No, not the one negotiating to get their mortgage reduced, the ones behind me. I'm stunned. They bought before us for 220k, and even with the downturn they should have 150k in equity. I never saw them buy fancy stuff/cars/toys, but I do know he's had some underemployment issues. I can only guess the loan reset and ever since that happened they've been on a downhill slide.
After a brief lull, the downward movement in price for San Diego seems to be accelerating again. It looks to me that anyone with the guts to do it might look at getting in for a rental in the next 9-12 months. Homes that would rent for 2200+ EASY are falling below 350k. Not quite a positive cash flow yet, but getting there quickly. I guess no one has the cash right now. On the other end there are some AWESOME ocean view homes, 3000 sq. feet, pool etc. that used to sell north of a million now going for 750k. It would be a nice time to be a newly promoted corporate vice president!
Maybe I'll find out what the bank wants for this house so I don't have meth head renters living next to me.
After a brief lull, the downward movement in price for San Diego seems to be accelerating again. It looks to me that anyone with the guts to do it might look at getting in for a rental in the next 9-12 months. Homes that would rent for 2200+ EASY are falling below 350k. Not quite a positive cash flow yet, but getting there quickly. I guess no one has the cash right now. On the other end there are some AWESOME ocean view homes, 3000 sq. feet, pool etc. that used to sell north of a million now going for 750k. It would be a nice time to be a newly promoted corporate vice president!
Maybe I'll find out what the bank wants for this house so I don't have meth head renters living next to me.