Is The Housing Bubble Going To Pop???

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All I've heard is that the cali housing bubble will pop eventually. I heard that it already has in sanfran. do any of you know about this likelihood? especially in either ventura or San Diego area? I still have a little time before i move out there so my hopes is that it does burst! For me & many others. Also, if the bubble does pop does that mean the prices will just stop rising or will they start going down at all?

Specializes in Case mgmt., rehab, (CRRN), LTC & psych.

I know this thread is old, but the OP's question has been answered. :)

The real estate bubble has popped with a bang, and California home prices are declining faster than a deep sea diver's rapid plunge into the ocean. Some cities have home prices that have declined by more than 50 percent since the peak of the housing market in 2006.

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Specializes in Emergency, Trauma, Critical Care.

Haha, I totally agree with you TheCommuter. It stinks because my house is sooo not worth what I paid for it. Delaying me moving and possibly going back for my BSN. I guess I just have to sit and wait

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Does this mean San Fran is more affordable now?

Let me guess...NOT!

LOL

'Nother question- is SF doable if you aren't interested in 3/2 house, 2400 sq ft, 2 or 3 car garage with granite countertops, blah blah whatever the status quo demands?

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Specializes in Telemetry.

The SF Bay Area *is* doable, even if you want the big house with garage and yard.

I dunno about the actual city of San Francisco.

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SF being "doable" depends on what you want!

We've been out here 6 years and are making our way just fine. We've had periods of good times and bad. Right now we're living off of one income and it's the lowest we've experienced since we've been out here, about half of what we were used to living on.

I don't think you would want to move out here and jump into buying right away. If you're seriously looking into it, rent for a year and explore the city and surrounding areas. As much as I love it here, this isn't the city for everyone.

We've got a nice little place that is pretty inexpensive but we give up many things for the lower price (laundry, parking, a doorbell!, hardwood floors, updated electrical, a typically sunny neighborhood). In return we get to live in a place where there are 3 produce markets, a movie theatre, housewares store, 3 coffee shops and umpteen restaurants all within 3 or 4 blocks. Plus there are quite a few trees and we're less than a 10 minute walk to the beach. Those are worth giving up some of the other "must haves".

SF is definitely "doable" but you may have to work to find what you want and be willing to compromise on certain things.

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Prices are expected to level off. They won't go down unless interest rates became extremely high and people lost their homes to foreclosure. I wouldn't wish that on anybody :( San Diego will always be a very desirable place to live and as such will not suddenly become affordable. The days of finding a decent home for under 500K are gone for good.

Wow, I never thought I'd see the day either but San Diego is now afforable....many very nice houses in the 300 range...

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