Here is an aerial view of approximately 85 newer homes. Of these, about 20 are for sale with 2 foreclosures. It is sad to see peoples homes have to go back to banks. Prices have come down about 10-15% in the past year. Now that I am back in California it will be interesting to watch this market, as I am looking to buy within the near future. Shoud I wait awhile, or buy now?
3 comments:
If past housing bubbles are any indication (and they certainly are), then California's housing bubble is deflating, with losses being absorbed step by step, from one buyer to another on the way down like good little soldiers. Don't march into the machine guns like those morons. The bubble should bottom out around 2011 nationwide, but recent bailout actions in the Congress and especially the CA legislature will probably push that out to 2013 in CA itself. In the meantime, you have some fairly good properties that you can rent from the loss-takers (i.e. homedebtors), who will still be fairly grateful you'll be around to pay the rent to keep their mortgage-payment losses to a minimum. Rent, enjoy, and save money for your 20% down.
I think that's my brother's house over in the corner. Now bank owned. I told him to rent it to me for $5/month and when the broker offers me $5000 to get out, I'd split it with him.
He told me to go fuck myself.
Should have taken me up on the deal. He'd at least have $2500 to make a deposit on a rental.
Notice how most of the backyards aren't even finished. Also, most of these houses are WAY too big for the lots!
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