More Realtor Nonsense wrote on Dec 18, 2007 8:47 PM:Sure Mr. Parent, sign me up for a three-pak of Temecula homes, hell on second through how about super-sizing me, make it half a dozen, I am feeling lucky!! hahahaha, fool me once . . . . .

Gary wrote on Dec 18, 2007 9:16 PM:17% down is not too bad condidering that my house in Murrieta is still worth 125% of the price I paid for it just 5 years ago.

jd wrote on Dec 18, 2007 10:17 PM:Gary, Yes prices increased, a lot, in the past few years. But potential buyers know that too, expectations have changed, and the easy money is now gone. Let's see how long even your 125% (by what measure?) holds up.

Good Luck wrote on Dec 18, 2007 10:24 PM:The unfortunate thing about selling houses at auctions etc., especally at low prices to people that have no interest in building a neighborhood, is how these neighborhoods will be destroyed. They will turn into rental havens with massive turn over of people with constant For Sale signs by those only in the houses for profit. Anybody that is planning on living full time in these wrecked neighborhoods - good luck.

MJ wrote on Dec 19, 2007 3:24 AM:Truth is, the cost of owning a home (as a percentage of disposable income) in socal needs to come into line with the rest of the country -- albeit with a modest "sun tax". For that to happen, the average price of a modest home still needs to drop by nearly half. The American Dream is frankly a joke -- at least as far as owning a home -- the middle class is rapidly becoming a permanent renter's class here -- much like it is in parts of Europe. What we really need now is rent control!

Roberto1 wrote on Dec 19, 2007 4:20 AM:Buy it now for the long term...I don't need to work if I don't want thanks to real estate..

Owner wrote on Dec 19, 2007 5:35 AM:Well, the used car salesmen realtors are getting back in business just in time for the holidays. Avoid paying that 6% commission to these do nothings. For sale by owner with a good escrow company is all you need. Or go right to the bank. Stop supporting these "I just want my commission!" types and if you have to use them force them to work for their money and hold them accountable!

voting resident wrote on Dec 19, 2007 6:23 AM:Even greater future slums. Great work County board of Supervisors for approving all this wreckless box subdivsions. Lessons- 1 Never vote for the incumbant. 2 Always vote for someone who the Building Industry is against. 3. Developers like most people only care about one thing- Profit. they could care less about building freindly neighborhoods

JK wrote on Dec 19, 2007 7:42 AM:Warning! Put no faith in articles with comments only from agents, so called experts, reporting agencies and flippers that are only interested in profiting on home purchases. They will, and have, lied to you for years to separate you from your money.

Hey guys! wrote on Dec 19, 2007 8:30 AM:If I buy a house I can't afford you guys going to help me huh? You see we are in an apartment now and can't afford the monthly rent so I am thinking, hey why not buy a house!

FTM wrote on Dec 19, 2007 8:52 AM:Not entirely true. Those of us who like where we live and plan to retire in the homes we live in are never going to sell anyway so you can't offer us enough money to move. The fundamentals will never change: Location, Location, Location.

vf wrote on Dec 19, 2007 8:56 AM:Everyone's looking at the sub-prime rate increases sparking the foreclosures. As the home values continue to drop, many of the prime loan holders are going to walk from their upside down houses. Lots of homeowners are going to become renters. Lots of cash heavy investors are going to become landlords. I know that hindsight is 20-20, however, the sub-prime, 100% financing, with poor credit was really stupid. As John Wayne said: "Life is tough, and when you're stupid, it's really tough."

Greg wrote on Dec 19, 2007 9:30 AM:Kind of ironic that at the time I read this there was a link to a story (in the News Update section to the right of this article) labeled "US Foreclosure filings up 68% in November". Even the ever optimistic Fed and the head of the national realtors group say that the bottom won't come until 2009 at the earliest. The next rounds of mortgage resets in 2008 are going to be bigger than 2007's resets, so the glut in the market will be getting far worse. The pricing correction still has a long ways to go, most especially in the hyper-inflated So Cal area. Do your homework people, this information is all out there for anyone to see who is willing to look with their eyes open. The people quoted in this article are obviously ignoring reality, because they have a vested interest in making things appear better than they are. Don't buy high, only to have to sell low. If you own a home, sit tight. If you don't own a home, rent for the next two years - do not buy! I'll be sitting tight, myself.

Concerned-1 wrote on Dec 19, 2007 9:32 AM:I've got a new attitude. The worse it gets the better. Let's sort out all the wrong doing, house flipping, non-qualifying interests in the market and get back to what it is: a place to live that you call your own.

