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Leaving Los Angeles

bigb said:
That would be awesome as long as he doesn't need the equity to get into something new.
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Could be wrong, but it doesn't sound like he has an *** load of equity anyway. I bet the housing crisis bit him in the *** along with everyone else.

Damn Adjustable Rate Mortgages!!!
 
heyhey said:
Could be wrong, but it doesn't sound like he has an *** load of equity anyway. I bet the housing crisis bit him in the *** along with everyone else.

Damn Adjustable Rate Mortgages!!!
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Don't have an ARM, but yes, the housing crisis negated any equity we had built up in 9 years. Rents are high, but not enough to cover mtg + taxes + insurance + maintenance + misc. fees (property mgmt., etc). Break even is probably not possible, so we may end up in a short-sell scenario. And Wells Fargo has been anything BUT helpful. Takes about 3 years to repair credit form a short sell from what I hear, which is about how long we'd need to build up a down payment wherever we go. There are a LOT of people in more dire circumstances so I can't complain too much. Just the right time to reassess career and lifestyle plans.
 
The Thriller said:
But don't you also make a lot more there?

True, here in Utah housing costs are like half of what they'd be in the SD area. Yet, wages are like twice as much. It's fairly relative from what I've seen. Maybe it doesn't balance itself of completely but it's fairly relative... Right?
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In certain areas housing is dramatically lower than San Diego. Cedar City, Beryl, Milford, Beaver...
 
Yea California has bounced back a little but they are still very below the highs of the early 2000's. Housing value rose a bit in the last few months but it has very much slowed down.
 
Core4 said:
Don't have an ARM, but yes, the housing crisis negated any equity we had built up in 9 years. Rents are high, but not enough to cover mtg + taxes + insurance + maintenance + misc. fees (property mgmt., etc). Break even is probably not possible, so we may end up in a short-sell scenario. And Wells Fargo has been anything BUT helpful. Takes about 3 years to repair credit form a short sell from what I hear, which is about how long we'd need to build up a down payment wherever we go. There are a LOT of people in more dire circumstances so I can't complain too much. Just the right time to reassess career and lifestyle plans.
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That sucks.

Honestly I would say tough it out. The Market has already started a fairly strong recovery here. There probably hasn't been too many new homes built in your area and you know that there has to be pent up demand out there. When the economy gets really going again and college grads can find a good job your house should go back up fast. Give it a year and see what happens.
 
bigb said:
The best is driving on I15 when you go through three towns: Holdon, Fillmore, Beaver.
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I have a great memory of a vacation to Disneyland we took when I was a child. At the time, Beaver had basically two service stations. WE had a radiator house go out in the car and were given two alternatives: Call a friend/relative in Salt Lake to drive down the part or wait until the next day when one could be delivered from Cedar City. 100+ degrees outside, three very grouchy youngsters. The mechanic actually made a hose for us. That dang hose outlasted the car.
 
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