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IrvineRenter - I certainly wouldn't label you a bitter renter. But I can certainly understand why so many people have become bitter seeing recent home price appreciation, and your housing crash speculation does provide hope to many bitter renters and bubble sitters. I know you mean well...

IrvineRenter - Good writing, but I disagree with some of the points. For one, I dont think there will be panic selling as most people DONT have to sell their homes. Only the subprime buyers with risky loan will have to sell, most homeowners can just simply stay put. And when forclosures start to...

irvinerenter - I think stock direction can be even harder to predict than home price so I am not even gonna try to argue in any direction on this one :)- Regarding the Fed rate, I think that it can determine the likelihood of soft landing scenario. While I agree that Fed will...

crucialtaunt - not sure if your survey can give meaningful indication either way. I was just pointing out that with downpayment of 20% or more, the cost of ownnership isn't that out of whack. I am not trying to get an quick answer soon. I think we'll just have to wait and see...

Thanks for all the responses. bigmoney - I was assuming write-off from property tax as well. But I heard about AMT which doesn't allow property taz write-off, and I honestly dont know if AMT will effect my tax situation. Also yes I didn't consider the income you would get from...

I do question how out of line is it the cost of ownership right now in IRVINE? is it really double like you said? Let's take the La Casella Plan1 at $700k. If a buyer has 20% down, and doing the 7-year ARM IO only at 6%. Interest is at $2800 Tax is $1000 HOA $400 TOTAL...

Yes, I've been following the news as well. Thanks to you guys of course. I still think we wont know what's going to happen in the market and whether the housing burst is going to be bad everywhere. Maybe the subprime issue hurts Riverside more than OC, or Santa Ana more than Irvine who knows...

I think majority of buyers these days share the same frustration to some degree, that we deserve more, that it isn't fair people who bought in 2000 can get so much more. But this doesn't mean the housing bubble must burst, and it must burst soon so we can all buy in 2008-9 In Orchard Hills...

The main reason I am blogging here is actually to find up-to-date info regarding new home market. So many thanks to zovall providing this blog. It's excellent. Regarding the bulls vs bear game, I honestly dont really know how to judge winners or losers unless we are all willing to stick...

SCHB - Thanks. One advantage of sluggish market is you can take time checking out different communities and pick the perfect lot for your home. Now with the price guarantee it does seem like a good deal. But of course we know that the bears would revise their prediction if 2007 spring is...

SCHB - do you know if builders these day would start construction immediately or wait until most of the lots are sold? If builders are willing to adjust price before close of escrow, then it definitely boosts consumer confidence. Many bears says spring of 2007 should "tell it all". Most people...

I wouldn't worry about the landfill for sure. Like IrvineRenter explained modern landfill are not really an enviromental issue and you can't even see it from Portola. If it were an environmental issue I am sure the almighty Irvine Company would do something. Woodbury and Orchard Hills will be...

Isn't recent economy boom is fuel by housing. And as somebody pointed out equity is at its lowest and also savings. If a crash harder then the 90's, the price must be down by 40% or more? $150 per sqft right? This will surely bring down economy dont you think? No more equity to spend, no more...

IrvineRenter - Thanks for sharing your thoughts. I must say it is a pretty depressing outlook. Not sure if you are referring to national or just local Irvine/SoCal housing. In either case, if your scenario really comes true I would imagine the economy must then be in great depression with many...

In booming area like Irvine, I think many new comers have significantly higher income and equity so median income-to-price might no longer be the the normal ratio. So in newer communities like Quail Hill the income should have somewhat higher than some other zipcode. I dont think this is...

Sendero in my opinion is actually not too bad. I think only Plan C has 1 bedroom per floor correct? That would work really well for rommate situation like SCHB pointed out. Other floorplans are actually decent, single family home style. I am a bit surprised to hear that new releases sold...

IrvineRenter - Dont you think there's a chance that the fed lower the rate when foreclosure go crazy like in your scenario? wouldn't lower rate make it more affordable for potential buyer and for refinancing? Since Irvine is desirable and more and more families are double income, without massive...

irvinesinglemom - yes I agree that for first-time buyers without equity or high-income, it can be tough to enter Irvine housing market right now. There are more affordable options for new housing like Savannah or San Carlos but I suppose many would quickly point out they aren't worth the price...

SCHB - Thank you for sharing your thoughts. This is indeed an interesting time particularly for SoCal housing market. Seems that the (pent-up?) demand is there but potential buyers balked instead of settling for smaller homes. I have not visited any new homes grand openings lately but I heard...

momopi - thanks for the insight into business aspect. I have always been curious on how Irvine can attract so many businesses. irvine_native - I think most people would agree that Great Park is a great addition to Irvine, considering the alternative: airport?