The Good Ol’ Days Include The Recession Years In California

The Orange County Register reports from California. “As the sub-prime mortgage crisis reverberates across Orange County, the Pufpafs and other Ladera residents are adjusting to a new housing reality: falling prices. Ladera Ranch resident and Realtor Sherrie LeVan represents Dyer as well as interior designer Toni Blackman, a resident in nearby Coto de Caza, who’s been flipping her homes every two to three years since the ’70s.”
“‘This is the worst I’ve seen it [the housing market],’ Blackman said.”
“Blackman bought a 3,100-square-foot home in Dove Canyon in September 2005, at the height of the housing bubble, for $1.45 million. ‘I knew I bought high,’ Blackman said.”
“When she put the house on the market in July 2007, it sat for six months until Blackman decided to lease it for $4,000 per month, $100 more than Blackman’s monthly mortgage payment. The $4,000 rent doesn’t cover the Mello-Roos taxes, homeowner’s association fees, pool maintenance […]

Original post by Ben Jones

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