Is the California (Irvine) Market Ahead of the US Market?

[graphrix_IHB]

BTW, everyone, please be nice to ID. It is nice to have a bull around.

For the record, I am neither a bull nor a bear. I am a realist.

To illustrate my point: I bought my first home in Irvine in Spring 2003, mentally prepared that it would drop 20% in price. I bought it for my growing family and the best schools, I didn't look to make a quick profit. I still hold it today as rental ($4500 monthly gross rent, compared to $478K original price). I jumped the gun last Nov to buy a forelclosure as primary residence (monthly mortgage payment approx $2300, with close to $499 in principal). I knew it might not be the lowest price yet, but I were able to get finaced then at 5.25% fixed 30 years.)

Not buying this.

I keep trying to post a picture of my BS meter, but all that keeps happening is this...

http://depth-first.com/demo/20061127/broken_image.png

I think ID broke it.

 

[xsocal land merchant_IHB]

SoCal78

Great music. Started my day with an uplifting song.

Thanks

 

[stepping_up_IHB]

Ya'll scared ID away.....

 

[xsocal land merchant_IHB]

No way.

He is out collecting his $4500.00 net rent for this month.

Must have been a good deal on some ocean front property.

Call me a pollyana.

Enjoy

 

[irvine_home_owner_IHB]

He is out collecting his $4500.00 net rent for this month.

Must have been a good deal on some ocean front property.

But I don't think there was any ocean front property for sale in Irvine in 2003. Or else I would have bought it.