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You are right.  Its not a bargain at all.  However its 100K cheaper than it was a few days ago.

I think the point is that housing is slowing EVERYWHERE.  Oddly enough, it seems like cities that appreciated like crazy and were super hot are the ones that are actually slowing down more considerably than other cities that did not see such a hot growth. 

I realize this wasnt directed towards me but....  28% drop, close enough. https://www.trulia.com/real_estate/Irvine-California/market-trends/

I guess someone told them.

I believe we already broke though 800 inventory in Irvine earlier this month.  Now we are sitting slightly below 800.  I suspect that Irvine will easily surpass 800 again as more homes begin to be listed starting in the new year. 

If we have given back price gains already from the first half of the year, that is pretty significant in my opinion.  I may be wrong but I thought we had about 5-6% price gains earlier this year.  So 5-6% drop in the past few months is pretty staggering in my opinion.

I know this was not directed towards me but I think there is no great place to invest in or around OC right now.  Cash flow is horrible everywhere in the OC, but especially in Irvine.  Irvine would be a good investment if you felt appreciation will be strong, but at this point, it doesnt seem...

I think this chart says a lot.  Look at the rate of increase in inventory as well as how prolonged the elevated inventory is late into the year.  If one extrapolates this data, inventory beginning 2019 will be high.  We could see >10K homes for sale in 2019 at peak inventory levels during summer...

Latest housing numbers in OC: (Reports on Housing) 1. Overall expected time on market at 122 days, making it officially a slight buyers market now.  first time since Jan 2011.  2.  Inventory at 7218 - 53% higher YoY.  3.  Demand at 2314 - 30% lower YoY.  Lowest since 2007

You mean inflation?  :o

"The SHIFT in the Orange County housing market continues. The Expected Market Time increased to its highest level since January 2011 and just eclipsed the 120 days mark and tilting more towards a buyers market." -Steve Thomas from Reports on Housing.

6100 is correct unless you do not want to factor taxes insurance hoa .  This is not even factoring maintenance costs which we should.

Again, this is pointless to consider at this time.  What your situation was many years ago has absolutely no bearing on what people are looking at now.  The only thing that is important is now, hence why I said the better question is what is the rent vs owning comparison now.  Also if you are...

Pointless to compare rents now versus mortgage on a purchase from years ago.  Better question is what are rents now vs cost of buying now.  Although IHO may disagree but costs of renting now are much less than cost of owning (which is more than just mortgage) now.

LOL!  I back up my claims with data.  Then you tell me to quit using data as a gauge, but your only evidence is the fact that you buy things at a hardware store and I dont?  WTF?  How can anyone on this blog take you seriously? As for the slowdown, my only point is that there is a slowdown and...

You are quoting a WSJ article from half a year ago.  Since then, lumber has dropped >50% from its high in June.  Stop looking at old data as things can change quickly.  This is probably the reason why you and IHO still doubt a slowdown. https://markets.businessinsider.com/commodities/lumber-price

Actually lumber costs are dropping.

This is actually an excellent topic to discuss.  Slowdown talks began mostly around end of July/beginning of August.  Would one expect prices to be affected already?  I've always been of the mindset that prices lag volume and furthermore since homes can take 30-60 days to close, price changes...

I suppose one can look at specific homes and say it went down 20%.  Or you can you look at the whole Irvine market and say it went down 30%.  Depends on how you want to look at it.  Furthermore someone else can come in here and say that the homes they specifically looked at went down 40%.  If...

There has been a huge sell off in commercial real estate. In Q2 of this year there was 1.3B sold vs 0.126B bought by the Chinese which is an astounding reversal from many years prior.  Not sure how this will translate into residential.  Im lost by this comment.  What is this in reference to?