Housing doom and gloom - ENOUGH already !!

Discussion in 'Economics' started by Joab, Feb 2, 2008.

  1. bgp

    bgp

    thanks guys for your help.

    bgp
     
    #141     Mar 3, 2008
  2. balda

    balda

    Took my kid to school this morning and right in front of the school there is a house with a sign "Bank Repo"

    5013 Dobkin Ave Tarzana CA 91356

    This is prime area in Tarzana, I hope rich New Yorkers are on their way to save us.

    Some sale history from Zillow

    Sale History
    07/24/2007: $667,107 *
    08/23/2006: $795,000
    01/20/2004: $520,000

    Offered today at 576K

    about 27% drop from 795K it was sold in 2006.

    http://www.zillow.com/Charts.htm?chartDuration=10years&testAds=false&zpid=19949558

    good luck

    Edit: Zillow estimated price 853K
     
    #142     Mar 27, 2008
  3. balda

    balda

    Price is lowered to $465

    Rich New Yorkers come and save us.

     
    #143     Apr 10, 2008
  4. No, the normal ratio is more like a median of 8 to 1, but we hit about 15 to 1 in this bubble.

    10 to 1 is the top of the previous bubble. We are still above that.

    If we hit the trough, like we did after previous bubbles, then we are looking at 7 to 1

    [​IMG]

    Using a 55K median income,...
    Todays 605K home needs to go to 440K to reach an 8 to 1 ratio.

    If we drop to 7 to 1, then it will drop to 385K
     
    #144     Apr 10, 2008


  5. Too bad you are already wrong.

    Im watching san diego homes hit 2003 prices as we speak. Here is one of many examples
     
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    #145     Apr 10, 2008
  6. Zillow is NOT accurate by ANY measure. My house changes in value several thousand dollars, according to Zillow, from one day to the next(up and down) almost every day.

    To make your point use comps from the regional MLS. You'll find an enormous disparity.



    Regards,
     
    #146     Apr 10, 2008
  7. Its perfectly accurate when it records a SALE though. See the little circle with the $$$ in it??? Thats not an estimate. Thats the actual sale price.

    The zestimate is horribly lagging though. The market is well below the zestimate.
     
    #147     Apr 10, 2008
  8. The sales are fine, but the blue line on that chart is worthless. Completely and utterly.

    I've seen "Zestimates" both high and low on comps. Again, that number is useless.
     
    #148     Apr 10, 2008
  9. No problem. Lets ignore the blue line. The very first home I pulled up showed a sale price lower than its 2003 price.

    We clearly are hitting 2003 prices already in san diego all over the place and we will go lower.

    Picked up the local home trader. Page after page after page of banked owned property, its crazy.
     
    #149     Apr 10, 2008
  10. jd7419

    jd7419

    I wish long island would hit those 2003 prices. That will never happen.
     
    #150     Apr 10, 2008