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It will be like all other declines, a bell shaped curve... that is why we havent reached the bottom.
The annual current declines have been double digit, and that may continue or decelerate to single digit for some time to come.
-3 -5 -7 -10 - 12 - 10 - 7 - 5 - 3.. and than flat.
A 7, 5 and 3% decline going forward comes to a 15% decline or maybe more over the next 3 years.
There was some fundemental reasons why prices increased in the 80s and it corrected accordingly.
Our recent bubble was all based on nonfundemental reasons that will never return.. inflated stock prices
on IPOs and ARM loans. As you can see the low number of recent IPO havent fueled any rescue
for home prices as was the case in later 90s. And no one is touching ARM loans!
I would never buy that house. I drive up Highway 85 each morning, passing Cottle on the way to work, and the drivers that enter north 85 from Cottle are arrogant a-holes. Maybe it's because it took them three hours to go a tenth of a mile to get on the freeway, I don't know, but my experience with that area of South San Jose is pretty consistent... lots of built up stress there for some reason.
CrazyMan
@
2010 Mar 22, 5:18am
Sold for 580?
Crazy but hope they're happy. Looks nice on the inside, but worth nowhere near that IMO.
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How much would you pay for this house? Please do not comment if you don't know the area. It went pending for $575k in less than a week on the market. We'll find out how much it sells for in about a month.
The seller is apparently a flipper. He bought this home at the court house for $428k on January 19, 2010.
https://pro.mlslistings.com/Reports/Main.aspx?Export=true