SoCal Homes for Sale

[Double_G]

i want a house but even my real estate loan guy told me he suggest I wait about 6-8 more months then look again. I hate not having the tax write off though.

[CORONA]

CJ, a tax write is easily fixed by aggressively adding to your 401K, IRA, etc.   A mortgage interest write off is not a good reason to get a mortgage. You peasant....lol

[Double_G]

i give to my IRA faithfully and it give me nothing back. with ever deposit, it's not a deposit, i'm buying stock.

I give them $50, then they say my account went up $47

It's all probly a big scam in the end.

if i'm gonna give more money away everymonth and possibly benifit from taxes, it should be putting a roof over my head atleast.

what if I die at 64 that would suck, and the IRA would be for nothing. but i'll keep depositing for the hell of it. cant hurt right.

I need a house, but i'm waiting a little longer, but for the purchase price i'm looking to get something for the market changing couldn't be as big of a hit for me, as people buying 900,000 house and stuff.

[CORONA]

Well, we do ride motorcycles, who knows how long we'll live.... long enough to cash in our 401K's.... maybe. I know you can afford in my area now..... its in the low 400Ks..... soon the 300Ks by the end of 2008.

[Double_G]

i'm preapporved for $240,000 by myself. i'd love your house nick, for what you paid for it. lol. I cant get 400k alone. i need some joint income.

[CORONA]

Dont worry, time is on your side... NEVER should you buy a home out of fear of losing out...prices are declining more and more.... and there are no indicators of the housing market recovering anytime soon...you wont "miss the boat". 2008 will make 2007 look like a picnic....Im sure everyone already knows that housing will continue its steep decline, not in all areas, but in most....like the IE, OC, and LA...

"AP
Reports Reflect Bleak Housing Picture
Tuesday February 26, 4:30 pm ET
By J.W. Elphinstone, AP Business Writer  
No End in Sight: Housing in Freefall Until Credit Loosens and Supply Recedes, Experts Say "....

http://biz.yahoo.com/ap/080226/home_prices.html

Currently, supply is increasing and is expected to increase at least through the year.   Very few predicted the housing bubble, and yes it is a BUBBLE that has now popped.....   now some are predicting "STAGFLATION", which is the combination of a stagnant economy and high inflation..... its much worse than one or the other... you will hear that term used in the media much more often in the months to come.... I sound like what they call a "doomer"...lol  I hope Im wrong!

http://biz.yahoo.com/ap/080226/economy_twin_evils.html

[CORONA]

For the non readers....LOL

http://www.youtube.com/watch?v=lEj80hTVHyc&feature=related#

http://www.youtube.com/watch?v=yoZV5jt9puc

http://www.youtube.com/watch?v=-cuRdIYrKE0#

http://www.youtube.com/watch?v=HTkPYnNmOBM&feature=related#

Mortgage info

http://www.mtgprofessor.com/refinancing.htm

[ice]

I agree on several things Nick said

Dont go out and buy a home just because you want a write off at the end of the year....in the end you really dont come out that much ahead...

Simple math.....you buy a 400K home...your property tax on that is 10%....so you paying $4000 a year just in property taxes....I not 100% sure....but the tax break you get for owning a home is only like $2800....you do the math

Time is on your side...prices of homes are coming down fast....owners are willing to sell just to get out and save their credit.....

There has been a home on my block for sale for 9 months now....they wanted $489k and now its down around $425k

with you only able to get a loan for $240k you might want to look at a Condo or Town home....but with those you have HOA fees each month....so becareful

I would wait a few more months.....the Forecloser rate is up 400% over last year at this time.....it's because everyone wanted to buy a home....and banks were giving anyone a loan 2-3 years ago.....well now that the time has come when they have to refi their home are finding that their monthly payment went from $2000 to $3300 a month because of the type of loan issued to them just to get them into a home

owning a home isn't cheap....so if you are broke now...get ready to be even broker !

[Anonymous]

If all your looking for is a TAX right off, I know its going to sound like shit.....but having children is a tax right off....lol :lol:

[Bart ONE!]

i'm preapporved for $240,000 by myself. i'd love your house nick, for what you paid for it. lol. I cant get 400k alone. i need some joint income.

ill sell you some garage space for that CJ!!....

[CORONA]

Correction, property tax is about 1%.... not ten.

Tax write off, double up on your 401K..... get a part time job that pay 1099, so you can write off more things.... W2 only sucks....
I wouldnt recommend a condo... they suck, hard to sell, and are small.... might as well rent, or buy a 125 dirt bike....LOL  JK you will most likely grow out of it.

Theres homes in my block that were selling for 600K or more, now, they are in the 400K's and are STILL not selling...... although, the IE is worse than LA and OC, it will get just as bad in those areas as time goes by....2009 might be a decent time to buy, if things stablize, but no end in sight yet... THERE IS NO BOTTOM YET.

Bart, when you taking that boat out, or when you coming through for a ride sukka???

[Bart ONE!]

been gettin the boat ready all this week...all tuned up...just needs to be cleaned now...should be on the water this weekend if the sun is shining....as far as riding....come by fool...lets go to ortega...the base is like 5 minutes from my bad....or have you rode Cajalco Rd? from the 15 over to the 215....its a pretty nice and quick road.....

[CORONA]

Sounds like we "city boys" should try that ride.... Houses are probably getting cheaper by the month out there.....
Coo, you got your bike back up too???  Damm foo, your a G!  I guess all that work is paying off..... my dog is still waiting for the boat ride....LOL

[CORONA]

Time for Corona's monthly housing update... quotes of the month

"The onset of spring did little to thaw Southern California's semi-frozen housing market:"

"Foreclosure resales have emerged as a significant market factor, accounting for 33.1 percent of all California resale activity last quarter. A year ago it was 3.2 percent."

Look at the percentages.... all down, with an average PRICE DROP of -23.8%, which basically means, if you bought a house last year, and put 20% down, you are now upside down, you owe more than what the house is worth... and your down payment is gone.... being patient in this declining market is critical, and those who wait, will benefit, at least, for those who have since last year.  Lets see what the rest of 2008 brings, get ready for -50% off.. from 2007 prices, we are half way there...... :wink:   CJ, keep saving your change, and stop taking those gay cruises...LOL   Scoop, I would wait till next year, you will benefit from this declining market.

All homes              Mar-07 Mar-08 %Chng Mar-07 Mar-08 %Chng
Los Angeles           8,353    4,263   -49.0%   $540,000   $440,000   -18.50%
Orange                  3,130    1,663   -46.9%   $629,000   $506,000   -19.60%
Riverside               3,680    2,691   -26.9%   $420,000   $306,250   -27.10%
San Bernardino      2,476    1,534   -38.0%   $369,000   $265,000   -28.20%
San Diego             3,218    2,108   -34.5%   $490,000   $395,000   -19.40%
Ventura                 999       549   -45.0%   $566,750   $430,000   -24.10%
SoCal                   21,856   12,808   -41.4%   $505,000   $385,000   -23.80%

Source: DQNews.com Media calls: Andrew LePage (916) 456-7157 or John Karevoll (909) 867-9534

Links  
 http://www.dqnews.com/News/California/Southern-CA/RRSCA080415.aspx

http://www.dqnews.com/News/California/CA-Foreclosures/RRFor080422.aspx

[Double_G]

ok nicky i will take this info into major consideration. The price braket im in i dont know how much cheaper prices can get. But if a 200, 000 condo goes down to 100,000 id buy it in a heartbeat