Gary wrote on Dec 19, 2007 9:32 AM:I paid 245K. Since the house is a single story 5 bedroom, I can still get over 500K on the market. OK maybe it is down to 500K now, but the builders missed the boat on single story houses in Mapleton. They are the most popular. I even had a person with a two story house (500 sq ft larger) want to trade me straight accross when we first moved in.

Floyd wrote on Dec 19, 2007 9:35 AM:Well, whaddaya know, as soon as the prices go down the buyers show up. And when those buyers are satisfied, the prices will go down again. It's time to cheer -- housing is becoming affordable!

Eli wrote on Dec 19, 2007 10:26 AM:Gary - great that you clarified your first post - I wouldn't have been happy with only a 25% increase over seven years, which is what your post said. Your house has increased BY 125% or is now worth over 200% of purchase price. :)

If wrote on Dec 19, 2007 11:12 AM:If you buy a house for investment, your chances of making a killing is 50-50 at best. If you buy a home to raise a family, you'll come out ahead every time.

...Jealous; wrote on Dec 19, 2007 11:49 AM:Everyone is jealous.

Jealous wrote on Dec 19, 2007 11:50 AM:Everyone is jealous.

robert wrote on Dec 19, 2007 12:51 PM:agents are morons they could care less about you the person all they care about is what is in there pocket i really hope it get worse

Rent Control? wrote on Dec 19, 2007 1:02 PM:Rent control has DECREASED housing availability and quality everywhere it has been tried. Why do the American Left (AKA Democrats) want to be like Europe? The French just elected a guy whose entire platform is to make France more like the US. Euro-socialism has failed, and the Europeans, first in the UK, then in Ireland, and now in France and Germany, are repudiating it. The secret to quality of life is economic growth. That means low taxes, limited government, and homeownership.

Murri-Ed wrote on Dec 19, 2007 1:07 PM:I hear ya Gary. We used to live in a two-story in Murrieta and the summers were hell. One story is the way to go in the valley.

jvc wrote on Dec 19, 2007 1:42 PM:All this does not matter as long as we are bringing democracy to Iraq!

HomeSweetHome wrote on Dec 19, 2007 2:01 PM:Learn to love the home you are in and you will win in the end.

Former Title Girl wrote on Dec 19, 2007 3:21 PM:I worked in the Title Insurance biz for 18 years, got out 4 years ago. I had to deal with a bunch of rude Realtors and Loan agents. All they care about is money in there pocket. All the forclosures are because of them. Realtors kept pushing up prices and lenders would lend to anyone. Now Title companies are shutting down or laying off. We bought our townhome to stay here for awhile and all I see are For Sale signs every other house or the idiots next door who bought a 3000 square foot house and let this town home forclose. And now they are letting there 3000 sq. ft. house go back to the bank. What ever happened to pride of ownership??

Ann wrote on Dec 19, 2007 3:53 PM:How can we push the county to stop residential development in the valley for the next few years? Let all this inventory sale first, and wait for the demand to start back up again (not to mention roads/infrastructure)...enough is enough.

Greatful wrote on Dec 19, 2007 4:08 PM:I'm just greatful that I own a home on a fixed 15 year loan (5.4%) with 9 years left on my mortgage. Two of my friends purchased a large home on one of those interest only loans. One has lost his home and the other one is struggling.

Karl wrote on Dec 19, 2007 4:09 PM:JVC you are a one trick pony. Post your views on the war approriately.

Karl wrote on Dec 19, 2007 4:13 PM:Ann, I hope you get the locals to agree with you. You northeners are killing traffic in Escondido from 5:00am to 9:00am and in the evening commute as well. To top it off you must be spending a fortune on gas. Those cheap houses in your area are really paying off now aren't they?

Wakeupandsmelltherecession wrote on Dec 19, 2007 4:23 PM:Drawing bargain hunters and first time buyers? Where? I don't see the REOs decreasing in number, only increasing. Home buyers have become virtually non-existent. This is only the start of the meltdown. The Alt-A loans and Option ARMs are going to go into massive foreclosure, as well. With thousands of families going into foreclosure and bankruptcy, they will stop spending in store. Companies will be forced to cut back and lay off employees, who will lose their homes, etc, etc. We're heading for a recession. A bad one. Shore up your finances as best you can and ride it out!!

Like duh... wrote on Dec 19, 2007 4:27 PM:Former title girl, it's a capitalistic society - why would someone be in business not to make money! The realtors did not push up prices - supply and demand did! I am glad you got out of the business - thank goodness, there is hope!

