Comments on: Sexy Bottom: The Naked Truth of the 10 Percent Southern California Housing Drop. http://www.doctorhousingbubble.com/sexy-bottom-the-naked-truth-of-the-10-percent-southern-california-housing-drop/ How I Learned to Love Southern California and Forget the Housing Bubble Sat, 22 Nov 2008 09:43:53 +0000 http://wordpress.org/?v=2.2.2 By: RD http://www.doctorhousingbubble.com/sexy-bottom-the-naked-truth-of-the-10-percent-southern-california-housing-drop/#comment-4520 RD Fri, 28 Dec 2007 14:11:14 +0000 http://www.doctorhousingbubble.com/sexy-bottom-the-naked-truth-of-the-10-percent-southern-california-housing-drop/#comment-4520 Dr.: Good stuff. Where did you get the data on home sales volume for LA County? Thanks, RD Dr.:

Good stuff.

Where did you get the data on home sales volume for LA County?

Thanks,

RD

]]> By: D.L. http://www.doctorhousingbubble.com/sexy-bottom-the-naked-truth-of-the-10-percent-southern-california-housing-drop/#comment-4275 D.L. Mon, 24 Dec 2007 06:56:49 +0000 http://www.doctorhousingbubble.com/sexy-bottom-the-naked-truth-of-the-10-percent-southern-california-housing-drop/#comment-4275 Just saw a bank-owned property in a upper-class neighborhood in Diamond Bar California just go on the market at $539,000 (12-21-07). It was previously purchased for $745,000 in late 2006. That's just about a 30% drop from the high is this desirable area in Southern California. These houses could not be bought just 12-24 months ago! Just saw a bank-owned property in a upper-class neighborhood in Diamond Bar California just go on the market at $539,000 (12-21-07). It was previously purchased for $745,000 in late 2006. That’s just about a 30% drop from the high is this desirable area in Southern California. These houses could not be bought just 12-24 months ago!

]]> By: cod.peace http://www.doctorhousingbubble.com/sexy-bottom-the-naked-truth-of-the-10-percent-southern-california-housing-drop/#comment-4006 cod.peace Sat, 22 Dec 2007 19:46:46 +0000 http://www.doctorhousingbubble.com/sexy-bottom-the-naked-truth-of-the-10-percent-southern-california-housing-drop/#comment-4006 CompaJD: My family is in the same boat. A salary of near-$100k has not been enough to touch a mortgage in the Boston area for a modest home (3bed, 1ba, tiny yard) for our family of 4 without doing interest-only. I've added a 2nd job to build up a down payment, since I'll be betting that in 2009 the 10-20% down will be standard once again. Fortunately with falling prices that percentage will be much less $ in a year. I'm seeing ads frequently here in MA where sellers are knocking $100k off of homes in very desirable towns. The bottom is nowhere in sight. CompaJD: My family is in the same boat. A salary of near-$100k has not been enough to touch a mortgage in the Boston area for a modest home (3bed, 1ba, tiny yard) for our family of 4 without doing interest-only. I’ve added a 2nd job to build up a down payment, since I’ll be betting that in 2009 the 10-20% down will be standard once again. Fortunately with falling prices that percentage will be much less $ in a year.

I’m seeing ads frequently here in MA where sellers are knocking $100k off of homes in very desirable towns. The bottom is nowhere in sight.

]]> By: AnnScott http://www.doctorhousingbubble.com/sexy-bottom-the-naked-truth-of-the-10-percent-southern-california-housing-drop/#comment-3847 AnnScott Sat, 22 Dec 2007 06:53:12 +0000 http://www.doctorhousingbubble.com/sexy-bottom-the-naked-truth-of-the-10-percent-southern-california-housing-drop/#comment-3847 Comment by FromTheSouth December 21st, 2007 at 11:31 am Curious as to typical SoCal percentage of income spent on mortgage/tax/ins. Homes seem to be priced 300-400% more than midwest or south. Wondering if salaries are commensurate. Go here: http://factfinder.census.gov/home/saff/main.html?_lang=en Enter the name of the counties in which you are interested. For CA, the data is current through 2006. On the page with the county data that comes up, open the links for "Economic Characteristics" and "Housing Chacteristics" to get the expanded date. "Economic Characteristics" will give you the number of households in the 10 income groups . "Housing Characteristics" has 2 items which will help answer your question. The first is "Mortgage Status and Selected Monthly Owner Costs" and the other is "Selected Monthly Owner Costs as a Percentage of Income." In LA county, for example, fully 43%+ of those who have a mortgage are spending in excess of 35% of income. That is considered risky as 30% of income is considered to be the maximum in affordability. Comment by FromTheSouth

December 21st, 2007 at 11:31 am

Curious as to typical SoCal percentage of income spent on mortgage/tax/ins. Homes seem to be priced 300-400% more than midwest or south. Wondering if salaries are commensurate.

Go here: http://factfinder.census.gov/home/saff/main.html?_lang=en

Enter the name of the counties in which you are interested. For CA, the data is current through 2006.

On the page with the county data that comes up, open the links for “Economic Characteristics” and “Housing Chacteristics” to get the expanded date.

“Economic Characteristics” will give you the number of households in the 10 income groups .

“Housing Characteristics” has 2 items which will help answer your question. The first is “Mortgage Status and Selected Monthly Owner Costs” and the other is “Selected Monthly Owner Costs as a Percentage of Income.” In LA county, for example, fully 43%+ of those who have a mortgage are spending in excess of 35% of income. That is considered risky as 30% of income is considered to be the maximum in affordability.

]]> By: drhousingbubble http://www.doctorhousingbubble.com/sexy-bottom-the-naked-truth-of-the-10-percent-southern-california-housing-drop/#comment-3744 drhousingbubble Sat, 22 Dec 2007 04:00:45 +0000 http://www.doctorhousingbubble.com/sexy-bottom-the-naked-truth-of-the-10-percent-southern-california-housing-drop/#comment-3744 I've put up the weekly short sale report for Southern California: http://www.doctorhousingbubble.com/forum/viewtopic.php?p=349#349 Short sales are up by 152 homes for the week and are nearly 3 times as many as the number of short sales in early July, once we started tracking inventory. I’ve put up the weekly short sale report for Southern California:

http://www.doctorhousingbubble.com/forum/viewtopic.php?p=349#349

Short sales are up by 152 homes for the week and are nearly 3 times as many as the number of short sales in early July, once we started tracking inventory.

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