CA median home value hits 813k up 34% y-o-y
Thank god there's no inflation.
Comments
-
In our shitty little HOA where we rent, tract homes are now approaching an 800K listing price. A 3 hour slog commute from LA in non pandemic times. The point of these outland areas was good schools and big homes at a low price so the two dads don't mind spending their lives in a car every day driving to and from work.
Should be 300-400K at todays rate.
As an aside and I know nobody wants to think about it but in 2005 leading to the big short in 06 and 07 homes around here were hitting 500-600K
Became available as bank owns and at auction for 300-400K and it began again
Saw an article that Phoenix is exploding with million dollar homes now as values race to the sky.
Would have been a good flip market the last 3 years or so
Like many here I am nails at spotting trends after they happen -
Hearing stories here in NoVa of people losing bids for 200K over asking, with 300-400K winning. On homes in the >800K range
Just what I'm hearing, don't twist. -
Yea it’s sick that I make decent money but live in the bay so am relatively speaking comparatively still a poor and will never be able to own a decent house within an hour of San Francisco. Fuck this bullshit I’m moving to Phoenix.
-
-
People commute from Temecula to LA ? I always thought it was San Diego or bust from there.RaceBannon said:In our shitty little HOA where we rent, tract homes are now approaching an 800K listing price. A 3 hour slog commute from LA in non pandemic times. The point of these outland areas was good schools and big homes at a low price so the two dads don't mind spending their lives in a car every day driving to and from work.
Should be 300-400K at todays rate.
As an aside and I know nobody wants to think about it but in 2005 leading to the big short in 06 and 07 homes around here were hitting 500-600K
Became available as bank owns and at auction for 300-400K and it began again
Saw an article that Phoenix is exploding with million dollar homes now as values race to the sky.
Would have been a good flip market the last 3 years or so
Like many here I am nails at spotting trends after they happen -
But I was told that everybody is leaving
-
Why not both?
We work from Bakersfield to El Centro -
Beautiful weather is intoxicating. People will take years off of their lives via stressful careers for such a thing.BearsWiin said:But I was told that everybody is leaving
I've been here in Maui and the infrastructure is a joke. Parts of it looks like central Oregon fucking wasteland stuff even. But the 🌈 and beaches and warm weather appears to overcome all of that for people.
I'm not judging, people should do what tf they want to. -
I read the house in Training Day is in the market for 1.1 million. The house is shitty and by Dodger Stadium. That isn’t a very nice or desirable area to most people.
-
RoadDawg55 said:
I read the house in Training Day is in the market for 1.1 million. The house is shitty and by Dodger Stadium. That isn’t a very nice or desirable area to most people.
-
The house where they kill Scott Glenn and steal his stash?RoadDawg55 said:I read the house in Training Day is in the market for 1.1 million. The house is shitty and by Dodger Stadium. That isn’t a very nice or desirable area to most people.
-
I had lunch in Wailuku last month, pretty gritty in placeshaie said:
Beautiful weather is intoxicating. People will take years off of their lives via stressful careers for such a thing.BearsWiin said:But I was told that everybody is leaving
I've been here in Maui and the infrastructure is a joke. Parts of it looks like central Oregon fucking wasteland stuff even. But the 🌈 and beaches and warm weather appears to overcome all of that for people.
I'm not judging, people should do what tf they want to.
I love Maui but I'd go stir crazy if I lived there -
I thought it was pretty well known that outside of the main tourist spots Hawaii was borderline 3rd worldhaie said:
Beautiful weather is intoxicating. People will take years off of their lives via stressful careers for such a thing.BearsWiin said:But I was told that everybody is leaving
I've been here in Maui and the infrastructure is a joke. Parts of it looks like central Oregon fucking wasteland stuff even. But the 🌈 and beaches and warm weather appears to overcome all of that for people.
I'm not judging, people should do what tf they want to. -
In Thurston county, have a family member who is a very successful real estate agent. He is telling of properties where not only you have to be 50k over on a 450 ask, but then have escalators for another 60-75k if you want to get the property. Average time on the market last several months has been 4 days for properties to sell.
His belief is this is one year away from crashing ala 2008. Last straw will be 14 million people currently in places that have not paid mortgage/rent b/c of the Virus that will be moving on to somewhere. -
That's really the only thing that can kill it. I've been waiting for the foreclosure moratorium (IOW "the other shoe") to drop. On the other hand, I'm reading that investors are buying up properties. It's possible that the foreclosures will be snapped up by institutional investors and the whole madness will continue.godawgst said:In Thurston county, have a family member who is a very successful real estate agent. He is telling of properties where not only you have to be 50k over on a 450 ask, but then have escalators for another 60-75k if you want to get the property. Average time on the market last several months has been 4 days for properties to sell.
His belief is this is one year away from crashing ala 2008. Last straw will be 14 million people currently in places that have not paid mortgage/rent b/c of the Virus that will be moving on to somewhere. -
Definitely some time of the lowest standard of living I’ve driven through in the US are parts of HI. Makes @Swaye ’s trailer on the Rez look like the Ritz.ntxduck said:
I thought it was pretty well known that outside of the main tourist spots Hawaii was borderline 3rd worldhaie said:
Beautiful weather is intoxicating. People will take years off of their lives via stressful careers for such a thing.BearsWiin said:But I was told that everybody is leaving
I've been here in Maui and the infrastructure is a joke. Parts of it looks like central Oregon fucking wasteland stuff even. But the 🌈 and beaches and warm weather appears to overcome all of that for people.
