Regarding: “Is this the worst time to buy a house in SoCal?, Aug. 26
Terry Castleman’s article is spot-on. The early 2000s were truly a Wild West market.
My wife and I bought a condo (two bedrooms, two bathrooms, 1,250 square feet) a mile from the beach in Dana Point in 2003 using a home equity line of credit at 2.49%, no money down, from Washington Mutual for $475,000. Since we already banked with Washington Mutual, I don’t think it even ran a credit check on us.
Washington Mutual was acquired by JPMorgan Chase during the Great Recession. The rental we bought in 2003 sold for $805,000 in 2022 just before interest rates spiked after being historically low for 15 years. Looking back, the timing was incredibly good.
Scott Marshutz • Vista, CA | Letters
