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Original post made
on Nov 26, 2008
Condo prices actually went up in MV compared to last October, or is this is a misprint?
The numbers were indeed incorrect and have been fixed. The original numbers were from a broker who included town homes in the "condo" category. Town homes have actually gone up in value, the broker says.
This is unsustaniable. Unless each person in a two-income household makes $250K each, once the downturn really kicks into gear, which his highly likely, these $900K townhomes will go into a quick sale or foreclosure... all it takes is one person to get laid off and whammo.
What does richard know? Just because he lives in a dumpy area castro city haha what a joke, advice from the POOR HOUSE.....
Delbert, you are a special breed of loser. Nobody who has actually achieved any sort of success would make fun of someone who they percieve as less fortunate.
Take off your tinfoil hat-- mommy says its time for you to come out of her garage and take out the garbage.
Homes have lost some value, but overall MV is doing quite well by comparison. While some homes are staying on the market longer, that should surprise no one. It is a buyers market. My wife and I purchased our MV home on 02 and our equity is still holding up quite well. Iâ€™m simply seeing no evidence of the doom and gloom Richard seems interested in promoting.
Some of Richards assumptions are off, but his concerns are valid.
"prospective buyers of a $1.5 million house couldn't qualify for a loan even with a 40 percent down payment."
There are lots of factors that go onto loan approval. Now-a-days you need excellent credit, substantial monthly cash flow, and at least 20% down.
If just ONE of the factors isn't there, makes it harder to qualify.
MV is a $ Pit, supply and demand for good locations is still @ a premium. They should bulldoze castro city.
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