Peak pricing from the 90s housing bust

graphrix_IHB

graphrix_IHB

New member
Post your OC housing bust from the 90s homes here. Allow me to begin.



<a href="http://www.redfin.com/CA/Orange/6812-E-Saddleback-Dr-92869/home/4382249">This home was purchased in the end of 88 (near the peak, but they could have got more if they had waited, but why be greedy, right?) for $690k</a>. Eight years later it was purchased for $605k. After adjusting for inflation, that is a serious loss. But... it is different this time, and now this place is worth $1.95mil, right? LOL, even for adjusting for inflation, this is a WTF price at the greatest extreme.



It's different this time, right? We don't have the job losses in aerospace and manufacturing this time, right? Unemployment will not be like the 90s, right? Oh... and foreclosures will never be as bad as 95 or 96, right? Ut roh... looks like the bulls were wrong then, and they are even more wrong now.
 
[quote author="Geotpf" date=1242607249]That house is priced exactly correct...if you remove the "1" from the front of the price. :p</blockquote>


Adjusted for inflation, even taking $1,000,000 off the price it is too high. Only our artificially low interest rates make a $999,000 price justifiable.
 
the house I asked about yesterday <a href="http://www.redfin.com/CA/Irvine/98-Alicante-Aisle-92614/unit-144/home/5587952">98 alicante</a> sold for $178,000 in 1990 and sold for $160,000 in 1998. That was definitely a lost decade.
 
Another one <a href="http://www.redfin.com/CA/Irvine/1-Whitecloud-92614/home/5642587">1-Whitecloud</a>



Jan 25, 2006 Sold $262,000 2.7%/yr Public Records

Jul 25, 1995 Sold $198,000 -4.0%/yr Public Records

May 10, 1991 Sold $235,000 -- Public Records



<a href="http://www.redfin.com/CA/Irvine/4-Whitecloud-92614/home/4693245">4 white cloud</a>



Apr 07, 2008 Sold $660,000 7.6%/yr Public Records

Jul 29, 1998 Sold $325,000 -0.5%/yr Public Records

Aug 04, 1989 Sold $340,000 -- Public Records
 
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