Our latest edition of San Diego Explained takes on the housing bubble. Here’s the clip:
A couple of notes on the numbers; they go by quickly:
* The clip includes our friend and guru Rich Toscano discussing the gap that exploded in the boom between what people would pay to rent a home and what they’d pay to buy it. Between 2001 and 2006, rent prices went up by about 30 percent. But in that same time, home prices almost doubled.
* The 1920s Spanish-style house we stopped in front of in Oceanside tells the story of the housing boom and bust well. It sold in 1998 for $246,000. Four years later, in 2002, those owners sold it for twice the price: $495,000.
In 2005, the house sold again, this time for $830,000 — more than three times what it sold for just seven years before. But by last year, the house’s current owners paid $585,000 for it — a 30 percent drop in the price. (You can see photos and price history here.)
If you have a topic — about housing and economics or anything else in San Diego County — you think we should explain in one of these segments, please let us know.
— KELLY BENNETT