Vhehn continues to prove he is nothing more than a shill. Notice how the guy digs up this outlier on the day the jobs number come apart and this entire "Obama is great for the markets" charade hits stall speed.
Wasn't he also bragging about how the s&p 500 was up 8% in the spring and attributing that to how much investors love Obama? LOL.
And any uptick in prices unleashes a tsunami of shadow inventory. Anyone who thinks that Joe and Jane Consumer love to sit on their properties that have declined 30-70% without trying to get out on any sign of strength are delusional. Meanwhile, they are probably paying more in property taxes in some states than they were at peak value.
OK Jem, I have friends that live out there and I have spent enough time in CA to know that anything for 500k or under is a pos ranch house in the valley somewhere with a 2 hour commute to work. If you want to attach a link of any respectable home on the market now for under 500k I'll retract this. And please, a 800 sq foot home in Torrance that is 45 years old in need of repairs for 500k is not a house, it's a storage facility.
I am not sure what to tell you. Temecula has great homes under 500. My (with a 2 other investors) first flip in orange county is going to flip out for a nice profit in just 2 months. 499 cash offer, 10 day close received yesterday after going on MLS on Sunday. I mentioned the investment a few times a few months ago here on et. My brokerage lists a lot of short sales... many get multiple offers. CA has low ready to sell inventory because half the market is short sales. If you wish to move before sept there is not much to buy. Again its all based on really low interest rates and that fact that CA has one of the lowest home ownership rates in the country and high rents. You should see the remodeled piece of crap I rent for 4000 a month in Solana Beach. You would not believe the prices here. This is a very tight rental market forcing people to buy. I am going to try and make so much this in the next 12 months that I can buy a 1.5 or higher house... in ranch sante fe. Its possible but it will not be easy. The relative value is in the properties no one can finance.
Yes, but would you "live" in any of those houses? I'm sure you could pick up some short sales and flip them although I don't think that was the spirit of Vhehn's thread. I think he was trying to imply that the market was strong and thereby the economy is not as bad as it looks. You could not pay me to live in a pos house for 500k out there though. I'm sure you could buy it and flip it but hell, you could buy RIMM stock and flip it too. All crap is tradeable on some level. I'm talking about actually buying a nice home and actually living in it. I think I'll pass on CA real estate.