CurtesyFlush
Bababooey, fafafooey, tatatoothy.
Premium
join:2002-08-23
Fontana, CA | reply to No_Strings
Re: This just in: Home Values going down the toliet?
Somebody wake me when living in a 60+ year old house in a dusty truck yard in Fontana and driving a 1997 Lumina sedan with the paint peeling off becomes conspicuous. And cool.
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Life Member, NRA and CRPA. |
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Kibbles
Premium
join:1999-07-31
Mission Viejo, CA
| reply to No_Strings
said by No_Strings  :S4, but now that they've started shipping the S8 to the US ... Audimv sold a A8 L W12..it was shipped to Dubai yesterday...I wonder how is the housing market there.  |
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dogma
Premium
join:2002-08-15
Boulder City, NV
| reply to CurtesyFlush
said by CurtesyFlush :Somebody wake me when living in a 60+ year old house in a dusty truck yard in Fontana and driving a 1997 Lumina sedan with the paint peeling off becomes conspicuous. And cool. When Your Fontana Villa/Compound/Estate/Ranch with a view (don't gimmie that "dusty truck yard" routine), is worth low 7 figures. That would be about now I imagine.
The Lumina will be cool in about 5 years. That way you don't stand out amongst us common folk. |
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bobrk
You kids get offa my lawn
Premium
join:2000-02-02
San Jose, CA
 ·SONIC.NET
| reply to dogma
Re: Home Values going down the toliet?
The phenomena may be state wide. Here's an article that ran in the local rag. Please forgive the Bay Area subject matter, but it's interesting nonetheless.
said by »www.mercurynews.com/ci_5684801 : The number of Bay Area homeowners who failed to pay their mortgages on time more than doubled in the first quarter compared with the same time last year, as home values flattened and fewer homeowners could sell or refinance to escape mortgages they can't afford. But mortgage defaults are not yet poised to deflate home prices, as is the case in some other parts of the state, a real estate information firm reported Monday. Statewide, the number of default notices sent to homeowners hit its highest level in almost 10 years. In the nine Bay Area counties, 6,730 homeowners received "notices of default" from their lenders in the January-to-March period, according to DataQuick Information Systems. That's 160 percent more than during the same time last year. But it is slightly less than the peak level, which was reached in first quarter 1996, when 6,830 owners received such notices.
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Iraq Coalition Deaths | bobrk |
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CurtesyFlush
Bababooey, fafafooey, tatatoothy.
Premium
join:2002-08-23
Fontana, CA
| reply to dogma
Re: This just in: Home Values going down the toliet?
That's no routine. This Villa/Compound/Estate/Ranch consists of two large parcels. The south parcel contains the house/garaging/shop/office areas, fruit trees and shipping container storage units. The north parcel is devoted to income generation and is chockablock with 18 wheelers on month to month parking spot rental contracts. Hence: truck yard, dusty, military issue type one (1) ea.
One doesn't live in South Fontana for the beauty and serenity, one lives here to cash in on the exploding intermodal shipping logistics
opportunities.
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Life Member, NRA and CRPA. |
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dogma
Premium
join:2002-08-15
Boulder City, NV
| uh, my bad. So it's really a 40 acre+ "Ponderosa" type spread. Nice.
Back 20 where you "ranch" containers, Peterbilt's, and Kenworths vs. Red Angus, Belgian Blue, and Hereford's. Is the "Big House" up overlooking everything?
Now I'm thinking 8 digit$ minimum. Sweet! |
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CurtesyFlush
Bababooey, fafafooey, tatatoothy.
Premium
join:2002-08-23
Fontana, CA | It's barely 2 acres. Start heading down from that figure there Little Joe.
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Life Member, NRA and CRPA. |
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No_Strings
Premium,Mod
join:2001-11-22
The OC | reply to CurtesyFlush
You didn't mention the pool or servants' quarters. |
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aztecnology
O Rly?
Premium
join:2003-02-12
Murrieta, CA
 ·Verizon FIOS
| reply to dogma
Re: Home Values going down the toliet?
The latest #'s just came out...
Existing home sales data for March showed a drop of 8.4% to 6.12 million units, the largest drop since January 1989.
»www.cnbc.com/id/18279050
The median home price slipped 0.3 percent to $217,000 from a year earlier. That marked the eighth straight month that key price comparison has shown a decline. Earlier this month the trade group projected that 2007 would be the first year to show a decline it(sic) nearly 40 years that it has tracked prices.
»money.cnn.com/2007/04/24/news/ec···07042410
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"Independent thinkers tend to ALWAYS have someone not agreeing with them. It's The non-thinkers that always come in legions." John Callari .:|:. Say no to the IRS Yes to the Fair Tax |
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Kibbles
Premium
join:1999-07-31
Mission Viejo, CA | reply to dogma
Who thinks we are at the bottom of the price drop?
Who would guess when the prices will go back up?
The reason I ask is because I am thinking of buying out my sister's interest in the house we inherited. |
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No_Strings
Premium,Mod
join:2001-11-22
The OC | It's always a good time to take advantage of family. |
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aztecnology
O Rly?
