The divergence between the median home price and the Case-Shiller Home Price Index continues…
read more at voiceofsandiego.org
The divergence between the median home price and the Case-Shiller Home Price Index continues…
read more at voiceofsandiego.org
So in essense, what this
So in essense, what this seems to confirm is that the highend real estate continues to move but the bottom end has fallen out?
Is that about right?
No, it confirms the high-end
No, it confirms the high-end is moving by lowering their price and the bottom has fallen out.
Michelle Steffes
So, how
Michelle Steffes
So, how long before we can all afford a house in San Diego?
So, how long before we can
So, how long before we can all afford a house in San Diego?
All ?
That’s easy: Never.
It likely means all the
It likely means all the activity is at the higher end of the market, and/or that the lower end is nearly stagnate.
I’m a firm believer in the psychological effects. The average consumer probably still thinks it’s an okay time to buy a house, but is starting to lose confidence. That will only erode further as the other measures of price catch up with the what is seen in the CSI.
As people start to notice prices drops, sales will slow more and prices will follow. In 5 years people will think it’s crazy to buy a house.
I find it interesting that
I find it interesting that asking prices are declining nearly as fast as the Case-Shiller index indicates sale prices are:
Trend 1 month 3 month 6 month 12 month
Median Price -0.8% -2.0% -2.8% -6.7%
http://www.housingtracker.net/
I would have guessed that asking prices would remain a little more sticky than the actual sale prices.