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more bubble

2007-05-30 14:47:45.514176+00 by Dan Lyke 1 comments

Interesting note... Charlene and I have been trying to be more conscious of real estate, so we've been reading the flyers in front of houses for sale, getting a feel for rents versus mortgages (by my calculations our area is still at half or less), and then some friends of ours who recently bought a place introduced us to Zillow, which was fascinating in that their estimates of houses in our area are often 20% higher than the market price of houses that have been for sale for months. A little further afield, Vallejo's getting hit hard by the sub-prime crash.

In a report called "Losing Ground," the center spotlights the Vallejo-Fairfield metropolitan area (which comprises all of Solano County) as a potential trouble spot, with one of the highest projected foreclosure rates in the country. The report predicted "that 23.8 percent of subprimes there will end in foreclosure," said Paul Leonard, director of the center's office in Oakland.

[ related topics: Bay Area Economics Real Estate ]

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#Comment Re: made: 2007-05-31 00:36:39.65139+00 by: ebradway

My parents have been humming and hawing about moving for a while. Their main considerations are 1. proximity to a VA hospital, 2. proximity to a NASCAR track, and 3. home prices where they can buy based on what they can sell their central-Florida home for. They've ended up looking in upstate New York around Watkins Glenn. Prices there are well under $100/sq ft:

http://www.zillow.com/HomeDetails.htm?zprop=32817722 http://www.zillow.com/HomeDetails.htm?zprop=30023571

If the goal is home-ownership, there is more than one way to skin the cat.