San Diego Condo Sales Price Appreciation
San Diego California resale condominium appreciation
In the table below, www.brokerforyou.com looked at selected San Diego neighborhoods that
had 10 or more closed sales in September 2008 & September 2007.
compiled by DataQuick Information Systems & published in the San Diego Union-Tribune.
One should keep in mind the above chart is just for a one year period (September 2007 vs. September 2008) and
San Diego home values topped out around the Summer of 2005!
Lastly, I would note that these figures do not take into account the very prevalent seller concession
(usually payment of thousands in the buyer's closing costs) necessitated by an ultra strong buyers market place.
Related prior posts:
San Diego Real Estate Market … What Did You Expect?
San Diego Real Estate – 5th Largest Decline Through July
San Diego Home Sales Up … San Diego Home Median Price Drops
Southern California Home Prices Drop 34% in August
#1 Key To Purchasing Real Estate in the San Diego Market
San Diego California Home Sellers Lose Big
The San Diego California Real Estate Great Depression
Yale Professor … House Price Decline Could Be Worse than Great Depression
Survey Says Home Values Must Fall Another 14%
Jumbo Financing and the Impact on The San Diego Real Estate Market
Believe the local San Diego ‘experts’ that subprime delinquencies are slowing?
More homeowners than ever are selling at a loss!
San Diego County Foreclosures up 125% from 2007
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Why always blame somebody else? What happened to self responsibility and self accountability? If you cannot afford the house payments then don’t buy a house. If you cannot qualify for a fixed-rate 30-year loan, then that means you are not qualified! It’s your responsibility to know how much you can afford. It’s as simple as that.
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The only way to pay that off is massive inflation– 10-15% every year for 6-8 years. Worst part is the next President will take the fall for Greed the scope of which the world has never seen. So hold on to that house if you can, in a few years it will be worth three times its present value and that mortgage you can’t afford will represent a year’s salary.
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Americans’ Debt Load Threatens the Entire Financial System. Years of spending more than they earn have left a record number of Americans standing at the financial precipice. They have amassed a mountain of debt that grows ever bigger because of high interest rates and fees.
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CA was the perfect state for the subprime mortgage mkt. When you have statistics that show less than 20% of the state can afford to buy a home and yet people were buying houses like nobody’s business there had to be some fancy math going on. They were reporting in 2006 that 80% of new mortgages were non-traditional variable rate/interest only loans because the only way to get people into these overpriced homes was to get creative. Never in our history had home prices skyrocketed like they had in the past 10 years and everyone wanted in on the gravy train, from the person selling his home, the realtor handling it, the banks wanted the bigger mortgages, to the people that thought they deserved an expensive home, to the banks allowing equity to soar so people could turn their homes into ATMs and the banks would get years of interest.
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Owning a home is not the be all and end all. In fact, for a fair number of people renting is a much better choice. A house can be an albatross that is hard to dispose of. It certainly limits your mobility. The government is making a mistake trying to maximize home ownership with it’s easy money policies.
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Future inflation will not manifest itself in the ways it did in the past. There will not be wage inflation due to a global labor market. The new inflation will result in higher prices for goods and services, but this won’t be offset by higher wages. So you will see an erosion of your standard of living. Housing prices won’t appreciate at the inflation rate because people won’t be able to afford higher prices for housing due to the fact that their incomes aren’t increasing at the same rate. Employers don’t need to increase wages because lower cost labor is available abroad. This is unlike the situation in the 1970s when there was both wage and price inflation. Now we will get only price inflation.
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