Monday, March 13, 2017

SoCal Home Prices





Back in 2006 we noted that VenCo prices briefly spiked above Orange prices.  That hasn't happened this time but more because Orange County is just running away price wise.

CoreLogic details here.  (pdf)

77 comments:

Elizabeth Merceret said...

First

Elizabeth Merceret said...

Lord have mercy. Nobody can afford to live there.

5 x income which is way touch, is 120k $. Who makes that?

Mike said...

those prices are denominated in "Kallesos" right??

nice first Elizabeth!!

Rob Dawg said...

Those San Bernardino prices are worrisome. With gas prices falling a bit they've bought some time but when the prices goes back up and the commute gets longer...

Rob Dawg said...

5 x income which is way touch, is 120k $. Who makes that?

Secretaries at Amgen.

Rob Dawg said...

Kaliexico, where the hot/cold housing burrito comes wrapped in a golden ticket.

Mike said...

Texans getting ripped off by sticking with Dollar/Kallesos parity..

LBD said...

Take the money and run. I hear Texas is nice! ;)

Elizabeth Merceret said...

Chinese forbidding much money to leave having no effect?

Elizabeth Merceret said...

Chinese forbidding much money to leave having no effect?

Rob Dawg said...

The Chinese effect might explain a bit of OC & LA counties. VenCo and IE don't share the same attraction.

Mike said...

Zillow may have gotten the recent sale price wrong..but check out the price history on 5230 Appleton St Riverside, CA

something seriously awry there..

Rob Dawg said...

OT for Cinco. Will probably be a top post some evening:
http://i.imgur.com/bzeiYdA.png

Rob Dawg said...

Fat finger recording no doubt.
5230 Appleton St Riverside, CA

Hey, backs up against busy railroad tracks. Winning.

Mike said...
This comment has been removed by the author.
Elizabeth Merceret said...

WASH reports that credit bureaus are taking off tax lien and judgement information unless they include a lot of info which often isn't on the liens and judgment, nor required to be. Certain people will see their credit scores go up 20-40 points, which might be enough to qualify for credit. This info s available, but it takes effort on the lenders part to get it..

If our name is Jose Rodriguez in Miami Dade county,this will avoid mistakes I guess. One of the possible items is ss#. As a public record???

I 've never been thrilled with credit scores, by this seems bizarre to me.

Elizabeth Merceret said...

That's Wall Street Journal. Damn spell check.

Mike said...

Fat finger recording

Redfin has it selling at the more reasonable $300K..yup fat finger

Mike said...

sorry..300,000 Kallesos

Elizabeth Merceret said...

Apparently a very fiduciary rule has been decreed, but is not in effect yet.

Elizabeth Merceret said...

And the Fed is seeking to fine a couple of individual Morgan Chase brokers for favoring Chinese brokers. A species of bribery. 😐

Elizabeth Merceret said...

Not brokers, princelings

Rob Dawg said...

Damn! This is Liz's blog. Nice comments and firstness.

Elizabeth Merceret said...

Thank you 😍

Rob Dawg said...

So many years of eggshells and insults this is better.

Another OT. I took a how educated are you? quiz for fun. I did okay. Be sure you had Shakespere. I had direct Hamlet exposure most recently in the 6th grade and it showed in the results. Worth an inordinate number of questions.

QUIZ: Can We Guess Your Education Level ?
Quiz Education I got 61 of 70 right
Wow! You've got an intellect equivalent to a full fledged PhD !

I post this for fun. I enjoyed the wide range of questions.

Rob Dawg said...

Another try. The link did not post.

http://cyber-breeze.com/quiz-can-guess-education-level/

LBD said...

I just look at Zillow and my house went up over $1K from last week! I am gonna be Rich! LOL!

Elizabeth Merceret said...

Hey no responses?

Lawyerliz said...

Yay.

sm_landlord said...

Just heard that LLCs, Partnerships, and S-Corps have to have their tax returns filed by the 15th of MARCH this year. So if you have one of those, you'll need to file for an extension. Another curve ball from the IRS, thankyouverymuch.

Mike said...

You've got an intellect equivalent to a full fledged PhD

i.e. incapable of functioning in the real world... lol

Mike said...

just kidding Rob.. ;<)

Rob Dawg said...

just kidding Rob.. ;<)

Three things...
You weren't kidding.
You aren't wrong.
I don't disagree.

Mike said...

the joke would have been written better as..

"they said you are incapable of functioning in the real world Rob?? I'd be insulted!!"


Elizabeth Merceret said...

Ten year. 2.62

Cinco-X said...

And if you live there, you can't afford to move away if you ever expect to get back into the market

Cinco-X said...

Yup... There be dragons here.... It'll be the ice dragon tomorrow

Cinco-X said...

Actually makes sense, since the people that own stock in them, and therefore have to pay the taxes, need information from them to file their own taxes... I'm always stick waiting for my former employer to get they're taxes done so that I can do mine

Cinco-X said...

http://dilbert.com/strip/2017-03-13

Mike said...

Ten year. 2.62

checks deposit rates for a bump...nope

LBD said...

"incapable of functioning in the real world."

I wasn't aware there is a real world. Reality what a concept, Robin Williams RIP.

Mike said...

Brewers v Mariners..22-1..in the fifth inning!!

Too bad there's no mercy rule in pro baseball..

Rob Dawg said...

Too bad there's no mercy rule in pro baseball..

If there were the BoSox couldn't charge $68 for crap seats.

Mixing up a batch of orange, pomegranate and Tito's vodka cocktails to sip on the porch to watch the sunset cross from the east of Ssk-ville to the west of Echo Beach while the last bits of snow lose their grip on the peaks laser sharp visible 25 miles to the north. The oranges and pomegranates are fresh from the garden. Don't hate me because of April 1st, 1983 Worcester, Massachusetts weather. I mean here it comes again.