Stephen wrote on Dec 19, 2007 5:48 PM:Wow!! What a deal for $478,000. Can I buy two at that price. That guy is a looser. Anybody who has been in Cali for a long time knows that you aint seen nothing yet. That house is gonna be worth way less way soon.

Owl wrote on Dec 19, 2007 6:00 PM:It looks to me like prices will end up falling all the way back to 2001 levels; right before the Fed dropped interest rates to 1% and kicked off the housing bubble er um housing boom. It could end up going even lower than that if we have a serious recession.

jvc wrote on Dec 19, 2007 6:17 PM:Karl, thank you for your sentiments, but I think my point of view is very well taken or do I not have a choice/ style of personal expression?

Downturn wrote on Dec 19, 2007 6:38 PM:Gary, your house is "worth" anything until you go to sell it!

Karl wrote on Dec 19, 2007 6:38 PM:JVC, agreed. I personally think it more appropriate on other articles but you are absolutely correct on the personal expression. Have at it.

cj wrote on Dec 19, 2007 7:31 PM:Look out below! I've been looking to buy in Temecula for the last year and a half, and let me tell you the bottom has fallen out. Every time I go to look, the prices are lower than even I thought it would go. Many houses that I've seen are half off what they were in 05, the prices have reached what I think is within my target range, the problem now is some of the neighborhoods are starting to degrade, dead lawns and tons of rental units, so I'm going to wait to see how the area holds up before buying.

John wrote on Dec 19, 2007 8:47 PM:Housing, I bought my house in December of 1998, I sold it in april of 2004. The house sold for four time's more than i paid for it. unfortunately i sold to soon, houses have continued to go up, its now six time's what i paid for it. This has been the the biggest run in home price's in the history of the U. S. All that i can say this will be the the biggest crash in the history of the housing market. Watch out below the sky is falling

john wrote on Dec 20, 2007 6:58 AM:At the Auctions, homes and condos are selling at $50-$120 a sq.ft. That's lower than Wholesale Building Costs aka replacement costs per INSURANCE QUOTES! & We all know insurance companies act like the Fatah, Hamas & Al Quida all in 1.

Tyrone wrote on Dec 20, 2007 9:21 AM:"All acknowledged the possibility that prices may continue to fall for another few months, but they also expressed confidence that prices would rise substantially over the next decade." Wow! The average person doesn't realize how screwed up the banking/lending is. Prices ARE NOT going to stop falling after a few months. This is going to last until 2010 at the earliest. And prices WILL NOT rise substantially over the next decade. How could they? Is everyone going end up in the top 5% of earners? But, we need knife catchers, too, I suppose.

Paul wrote on Dec 20, 2007 1:21 PM:Tyrone, I hope you are wrong, but there is substance to your argument. In the long term home ownership is a valid investment. The debacle days of flipping your home and using your home as an ATM cash machine has come to a sreeching halt.

Roberto1 wrote on Dec 20, 2007 8:32 PM:in the end, everyone is going to have to live somwhere...rented, leased or buying. Long term property owners have nothing to worry about, only renters, speculators, developers, lenders and corrupt officials

perceptionsnow wrote on Dec 21, 2007 4:27 PM:Houses that are built on shifting ground will crack and eventually crumble, over time. However, this is a House of Cards and the winds of changing fortunes are about to blow it over. There is also much more in play here, than the subprime financial debacle. I suggest a closer examination of demographic changes will reveal another (separate) reason for the faltering housing sector. This demographic change (Baby Boomer retirement), is not something that the Fed can wave a magic wand at and it is only just starting. These effects will take many years to go through the economic system, with a lowering of demand in many consumer sectors, including housing. Your ordinary Recession, I doubt it, we should brace for something much stronger. Good luck & watch the debt!

jsc wrote on Dec 22, 2007 12:22 AM:I bought in Mira Mesa in 1977 for $58K. It was worth $175 in 1989(3x). In 1991 is was worth $135k(2.3x). It took 7 years, until 1998 before I could sell it for $177k(3x value in 21 years. In 2005, it was worth over $500k (almost 3x value in 7 years...is there something wrong with this picture?) It sold for $360k in late 2006(> 2x in 8 years). I wouldn't be surprised to see it drop another $20 to $30k next year. Oh, and I bought in Romoland for $169k in 2002; it was worth $375k in 2005(3.3x in 3 yrs); now worth $300k in 2007. But I bought it as my retirement home and plan to live there forever. I could afford the home at the time; I can afford it now. It doesn't matter even if it goes below $169k--which I don't expect. I love living here!