Who is "we?" And why are we special? We are zip codes 93010 Camarillo and 93023 Ojai. We special because we are the only places in Ventura County to see price gains.
DQNews has the LATimes table data. (Scroll to the bottom.)
Now don't get carried away. These are just statistical anomalies. /and that is my point. Month to month for small samples or even large areas have a lot of built in noise. Even things like 5 Fridays in any one month can overwhelm discernable trends. Wait, we'll have another set next month.
6 comments:
Mommy and Daddy tell me that I'm special every day. That's why I was sent to a special school for special boys when I was younger.
Even though my younger brothers have already moved out, Mommy says I'll get to live with her and Daddy until I'm 50. Yay!!!
Ventura County is at about 8x median income if I calculated right. Any idea our historical price to income multiple Rob?
On an aside I see people jumping on older fixer uppers which they think are deals. Wait until they realize they need to come up with 50-100k to upgrade all that deferred maintenance. The nicer higher priced homes that do not need much work are just sitting with some going into contingency and dropping back out.
Ventura County is at about 8x median income if I calculated right.
In the real world of paying for child care and property taxes and the roof needs to be replaced this year, 3x household income is pushing things. When people can "liberate" $40k in "equity" every year via HELOC loans, I realize that very simple fact gets thrown out the window.
Since 2005 I've said Bubbletopia prices need to get whacked in half. I'm thinking now that prices will ultimately get whacked 60%. We're about 1/3 of the way there now, based on the Case-Shiller numbers?
On Saturday, Mayor Menino of Boston will start a free trolley tour of 2 communities that have over 60 foreclosed homes for sale.
City is looking to sell these homes and get them back on the tax rolls.
If you are thinking you may wish to attend, I would suggest you pack heat, as both neighborhoods are heavy with gun play what with the drug trade being conducted, and the open windows on said trolley.
Your East Coast Birddogger
h.
You give me confidence Lou.
Todays word of the day from Dictionary.com
http://dictionary.reference.com/wordoftheday/
Ventura has always been "expensive" for historical reasons. First the median income earner is not the median home buyer. There's a large underclass that never used to own homes who nonetheless are included in the household income denominator. Second with low taxes and relatively low cost of living more family income could reasonably be dedicated to housing. Likewise housing has typically been nicer when compared to other regions. Finally there is a premium to be paid for the perception of low growth/stable communities and of course, the very low crime rate.
Bottom line I'd say 4.5x household income is the sweet spot. That's still sub $400k or another 30% down from the current $550k.
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