Here's the "returns" for your housing investment in the median house in SoCal Jul '08:
Los Angeles $80k down payment $6600/mo equity decline -99%/yr return
Orange $92k down payment $3400/mo equity decline -44%/yr return
Riverside $52k down payment $6200/mo equity decline -144%/yr return
San Bernardino $46k down payment $7500/mo equity decline -195%/yr return
San Diego $44k down payment $3700/mo equity decline -61%/yr return
Ventura $64k down payment $3800/mo equity decline -56%/yr return
I'd like to point out what happened to the catchers in the Inland Empire last year. Now, extrapolate. The IE has been a leading indicator of the Coast. Ruh roh.
9 comments:
Murst? All you Casey prosecute guys need to wake up -- statute of limitations. No whey will he ever be charged -- too late already...
In Re Casey's new site -- He's merely experimenting with this alternative blogging form and having some fun with his stoned troll.... From his point of view it's like "hey, maybe I'll even get some bucks while I'm playing around... Win, Win, dudes!"
Actually, a recent act -- the FERA -- extends the statue of limitations of mortgage fraud crimes to 10 years.
They did this specifically to give prosecutors extra time to work on the piles and piles of cases they must be dealing with.
"statute" of limitations, even. ;-)
Rob,
Those are some impressive returns. I am hanging out watching some waterfront stuff to see what kind of prices they end up at. The problem is everbody wants boom prices. The rush to the exit on the above 250-300K market here has just started.
A place I am looking at right now was sold for 220K in 2002. Taxes were right at 1800/yr.
Current ask on the MLS is right at 1.1M. Not a typo. Current taxes are right at 10K with a bunch of permanent assesments added in.
Oh,this place sold for 560K in 2006.
It is going to be a fun snowbird season.
Chris
P.S.-WTF happened to the comments at CR? I read a couple of threads and got a friggin headache...
Look who is coming out of the woodwork to join the health insurance debate:
(From the SacBee)
CalPERS, the country's second-biggest buyer of health care services, urged Congress on Tuesday to act quickly to overhaul the nation's much-maligned health care system, saying there would be "a huge cost to inaction."
In a letter sent to California's congressional delegation, whose ranks include some of the most influential voices in the national debate, the nation's largest pension fund called inaction "an untenable policy choice."
"Without reform this year, we will not be able to sustain our health care system," said the letter, signed by CalPERS President Rob Feckner and the pension fund's chief executive officer.
Apologies to those who are regulars there, but the comments at CR are downright lousy these days. Far more off-topic than on-topic, and not interesting off-topic, just rambling disjointed screeds or pointless discussions of trivial matters. Not that there's necessarily anything wrong with that; it's just that CR isn't the place for all of that.
It's why I no longer comment there; if I want to shoot the breeze on random stuff, I'll come here. :)
Off topic, but humorous...
http://www.nbcmiami.com/news/local-beat/Womans-House-Mistakenly-Auctioned-by-Bank-53583357.html?yhp=1
Somebody is getting sued in a BIG way. Actually EVERYONE involved is getting sued in a big way... the court will figure out who actually gets to buy the woman new furniture.
Chris,
The best time to hang out at CR these days is really late at night. That's when all the old timers come out, things calm down and the discussions turn a bit more thoughtful.
Rob,
I'll bet those returns are even MORE impressive next year.
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