Victorville

J

Jonny_B

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Oct 14, 2004
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The low-class suckers caught up in the dream of home ownership at the height of Victorville’s housing orgy got burned pretty badly. There’s just no way a sane person would keep paying a hyper-inflated mortgage even if they had the money to do it. In 2007, even as the housing market roared, Victorville started collapsing. Property values dropped to way below 2001 levels as people started fleeing their toxic investments, giving Victorville some of the highest foreclosure rates in the state.

But strangely enough, the newcomers weren’t retreating back to familiar territory. They came for the cheap land, but were ready to stay without it, going back to renting without so much as a grumble. That’s what the real estate lady told me. And Wall Street Journal backed her claim up, saying it was a nation-wide phenomenon. How depressing!

These people were baited out here to invest in worthless land, which raised the overall value of local real estate. That, in turn, resulted in instant payoffs for the developers, outrageous executive pay for bank executives, and further profits for banks from various mortgage-backed securities schemes. But with all the obscene, in-your-face money-making going on, the poor saps that enabled it all got their investment taken away from them and watched it being sold off to their future landlords at half the price. It was a scam of proportions too massive to think about without regressing to some sort of primal state of vicious, random violence.
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http://exiledonline.com/dispatch-fr...eart-of-americas-foreclosure-nightmare/all/1/
 
sounds like the stock market!

I'm renting but need to get off my ass and buy a condo...it wouldn't be a bad idea to look at some while I'm off work this week
 
With the 8k credit you get for buying, and prices at 2001 levels, you really should man. I'm totally in search mode myself. But I've only ruled out North and west tampa, and St Pete, because of work distance, so I have a big search area.
 
'tis the time to buy. and you make money on your house the day you buy it, not the day you sell it.

we put an offer in on a house and put ours on the market. no action on either front yet.
 
That's funny, I don't see any 2001 level housing prices. I see 1 story homes selling for $400k. Yes, selling.
 
You see it all through Florida, probably because this place got seriously over valued during the boom.

Condo's that were anywhere from 150-200k are now back down to 62500. 2/2 homes kicking off in the 85k area. Florida is a hot spot to buy now.
 
Sarcasmo said:
That's funny, I don't see any 2001 level housing prices. I see 1 story homes selling for $400k. Yes, selling.
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yeah, that's because texas didn't overbuild nearly as badly as other places did. my suspicion is that caution as a result of getting burned in the 80's and a genuine population boom helped keep markets in texas more sane.
 
The Duke Of Nuke said:
With the 8k credit you get for buying, and prices at 2001 levels, you really should man. I'm totally in search mode myself. But I've only ruled out North and west tampa, and St Pete, because of work distance, so I have a big search area.
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this building is across the street from me diagonally and the building is really cool...I should go look at a couple places
http://www.healeycondos.org/building_pictures.htm
 
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