San Diego Housing Market Downturn? (Carlsbad: condo, credit, house)

[joosoon]

Odd. The new low point is always so much higher than the last.

Keep these downturns coming, please and thanks.

[GuyInSD]

I'm just trying to figure out when I'm supposed to stop making mortgage payments and walk away from my place (presumably to live in a cardboard box, somewhere) - I thought that's what all the cool folks were doing 10-15 years ago the last time prices dropped.

Doing some quick math, my place is currently only worth about 2.3x what I paid for it, vs the 2.8x it was worth at the most recent peak. Given that I suffered a drop of nearly 50% of my original purchase price, surely it must be time for me to do that soon...

[stablegenius]

Originally Posted by GuyInSD

I'm just trying to figure out when I'm supposed to stop making mortgage payments and walk away from my place (presumably to live in a cardboard box, somewhere) - I thought that's what all the cool folks were doing 10-15 years ago the last time prices dropped.

Doing some quick math, my place is currently only worth about 2.3x what I paid for it, vs the 2.8x it was worth at the most recent peak. Given that I suffered a drop of nearly 50% of my original purchase price, surely it must be time for me to do that soon...

If anyone else makes another assertion like this, you're going to summon you know who...

[someguy10]

Originally Posted by GuyInSD

I'm just trying to figure out when I'm supposed to stop making mortgage payments and walk away from my place (presumably to live in a cardboard box, somewhere) - I thought that's what all the cool folks were doing 10-15 years ago the last time prices dropped.

Doing some quick math, my place is currently only worth about 2.3x what I paid for it, vs the 2.8x it was worth at the most recent peak. Given that I suffered a drop of nearly 50% of my original purchase price, surely it must be time for me to do that soon...

Walk away now while you still can. Good luck!

[PennBrittney]

Originally Posted by djxpress

I'd like some thoughts and opinions? The market has increased significantly over the past couple of years. Are we in a mini-bubble that's bound to burst?

It's important to remember that stock market fluctuations are a natural part of the economic cycle, and it's not unusual for the market to experience periods of growth followed by declines. In recent years, the stock market has seen a significant increase, which has led some to speculate whether we're in a "mini-bubble" that could burst.
While it's difficult to predict what will happen in the future, there are some factors that could indicate whether or not we're in a bubble. For example, if stock prices are significantly outpacing earnings growth, this could be a sign of an unsustainable bubble. Additionally, if there is a lot of speculation and hype around certain companies or industries, this could also be a warning sign.
However, it's important to note that market bubbles are often only identified in hindsight. The best approach for individual investors is to focus on long-term investment goals, diversify their portfolios, and not try to time the market. By taking a measured approach and being prepared for market fluctuations, investors can help protect themselves against any potential market downturns.

[Axxlrod]

Ugh. I'm kinda getting tired of repeating myself to you, Mr. Knucklehead (that's your new name, by the way).

All of us on here have 2% mortgages. We don't care about the paper-value of our house. We aren't selling!

Redfin still shows my house having a current value of over $1M more than I paid for it just 18 months ago. There's a long way to go before the value is less than I paid for it, but even if that happens, I don't care! I have a cheap mortgage. And guess what??? The value will go right back up and then some.

[1AngryTaxPayer]

LOL the reverse nostradamus shows up yet again. Should have bought when you had a chance, missed the boat.

[jmmaxus]

Originally Posted by Campagnolo

You will be begging buyers soon for money. No one is going to give you strong US Dollars unless you cut that sorry ass price 50% and more.
LMFAO

You really believe 50% drops are expected? They dipped quite a bit from April 2022 highs but they've now gone back up a little. My home is estimated $750k-$800k which is mind boggling I know. The problem with this area is it has high demand, location, weather, and strongish economy. What really keeps the prices high is the lack of building new homes, NIMBY, high building fees and permits, and other barriers that keep supply low. To think prices are going to return to 2013 and earlier prices for instance my home being worth $375-$400k is just not going to happen unless something more drastic than the recession that is (or already started) coming. It would have to be a pretty major recession like U.S. going to war with China and the entire global economy going under, even then still not sure you'll ever see the average home $400k or less, those days are gone for good.

[Losfrisco]

Originally Posted by Axxlrod

Ugh. I'm kinda getting tired of repeating myself to you, Mr. Knucklehead (that's your new name, by the way).

All of us on here have 2% mortgages. We don't care about the paper-value of our house. We aren't selling!

Redfin still shows my house having a current value of over $1M more than I paid for it just 18 months ago. There's a long way to go before the value is less than I paid for it, but even if that happens, I don't care! I have a cheap mortgage. And guess what??? The value will go right back up and then some.

I have a 2.5% mortgage.

Prices have dropped in my neighborhood but my mortgage note plus HOA is still about 25% less than the market rental value of my place. Since I'm not selling, I too am having trouble feeling like a sucker/fool as I'm apparently supposed to as a homeowner.

[jmmaxus]

Originally Posted by Losfrisco

I have a 2.5% mortgage.

Prices have dropped in my neighborhood but my mortgage note plus HOA is still about 25% less than the market rental value of my place. Since I'm not selling, I too am having trouble feeling like a sucker/fool as I'm apparently supposed to as a homeowner.

My mortgage is $2284/mo. I bought my home (4 bd/2b) in 2017 with $0 down, actually I walked away with $6k in cash for buying the home from seller and realtor credit. I have 2.25% interest rate on a 30 year fixed. I pay less per month than the smaller 3 bedroom for rent next to me at $3500/mo. Hell I know people in 2 bedroom income based apartments that pay more than I do per month. I don't feel like a fool/sucker either.