Rob Dawg said...

And if you live there, you can't afford to move away if you ever expect to get back into the market

This is the hardest thing. I know so many who came, went and then spent the rest of their lives denying wanting to come back. I cannot be honest or flippant or gratuitous. There is no way for those who stay to address the issue with those who convinced themselves it was just a temporary move.

Mike said...

set the conforming limit at $250K and Kali gets affordable real quick..

Rob Dawg said...

Ten year. 2.62

A tiger on a loose leash is more dangerous than one on a tigh leash.

OT. I am still full from Saturday Filet Mignon and Sunday morning Pesto Parm Mushroom omelet.

Rob Dawg said...



I understand the sentiment [and laughed] but think about the way that plays out. Arrogant cash rich individuals and connected to capital corps would be the only customers. You want them setting the price?

sm_landlord said...

Aren't you a bit early to be watching the sunset, Robert?

But at least you're there. I'm back in the Great Sewer, and fogged in to boot. I guess the fog means that Spring is coming, though.

Got the results my annual check-up this morning. The doctor prescribed a Corvette ;-)

Mike said...

I think unreasonably high conforming limits (+ridiculously low rates) has blown another bubble...hope I turn out to be wrong..

Rob Dawg said...

Hey, I have a 17yo sweetie who is dedicated to getting through a fancy cocktail book before college. It is a tough job but... etc. ;)

I have the older kids in and out with the usual complications of family and dinners and trading cars and who sleeps where.

The fog was strong this morning. At the Marriot this weekend it was in/out but mostly very sunny. This morning The Las Posas Valley was reduced speeds foggy.

Lawyerliz said...

22? 22??
Sheesh.

Lawyerliz said...

Maybe.

Mike said...

median household income of LA county ($55K)..so let's guesstimate the 25th percentile is at $80K. 28% of that would be $1,866 per month..figure $350 for taxes/insurance and your down to about $1,500 available for p&i.

1,500 per month at 4.5% for 30 years..loanable amount about $300K.

Increase it to 6%...goes down to $250K...oh oh

Lawyerliz said...

Will people with very low rates ever be able to move up, when the rates are at 6%?

Which is actually a low rate.10% and able is a high rate and remember, there is no normal. At 5.5%, you've lost about half your money.

And higher rates means the deficit gets bigger fast.

Lawyerliz said...

And a whole lot of people lose an incredible amount of money
. Nobody would be able to buy or sell. Deadlock.

Lawyerliz said...

Yep. You'd have to have a ginormous down payment. Some who had sold at a very high price might have that.

Mike said...

looking back at Rob's chart..median sales price for LA county in January was $525K..."loanable amount" to 25th percentile household @ 6%..about $250K...

Lawyerliz said...

Hub gave a presentation on his stagecraft course. He totally blew his fellow students away. It Kinda wasn't fair. Of course he spent 5x the tie on it that they did, I would guess. Sometimes you learn something in the 54 years after 20.

Lawyerliz said...

I had a loan at 13%. And one at 9%. My first Miami house was 7%, and it didn't go back to that for over 30 years. There is no normal.

Mike said...

one of my favorite features of the LA Times is when they report on "celebrity" real estate transactions. It always amazes me to see these B & C level actors (people you've never heard of before) buying and selling multi-million dollar homes in the Hollywood Hills and such. (Rappers also)

Do actors really get paid that much?? Given the very erratic incomes of actors..I wonder who is financing these transactions??

Lawyerliz said...

I think they think you have to put on a sort of life show. One good year to qualify and then struggle.

Rob Dawg said...

Exactamundo. Score big. Live big.

Mike said...

let's say you're a supporting actor/actress on a network series that has been renewed for a second/third year..how much do you think they make?? certainly can't be mid-six figures (which is what you would need traditionally to qualify for a $3-$4 million home)..

There just seems to be a disconnect between income and real estate values down in SoCal..

Mike said...

also..jumbo loans require 20% down payment...doubtful many 20-something actors/actresses have half a million in cash lying around..

Lawyerliz said...

Yeah, well, who finances this stuff?

Mike said...

I guess they could be married to Producers (or other studio execs)..only thing that makes sense to me..

Mike said...

the other interesting one is rappers (if that is still what they are called)..where do they get the money for multi-million dollar estates. Is the music business really that lucrative these days??

Rob Dawg said...
This comment has been removed by the author.
Rob Dawg said...

Cripes. I barely understand transit math and now I am expected to understand entertainment math? I refer all here to the infamous Mr Rogers interview of a bass musician.

Mike said...

12 hours later..and we're still on topic!! (SoCal Home Prices)

hahahahaha

Mike said...

infamous Mr Rogers interview of a bass musician.

"I'll buy the g**d*** stamps!!" lol

LBD said...

I thought most Rappers usually started out as unauthorized pharmaceutical salesman? That's where the money comes from.

Mike said...

That's where the money comes from.

that must be an interesting escrow closing..when they dump bags of cash on the table..

Rob Dawg said...

Shocked. Shocked I tell you that Mike of all people would know what I was talking about and remember the punchline verbatim. 🤥🤧🙄🤕💩🙀😻

Mike said...

I actually went out to YouTube and searched for it (hadn't heard it before)...hilarious

Rob Dawg said...

Some who have visited the dawghaus will recognize the tall one in the center.

http://venturabreeze.com/wp-content/uploads/2016/12/youth-debutants.jpg

Lawyerliz said...

I heard this is m not as lucrate at the street level as one would think.