Quote:
Originally Posted by turbo6bar
I don't know an Iphone from a hole in the ground, but I knew housing was terribly out of whack. That's why I sold off half my rental properties. I just wish I had a better record in the stock market. 
I like checking http://bubbletracking.blogspot.com/ occasionally. Its focus is Southern California. A few days ago, the blogger reported about a large home in San Diego proper. It was purchased for $1.5 million with zero down. Monthly carrying costs were $10k+. It was being rented for $5000/mth. The owner is now trying to short sell for $1.1M. Remember, this has a San Diego address. It isn't 55 miles outside of town. That is a solid 25% drop in value. I'd go crazy if I had to swallow that kind of loss. Of course I'd have to be crazy to buy a property that rents for half of carrying cost.
Ummm, does anyone smell recession? |
This was a link in one of the links you posted before. Pretty funny stuff. Shows lots of real losses in the heart of OC so far, and apparently picking up steam on the way down.
http://www.irvinehousingblog.com/