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|User Info||The Bottom is NOW Falling out of Coastal CA Real Estate ; entered at 2012-01-28 11:53:11|
Registered: 2007-11-30 SoCal
Gecko, the high end homes outside of the coastal areas are where the deals are. Coincidentally the government is not underwriting those loans and you most likely will need 20% down to get a loan for them. I am seeing many foreclosed high end homes selling at 1993 values.|
Now go to a neighborhood were the homes are currently selling for 300-400k and you will see that they are selling for 2003 - 2004 prices, and going up. I have seen homes sell for a clean 100% gain from a 2001 price. It is madness and it is only happening because people can get loan for 3.5% down from the government and the banks are more than happy to do the paperwork for you.