Premium
join:2003-02-12
Murrieta, CA
·Verizon FIOS
| reply to Kibbles
said by Kibbles :Who thinks we are at the bottom of the price drop? Who would guess when the prices will go back up? The reason I ask is because I am thinking of buying out my sister's interest in the house we inherited. I don't think we're near a bottom at all, historically from a peak, the bottom is 5-7 years out...
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"Independent thinkers tend to ALWAYS have someone not agreeing with them. It's The non-thinkers that always come in legions." John Callari .:|:. Say no to the IRS Yes to the Fair Tax |
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jinjimbob
Troy Mcclure
join:2001-11-13 | We're not near the top yet either. |
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dogma
Premium
join:2002-08-15
Boulder City, NV
| reply to Kibbles
I have said this earlier here, but it's my opinion we will see a 25% - 40% drop (depending on location) over the next 3-4 years.
For your specific situation, you can spend $300 and get an appraisal. Then have that appraiser update it every 6 Months or so. This way you will be on top of the real value as time goes on. |
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FutureMon
OW My Eyes
Premium,ExMod 2002-05
join:2000-10-05
Colorado Springs, CO
clubs: 
| But it's not the appraisal that matters - it's what the properties are actually selling for. Unfortunately, foreclosures are what is going to push the numbers down.
And those aren't going to stop any time soon. Its just a matter of when they level off.
I'd simply stick with the comps and save the $$ instead. You might need it for a house payment one of these days.
- FM
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Undisputed BBR Karaoke Champion! Care to challenge me? |
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Kibbles
Premium
join:1999-07-31
Mission Viejo, CA
| reply to dogma
said by dogma :I have said this earlier here, but it's my opinion we will see a 25% - 40% drop (depending on location) over the next 3-4 years. For your specific situation, you can spend $300 and get an appraisal. Then have that appraiser update it every 6 Months or so. This way you will be on top of the real value as time goes on. The house was appraised at 800k....but...some have sold as low as 650k...I am thinking of getting a mortgage for 650k.
The house is 1 story,2400 sq ft,its under prop 13 so the tax is ~ $850.00 a year...and hoa dues are $12.00 a year...we get a news letter.
The Realtor we talked to thinks this area won't see any more bk's and/or drops is prices...but they won't go up either.
I guess I could start a new topic...but this thread gets more replies. 
I can't imagine someone trying to buy their first house in CA...more than likely they will buy in AZ/NV where houses are 200-300k....not 700-900k |
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jig
join:2001-01-05
Hacienda Heights, CA | i think if you take out a mortgage on a house you already own, the value is reassessed for tax purposes? |
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81399672
Premium
join:2006-05-17
Los Angeles, CA
| said by jig :i think if you take out a mortgage on a house you already own, the value is reassessed for tax purposes? I believe that is not true(i could be totally wrong)but only time value is reassessed is when you sell the house. The second property that he going to own will be considered investment property unless he changes his primary residence every 2 years
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i am not a lawyer but I do play one on tv |
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Kibbles
Premium
join:1999-07-31
Mission Viejo, CA
1 edit | reply to jig
said by jig :i think if you take out a mortgage on a house you already own, the value is reassessed for tax purposes? That is true...but under prop 13/58 it does not according to the clerk in the assesors office at the assesors office...monday I am going to verify it.
»www.oc.ca.gov/assessor/buySell.asp#Take13
»www.oc.ca.gov/assessor/TaxSaveProps.asp#PC |
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Lovehound
join:2005-08-18
Northridge, CA
| reply to jinjimbob
said by jinjimbob :We're not near the top yet either. We will never be near the top because there is no top. The houses we own today will eventually be worth $1 million, $2 million, $x million whatever you want if you wait long enough. At the same time average income will reach $100,000, $500,000, $1 million a year. We are NOT seeing any increase in the value of houses. Rather, we are seeing a devaluation of our currency. Call it inflation but it's more than that. Unfortunately I have yet to figure it all out, but if you follow the money to whoever gained from this historic lending campaign to get somebody, anybody, everybody to plonk down cash for homes (or plonk down credit if no cash available) then you will probably have a clue.
In the last several decades housing prices have been cyclic and it has often been observed that each successive wave of increased prices inevitably has another trough of lowered prices beyond it, yet each trough seems to give up about half of the gains before the prices turn upwards again.
We are in the beginning of such a trough (IMO) and I believe that prices will sink about half way down to our previous high, and then turn upwards again and surpass the peak of a few or several months ago. It's a natural cycle and you can benefit from it if you understand it, or be harmed if you ignore it.
I believe that in the present market it would be unwise to purchase a new home although not such a big deal if you want to relocate, and likewise no big problem if you plan on living in the same house for the next several years.
For Kibbles my advice is to hold off buying out his sister's interest for a few years when I expect prices will be lower than today. Another good plan would be to sell the house and put the money into other real estate where it will remain on par with the value of the house owned with his sister, just as a different property and owned solely.
I'll sell in the next few or several years, but I'm buying a nicer house in a less urban area, and the value of the house I will buy (wherever it is) will also be dropping along with my present house value dropping, so I'll probably have a net wash. |
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