Comments on: san francisco housing market

By: Pop!

Pop! — Tue, 03 Oct 2006 18:07:15 +0000

I really can’t imagine a soft landing. I’ve don’t
own a car, don’t have kids, and make low six
figures. Buying the cheap condo in a nasty area of
San Francisco would be a big stretch. Atleast a
stretch if I ever intend to pay it off and don’t get
a time bomb loan like everyone is these days.
Things will have to fall alot before I’m going to
buy, and I’m alot better off financially than
most.

My prediction the “experts” are going to be
completely astounded by the depth of the crash.
Its not going to be a few percent dip or
stagnation, its going to be a panic,
only growing as the time bomb loans come due
30%-60% price drop.

All the safety’s which in the past preventing
housing crashs are off. Absurd loans with time
bomb terms given to inexperienced speculators.
Its like buying stock on margin, you can’t ride
out a stock market crash, your forced to sell.
Thats whats going to happen with the ARMs.

By: the bubble is bursting

the bubble is bursting — Sat, 31 Dec 2005 02:44:29 +0000

the bubble is bursting, you gotta be crazy think that the over priced market in the Bay Area would hold up, in reality a home going for $750,000 is only really worth $600,000, if that, some people are selling now to cash out before the market goes down, on what ever equity they earned by people overbidding on homes, also some are selling because their low 4% ARMs apr’s when they first obtained their loan are rising to 6% and will probably go up, and can’t afford to pay a $3000 or more a month payment not in including tax, ins. and maintenance/repair on the home and other necessities. I think in the next year the market will go down 10%, or maybe more and home prices and also rent will look a little better, last note, renting is a better option if you could afford a $3000 note, rent for $1500 or give or take and bank the rest, no tax, ins. or maintenance/repair costs if you rent. What do you think about that?

By: ookami

ookami — Sun, 23 Oct 2005 23:35:55 +0000

a similar situation is happening here in my home of seattle. the avergecost of a house is $500,000 dollars and rent for a studio begins typically at $600, and that is for a piece of shit in a bad neighborhood. there are alot of homes for sale because everyone is running to the suburbs because it is alot cheaper. i now live in the suburbs myself for the same reason.

By: channing

channing — Sun, 09 Oct 2005 14:01:26 +0000

One thing I’m noticing as I go through the MLS listings right now: there is a lot of cheap property for sale in the 15th & Guererro area.

Insanely cheap.

Think it might have to do with Valencia Gardens nearing completion?

By: Steve Jenson

Steve Jenson — Wed, 05 Oct 2005 16:07:56 +0000

I suspect that it’s all of those interest-only loans coming back to bite people. With that type of loan, you usually have to start paying on the principal after 5 years so your mortgage payments shoot up from 2k to 8k a month.

I’m surprised to see so many houses on the market, too. The real test will be seeing how many houses are on the market in november/december, which are usually the slowest months since people don’t like to move their families during the holidays. If people still have the ‘For Sale’ sign hanging then things are rough.

By: zephoria

zephoria — Wed, 05 Oct 2005 16:01:24 +0000

Wendy – they’re still obnoxiously expensive so i haven’t bothered.

David – i doubt i could burst any bubble.

By: shido

shido — Wed, 05 Oct 2005 14:21:24 +0000

Haven’t you heard? North Dakota is all the rage. Lots of land, cheap homes, and no hipsters.

By: Wendy Ju

Wendy Ju — Wed, 05 Oct 2005 14:17:31 +0000

dare I hope? did any of the houses look fun to live in?

By: Wendy Ju

Wendy Ju — Wed, 05 Oct 2005 14:16:48 +0000

dare I hope? do any of the houses look fun to live in?

By: fling93

fling93 — Wed, 05 Oct 2005 13:57:20 +0000

fling93: This past recession wouldn’t have been much milder

Er, I meant “would have been much milder”