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A blog about the economy and the Sacramento-area real estate market.

August 31, 2009
Good call: He sold in 2005, rented, then bought a repo in 2008
 That's Michael Choe of Sacramento, who has turned up again in Time Magazine for his good call during California's manic housing boom. The piece dated today notes that he bought a local bank repo late last year after selling in 2005, then renting for a few years as the market crested and crashed.

 Time uses his example to frame the age-old question: Is now a good time to buy?

Choe first made the magazine in June 2005 for the amazingly prescient decision to sell his house for $369,000 - twice what he paid for it in 2002 - and rent for awhile.  Time then called it "the (surprising) case for renting."

In that 2005 issue the cover showed America's love affair with houses. If ever a cartoon said a thousand words and evokes a thousand memories of great times that one does. Choe appeared in that light to be a bit of a kook for selling in a rising market and renting.

Years later, what's better than national recognition for calling it right on the money?

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