OC Down 30% - Irvine Down 6.6%? What going on?

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PANDA_IHB

PANDA_IHB

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http://lansner.freedomblogging.com/tag/zips



Zip Code: Median Home Price Decline

92618 - $726,500 0.8%

92620 - $677,000 -3.3%

Average OC decline -30%



????? - What the heck is going on ??????



The two zip codes i follow closely are 92620 and 92618. The link shows that the median home price in zip code 92618 actually went up 0.8% in 2008, while the average home price in OC dropped 30%. Is this information correct? What gives?



Is the FCB and FKB Legend REAL in Irvine? How are we white people going to compete with the Rich Foreign Chinos and Koreanos?

100% Cash Down, No Problem!
 
[quote author="PANDA" date=1230897383]http://lansner.freedomblogging.com/tag/zips



Zip Code: Median Home Price Decline

92618 - $726,500 0.8%

92620 - $677,000 -3.3%

Average OC decline -30%



????? - What the heck is going on ??????



The two zip codes i follow closely are 92620 and 92618. The link shows that the median home price in zip code 92618 actually went up 0.8% in 2008, while the average home price in OC dropped 30%. Is this information correct? What gives?



Is the FCB and FKB Legend REAL in Irvine? How are we white people going to compete with the Rich Foreign Chinos and Koreanos?

100% Cash Down, No Problem!</blockquote>


The link, what link?



Oh this one....<a href="http://lansner.freedomblogging.com/tag/zips">Link</a>
 
[quote author="PANDA" date=1230897383]Is the FCB and FKB Legend REAL in Irvine? How are we white people going to compete with the Rich Foreign Chinos and Koreanos? </blockquote>
It's racism... they are trying to keep you out. And really, I can't say I blame them.
 
You got your acronyms confused... FCB is Foreign Cash Buyer.



Foreign Chinese and Foreign Korean is redundant... or actually incorrect now since they are no longer "foreign" when it comes to Irvine.
 
[quote author="PANDA" date=1230897383]http://lansner.freedomblogging.com/tag/zips



Zip Code: Median Home Price Decline

92618 - $726,500 0.8%

92620 - $677,000 -3.3%

Average OC decline -30%



????? - What the heck is going on ??????



The two zip codes i follow closely are 92620 and 92618. The link shows that the median home price in zip code 92618 actually went up 0.8% in 2008, while the average home price in OC dropped 30%. Is this information correct? What gives?



Is the FCB and FKB Legend REAL in Irvine? How are we white people going to compete with the Rich Foreign Chinos and Koreanos?

100% Cash Down, No Problem!</blockquote>


Panda my man, Irvine hasn't fallen nearly as much as the rest of OC in 2008. If you pay attention to what I post and my data, you should already know that... 6, 8, maybe 10% tops, but that is it.



Remember, median sales price, especially on just a single month, is not a great measure. With such lower sales volumes, it is too greatly influenced by the composition of sales. Check out IR2's closed MLS sales. That tells just as good a story as the DQ numbers.



The median home in Irvine has fallen from around $615K or so in early 2008, to around $570K now. Median per sf price has gone from around $360-370 to $340-345 or so today. Hopefully the declines in the rest of the county start catching up with Irvine this year, but I am skeptical still. The typical late 2008 Irvine buyer is putting down 30% on their purchase. Further tightening of credit isn't going to annoy the typical Irvine buyer as they are well above 20% down. Low mortgage rates will make it easier for them to buy though...
 
[quote author="ipoplaya" date=1230948586][quote author="PANDA" date=1230897383]http://lansner.freedomblogging.com/tag/zips



Zip Code: Median Home Price Decline

92618 - $726,500 0.8%

92620 - $677,000 -3.3%

Average OC decline -30%



????? - What the heck is going on ??????



The two zip codes i follow closely are 92620 and 92618. The link shows that the median home price in zip code 92618 actually went up 0.8% in 2008, while the average home price in OC dropped 30%. Is this information correct? What gives?



Is the FCB and FKB Legend REAL in Irvine? How are we white people going to compete with the Rich Foreign Chinos and Koreanos?

100% Cash Down, No Problem!</blockquote>


Panda my man, Irvine hasn't fallen nearly as much as the rest of OC in 2008. If you pay attention to what I post and my data, you should already know that... 6, 8, maybe 10% tops, but that is it.



Remember, median sales price, especially on just a single month, is not a great measure. With such lower sales volumes, it is too greatly influenced by the composition of sales. Check out IR2's closed MLS sales. That tells just as good a story as the DQ numbers.



The median home in Irvine has fallen from around $615K or so in early 2008, to around $570K now. Median per sf price has gone from around $360-370 to $340-345 or so today. Hopefully the declines in the rest of the county start catching up with Irvine this year, but I am skeptical still. The typical late 2008 Irvine buyer is putting down 30% on their purchase. Further tightening of credit isn't going to annoy the typical Irvine buyer as they are well above 20% down. Low mortgage rates will make it easier for them to buy though...</blockquote>


IPO, I am not disagreeing with your data and facts. I do believe OC will go down another 22-25% in 2009 where Irvine hardly drops only 3-6% this year. What is your theory behind this other than the bigger down payment? Do you believe in the FCB Legend?
 
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