Interesting scary stuff. I love this guy's work http://www.youtube.com/watch?v=nlmMQOpG14o http://mrmortgage.ml-implode.com/ DataQuick just released its May CA Home Sales reportâ¦âmore homes soldâ, which on the surface looks great! But the real numbers were far from it. Although more homes sold, inventory is rising and conditions are worsening.
There are always those who jump in too early and later regret... could be the case now. A few years back, a neighbor of mine put an addition on his house.. he said the cost of materials and labor came to about $80/sq foot.. and he felt great that the finished value was more like $300/sq foot. (1) If that's the case, we should have all quit our jobs and become general contractors. (2) RE could fall to be much less than 50% of zenith prices... which they did in Japan.
completely agree with the appraiser Although, if i was the appraiser, personally i would have just pulled an appraisal out of the air and called it an early day. I mean cmon, home appraisal, what a subjective load of BS. peak in a window, if the house isnt trashed, then make up a price that is comparable to last house with same SQFT that sold in same neighborhood within last few weeks. then go have a beer.