The Wall Street Journal says that the troubled California real estate market may be healing, but not without considerable pain. [WSJ]

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  1. The_Red_Monkey says:

    Sales were up nearly 75%. Prices are what they should have always been at. Home values should rise about 5-7% a year. Not 20% a month.

  2. u1itn0w2day says:

    Article said lots of forclosure sales.I agree that alot of houses are where they should be.

    One thing caught my eye was the one couple BUYING the home.What was it:$3200 in salary which is about $38K a year,based on the 3 times your yearly salary formula they were over their heads from day one.

    But what really caught my eye was the person still going to college AND wanting to buy rather than rent a house.Nothing wrong with going to school,but to feel entitled to BUY a home AND incur the debt of college AT THE SAMETIME is wrong.Do you want an education or house.Perhaps later in life you can have both.

    I’ve read too many stories where the home owner is crying they got a promotion or transfer & couldn’t sell their house at a profit.Most people know in advance what THEIR priorities are in life ie settle down,ranch,dog,white picket fence,2.3 kids etc OR a career/reach the highest level of management and/or make as much money as possible.With alot of companies anymore YOU have to apply for
    internal promotions and/or transfers.

    Even if the home buyer’s company went through somekind of restructuring they have to decide what their priorities are-house or career.

    There is no entitlement to sell a house at a profit.

    • theblackdog says:

      @u1itn0w2day: No there isn’t entitlement, except that most people fell for the BS that was being passed around years ago that you could buy a house and sell it 2 years later at a profit.

  3. fizatdh says:

    I live in Modesto, about 30 miles north. I’ve seen this for the last 2 years. I always feel bad for “blaming the victims” then I read something like this. I saw first hand people living like they were wealthy that had no business doing so.

    Excuse the term but they were mortgaging their future for a few years of good times.

    The get rich quick mentality needs to be wiped out of these people minds, if “stooping” to the level of renting and living within your meager means, then so be it.

    However, I just bought a foreclosure after careful THOUGHT and PLANNING. I couldn’t be happier, the rent from the other unit of my duplex pays 70% of the mortgage.