Housing prices fall 6+% - cougarguard.com — unofficial BYU Cougars / LDS sports, football, basketball forum and message board

MikeWaters · 12-26-2007, 04:06 PM

I would always wonder about CA and other markets (including SLC), "how do normal working people afford homes in those areas?" Mystery to me.

I guess the truth is that they couldn't/can't.

http://money.cnn.com/2007/12/26/real...ex.htm?cnn=yes

Jeff Lebowski · 12-26-2007, 04:12 PM

It's fascinating to watch. I can't help but feel a little bit of guilty pleasure after watching so much lunacy during the run-up of the bubble. If I didn't like my current home so much, I would be tempted to do some bargain-hunting.

TripletDaddy · 12-26-2007, 04:14 PM

As I have said to VV over and over again, please come down to South County and help me find all these bargain basement homes that everyone is talking about.

6% drop means that a detached 4 bedroom that was selling for 1.5MM is now selling for 1.4MM.

Wow, I'll take two!

venomous viper · 12-26-2007, 04:15 PM

The prices will rise again and you'll make a load of money on the increase.

TripletDaddy · 12-26-2007, 04:17 PM

Quote:

Originally Posted by venomous viper

The prices will rise again and you'll make a load of money on the increase.

VV, where have you been? Merry X-mas, you old tycoon!

venomous viper · 12-26-2007, 04:21 PM

Lots of trips in last month. Currently in Vegas. Surprised 2 kids and 5 grand kids in so. utah for Christmas. Before that, cancun for a week and Miss, Ala for a week. Back to Texas today. San Diego down 11% according to article. You must be in a lucky spot. LA and sd on both sides of you getting killed. I hope yours holds up. Happy Holidays..

TripletDaddy · 12-26-2007, 04:25 PM

Quote:

Originally Posted by venomous viper

Lots of trips in last month. Currently in Vegas. Surprised 2 kids and 5 grand kids in so. utah for Christmas. Before that, cancun for a week and Miss, Ala for a week. Back to Texas today. San Diego down 11% according to article. You must be in a lucky spot. LA and sd on both sides of you getting killed. I hope yours holds up. Happy Holidays..

Happy Hols back to you.

SD is dropping 11%....so, my same example holds true. A home in SD that was selling for $1.4MM (an average 2300 sf home) is now selling for about 1.2MM.

Any new young marrieds want to step up and buy one of those? It is a steal!

In Irvine, Newport Coast, etc, I havent seen anything we can jump to yet. And VV, how long have we been having this conversation now? A year? I hope someday we can, but for now, no way.

venomous viper · 12-26-2007, 04:30 PM

This same conversation will go on for AT LEAST another year in most areas. We'll keep checking in . I still hope yours holds up, but don't believe it will, imho.

TripletDaddy · 12-26-2007, 04:35 PM

Quote:

Originally Posted by venomous viper

This same conversation will go on for AT LEAST another year in most areas. We'll keep checking in . I still hope yours holds up, but don't believe it will, imho.

It may not. Likely not. But even if it drops 20%.....still too expensive.

BYU71 · 12-26-2007, 04:46 PM

Quote:

Originally Posted by TripletDaddy

It may not. Likely not. But even if it drops 20%.....still too expensive.

How much did the market drop. Now there was bargain territory.

I am not recommending anything here!!!!!! I have noticed Zions bank is down about 80%, Washington Mutual 200%, Citi bank down almost 100%.

Now I am not brilliant, but if the housing market comes back, won't the banks have to too.

12-26-2007, 04:06 PM	#1
MikeWaters Demiurge Join Date: Aug 2005 Posts: 36,365	Housing prices fall 6+% I would always wonder about CA and other markets (including SLC), "how do normal working people afford homes in those areas?" Mystery to me. I guess the truth is that they couldn't/can't. http://money.cnn.com/2007/12/26/real...ex.htm?cnn=yes

12-26-2007, 04:12 PM	#2
Jeff Lebowski Charon Join Date: Jan 2006 Location: In the heart of darkness (Provo) Posts: 9,564	It's fascinating to watch. I can't help but feel a little bit of guilty pleasure after watching so much lunacy during the run-up of the bubble. If I didn't like my current home so much, I would be tempted to do some bargain-hunting. __________________ "... the arc of the universe is long but it bends toward justice." Martin Luther King, Jr.

12-26-2007, 04:14 PM	#3
TripletDaddy Senior Member Join Date: Oct 2007 Location: Orange County, CA Posts: 9,483	As I have said to VV over and over again, please come down to South County and help me find all these bargain basement homes that everyone is talking about. 6% drop means that a detached 4 bedroom that was selling for 1.5MM is now selling for 1.4MM. Wow, I'll take two! __________________ Fitter. Happier. More Productive. "Everyone is against me. Everyone is fawning for 3D's attention and defending him." -- SeattleUte

12-26-2007, 04:15 PM	#4
venomous viper Junior Member Join Date: Sep 2007 Location: Cancun, AZ, TX and CA. Posts: 191	you can still bargain hunt!! Just use them as rentals The prices will rise again and you'll make a load of money on the increase.

12-26-2007, 04:21 PM	#6
venomous viper Junior Member Join Date: Sep 2007 Location: Cancun, AZ, TX and CA. Posts: 191	heh trip Lots of trips in last month. Currently in Vegas. Surprised 2 kids and 5 grand kids in so. utah for Christmas. Before that, cancun for a week and Miss, Ala for a week. Back to Texas today. San Diego down 11% according to article. You must be in a lucky spot. LA and sd on both sides of you getting killed. I hope yours holds up. Happy Holidays..

12-26-2007, 04:30 PM	#8
venomous viper Junior Member Join Date: Sep 2007 Location: Cancun, AZ, TX and CA. Posts: 191	stay tuned. This same conversation will go on for AT LEAST another year in most areas. We'll keep checking in . I still hope yours holds up, but don't believe it will, imho.