Homes are crashing in monetary value as well. My parents bought their home 2 1/2 years ago for near $600K. They bought the single story small model because it was just Mom and Dad. The house down the street was purchased for a 'flip' and never sold. It was about 3800 square feet, two story, two car garage and large lot - sold originally for near $700K or more....and just two weeks ago, sold for $620K. SHOCKING!
Want to hear even more shocking?
Down in Naples, FL there's an area on the water that is very "exclusive".... we're talking multi-million dollar homes. Well after all those hurricanes passed by a couple years ago, you can't even get $1 million for more than half of these houses now. Nobody wants to live there anymore!
DD- take a deep breath... it will be okay. It sucks, but you will find something else, probably something waaaaay better.
Right now...I am very negative to CA right now and the whole housing market because it's effecting my work, co-op preschool. We're looking, at closing our doors after 53 years. So I feel your pain DisneyDaddy. It sucks. I am thinking everyone whose work is being effected by the housing market right now, needs to go for a drink near Disneyland ('cause Disneyland is expensive to get your drink on at and looking for work and all...).
I'm so sorry about this. I know MY business is not doing very well lately either. Maybe you can get a job at Disneyland !?!?!?!
I thought about that - and have actually sent my resume for some of their corporate type positions in Anaheim - and have sent it to Partners Federal Credit Union - Disney's credit union - as I have an account there...but I've heard nothing.
If I was to actually work IN Disneyland, I'd have to be 'set' financially, because I/we couldn't live off of that , unfortunately.
This is really bad news. I have been in your situation before and it is not fun.
This whole industry is not in very good shape but it looks like you have a lot of experience so while I am sure it will be tough you have an advantage that others don't. And many of your skills are transferrable I am sure, so there are other industries that you might want to look at.
Good luck. And if I see anything -- I work in the Irvine Spectrum -- I will let you know. There are several lenders around in this area and other businesses as well...
Thank you. Irvine is the MECCA for Mortgage Banking in Orange County, as far as I am concerned. Thank you.
The real estate industry is getting worse and worse. People are saying rock bottom hasn't even been hit yet. Here in Florida, you have to go back at least 5 years to find home sales as low as what's going around right now.
Yeah my mom just moved to PA (from CA), and getting the house here sold has been a NIGHTMARE.... luckily, since she was promoted and transfered to a new state, the company she works for will buy her house here from her if it is actively on the market for a month and wont sell (they buy it for an appraised value).. so she doesn't have to worry about it for much longer..
If you have excellent credit and can afford the monthly mortgage payments.... now is a great time to buy with home prices being so low. But so many people with sucky credit are getting lured into bad loans and end up going into foreclosure.
Makes me very happy I've always rented. And thankfully my rent is only going up $10 next year (this year it went up $105! ).