cause there was something wrong with it! Ya know? Yes if our offer gets approved we are sending out an inspector.

My agent tried telling me, oh this house, #1 is better, look what it sold for in 2005! I said I don't like that house and I think by 2005 the bubble was in full swing so I could see why it would of sold for more then, then the #2 house had sold for a year and 3 months before.

I always hit trulia and redfin for last sold price.

We are talking about Victorville, Ca here. Just so you all know.

Sales history for house #2:

Sep 02, 2008 Listed $180,000 -- MRMLS #I08126273
Mar 30, 2004 Sold $290,000 3.2%/yr Public Records
Aug 30, 1991 Sold $195,000 97.8%/yr Public Records
Feb 12, 1990 Sold $68,000 -- Public Records

Sales history for house #1

Sep 11, 2008 Sold $199,000 -22.9%/yr Public Records( I think this may of been the bank getting the house back at the remainder of the loan amount cause they listed it just 4 months later for $199,000.)
Jun 30, 2005 Sold $458,000 3.9%/yr Public Records
May 14, 1990 Sold $255,000 297.1%/yr Public Records
Jan 05, 1989 Sold $39,500