I'm not judging, people should do what tf they want to. -
I don’t know If El Centro or Bakersfield is the armpit of California. It’s pretty close.RaceBannon said:Why not both?
We work from Bakersfield to El Centro -
"We" have two armpits, why not California?...abundance gifYellowSnow said:
I don’t know If El Centro or Bakersfield is the armpit of California. It’s pretty close.RaceBannon said:Why not both?
We work from Bakersfield to El Centro -
Bakersfield is a shithole. The aroma in Tacoma has nothing on Bakersfield’s stench of cow shit.YellowSnow said:
I don’t know If El Centro or Bakersfield is the armpit of California. It’s pretty close.RaceBannon said:Why not both?
We work from Bakersfield to El Centro -
I'm quite pleased I've been saving. When the shit crashes I'm poised for a nice pickup
-
Interest rates will have to rise soon and that will push prices down as well.1to392831weretaken said:
That's really the only thing that can kill it. I've been waiting for the foreclosure moratorium (IOW "the other shoe") to drop. On the other hand, I'm reading that investors are buying up properties. It's possible that the foreclosures will be snapped up by institutional investors and the whole madness will continue.godawgst said:In Thurston county, have a family member who is a very successful real estate agent. He is telling of properties where not only you have to be 50k over on a 450 ask, but then have escalators for another 60-75k if you want to get the property. Average time on the market last several months has been 4 days for properties to sell.
His belief is this is one year away from crashing ala 2008. Last straw will be 14 million people currently in places that have not paid mortgage/rent b/c of the Virus that will be moving on to somewhere. -
Pitchfork51 said:
I'm quite pleased I've been saving. When the shit crashes I'm poised for a nice pickup
Welp. You fucked up. You should have bought 5 years ago and be selling now. -
Interest rates will only go up to the degree this country can pay the interest on its debts. Right now that doesn’t signal much of a bump if at all.Kaepsknee said:
Interest rates will have to rise soon and that will push prices down as well.1to392831weretaken said:
That's really the only thing that can kill it. I've been waiting for the foreclosure moratorium (IOW "the other shoe") to drop. On the other hand, I'm reading that investors are buying up properties. It's possible that the foreclosures will be snapped up by institutional investors and the whole madness will continue.godawgst said:In Thurston county, have a family member who is a very successful real estate agent. He is telling of properties where not only you have to be 50k over on a 450 ask, but then have escalators for another 60-75k if you want to get the property. Average time on the market last several months has been 4 days for properties to sell.
His belief is this is one year away from crashing ala 2008. Last straw will be 14 million people currently in places that have not paid mortgage/rent b/c of the Virus that will be moving on to somewhere. -
Self admitted dime store economist here, but all that money into the supply can’t help but push inflation higher, right?greenblood said:
Interest rates will only go up to the degree this country can pay the interest on its debts. Right now that doesn’t signal much of a bump if at all.Kaepsknee said:
Interest rates will have to rise soon and that will push prices down as well.1to392831weretaken said:
That's really the only thing that can kill it. I've been waiting for the foreclosure moratorium (IOW "the other shoe") to drop. On the other hand, I'm reading that investors are buying up properties. It's possible that the foreclosures will be snapped up by institutional investors and the whole madness will continue.godawgst said:In Thurston county, have a family member who is a very successful real estate agent. He is telling of properties where not only you have to be 50k over on a 450 ask, but then have escalators for another 60-75k if you want to get the property. Average time on the market last several months has been 4 days for properties to sell.
His belief is this is one year away from crashing ala 2008. Last straw will be 14 million people currently in places that have not paid mortgage/rent b/c of the Virus that will be moving on to somewhere. -
This isn't real market analysis, but listings on Zillow are starting to soften up. More homes on market with "reduced pricing" than I've seen in awhile, especially in the 5-750k range.
I wouldn't say the crash is here, but people are getting less greedy. Would hate to miss out on selling your 300k shit hole for 600 -
House in our neighborhood went up for sale last Thursday and is still on the market. Surprising considering one a couple months ago right across the street went pending in two days at $30k over listing. Of course, this current one is a split-level and those suck even if they are modern builds.
-
There’s one down the street from me that hasn’t moved in 30 days and they’ve dropped the price twice.BleachedAnusDawg said:House in our neighborhood went up for sale last Thursday and is still on the market. Surprising considering one a couple months ago right across the street went pending in two days at $30k over listing. Of course, this current one is a split-level and those suck even if they are modern builds.
The market is cooling already. And forbearance ends July 1st. Some that haven’t been paying their mortgage can put it at the end of the loan. But most lenders aren’t going to do that and the homeowner will either sell or foreclose. There will be about 10 million of these homes that hit the market between July and the end of the year. If I was a betting man, I’d say prices will be down 5% year over year by December and continue to tumble from there. -
Every industry economist I've read says prices go up another 12% over the next 12 months.
-
If the terminal welfare programs had missed forbearance payments for those that couldn’t “afford” it baked in, then it could happen. If not. Look out.BleachedAnusDawg said:Every industry economist I've read says prices go up another 12% over the next 12 months.
