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Old 05-07-2009, 08:25 AM
 
3,735 posts, read 8,073,710 times
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Ok, I'm sure you all new this already but thought the article was interesting.

California had most subprime loans, study says
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Old 05-07-2009, 08:55 AM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,369,869 times
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As long as many more loans fail and the prices decline even further I am happy as can be.
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Old 05-07-2009, 09:50 AM
 
3,735 posts, read 8,073,710 times
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Yeap, me too!
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Old 05-07-2009, 10:36 AM
 
Location: Oakland, CA
1,554 posts, read 5,292,365 times
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Why wouldn't it , we're the largest and most expensive state.
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Old 05-07-2009, 04:04 PM
 
3,735 posts, read 8,073,710 times
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I thought the people that were buying these homes had the money to buy and weren't getting caught up in the subprime/using their homes as ATM'S mess. Most of the homes purchased cost a lot of money and I thought people who get into bad loans lived in bad areas. But everyone is being affected by the subprime mess and I guess the affluent areas were a big part of the subprime mess.

It is crazy that the banks in many parts of CA still think they can get high prices for foreclosed homes.
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Old 05-09-2009, 02:12 AM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,369,869 times
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One thing is for sure, prices have declined. I read that Moodys expects another 29% drop between now and March of 2010 for the LA metro area. We are looking at homes that once sold for $500 and $600K now going for between $270 and $310K. I would love another 29% drop. Would love to buy a former $600K home that is now going for $310K for $220K.
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Old 05-09-2009, 07:14 AM
 
Location: Las Flores, Orange County, CA
26,329 posts, read 93,816,470 times
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Quote:
Originally Posted by SOON2BNSURPRISE View Post
homes that once sold for $500 and $600K now going for between $270 and $310K.
Here's one that some poor guy bought for $1.3M in 2004;
Now he's selling it for $800K:

24 Winslow St, Ladera Ranch, CA 92694 | MLS# S550961
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Old 05-09-2009, 11:41 AM
 
3,735 posts, read 8,073,710 times
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$1.3 mill that is crazy. By this time next year it might be worth $3-400K. The area I use to live in the homes went for $700K and now are worth $200-300K and by next year I know they will continue to drop.
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