The Case-Shiller index of San Diego home prices declined in
September. For the month, the low-priced tier dropped 1.6
percent, the middle tier 1.1 percent, and the high tier .1
percent. The aggregate index fell by .8 percent.
continue
reading at voiceofsandiego.org
Sweet. So with all the shadow
Sweet. So with all the shadow inventory, they still couldn’t stop the inevitable?
By the way, does anyone know if Rancho Carillo in Carlsbad is a good location? I am starting to think about moving back to Carlsbad as I originally planned, given there now seems to be many below $200/sqft home in those area.
Rich,
This is pretty big
Rich,
This is pretty big news. Hitting a new low – now talk on when we’ll hit bottom will pick up again. Many, including me, thought it was behind us.
Rich
Hate to be needy but
Rich
Hate to be needy but when you do these could you try to include one long term graph? Its nice to be able to see where we are relative to the long term trends.
thx
sdr
Just for you, sdr 😉
Soon I
Just for you, sdr 😉
Soon I will update the long term price to income and price to rent charts, which I think give the best read on where we are valuation wise. Soon!
Thanx Rich!!! You are the
Thanx Rich!!! You are the best!!
We look dangerously close in aggregate to that 0% gridline. As I expect an extended period of home price stagnancy and general CPI inflation we should cross it. Wonder when we will?
Rich Toscano wrote:Just for
[quote=Rich Toscano]Just for you, sdr 😉
Soon I will update the long term price to income and price to rent charts, which I think give the best read on where we are valuation wise. Soon![/quote]
I’ve been also wondering about the way the longer term data might look. For the last year I thought a graph like this would be interesting. Thanks for posting that. It is very interesting.
Rich Toscano wrote:Just for
[quote=Rich Toscano]Just for you, sdr 😉
Soon I will update the long term price to income and price to rent charts, which I think give the best read on where we are valuation wise. Soon![/quote]
That is a fucking grim graph.
Or awesome if you are me.
Still
Wow.
Rich, can you also update the
Rich, can you also update the shambling toward affordability graphs?
AN wrote:Rich, can you also
[quote=AN]Rich, can you also update the shambling toward affordability graphs?[/quote]
Soon… very soon. (In theory).
Rich Toscano wrote:AN
[quote=Rich Toscano][quote=AN]Rich, can you also update the shambling toward affordability graphs?[/quote]
Soon… very soon. (In theory).[/quote]
Love it :-). Thanks Rich.
low-tier homes used as an
low-tier homes used as an investment vehicle might be causing their prices to outperform the mid-tier and high-tier homes since the march 2009 low (on the 1989-present home price graph.)
When will then be now?
When will then be now? Soooon…..
Why grim? Oh and answer your
Why grim? Oh and answer your PMs dammit.
Josh
LA’s biggest declines were in
LA’s biggest declines were in the high tier (-1.1%) which is where you’d expect them to be. It is a hefty slice, and if that continues into Oct and Nov, we are back to pre-tax credit momentum.
Interestingly, but not surprisingly Corelogic has home prices down 1.3% in October http://www.calculatedriskblog.com/2011/12/corelogic-house-price-index-declined-13.html
Golman Sachs predicts a recovery in 2012 and bases current declines on vacancy rates http://ftalphaville.ft.com/blog/2011/12/05/779561/missing-piece-of-the-puzzle-us-housing-to-bottom-in-2012/
The inventory/demand ratio probably varies wildly across the country and within sub-markets. I am amazed at how willing some buyers are to part with their money. “$800k still only buys a shack” was how a hotel manager described to me the market in Carmel (Monterey) recently. High end foreclosures still appear to be only trickling into listings in some areas, notably Santa Barbara, creating the illusion of demand and supply equilibrium. Rates may be driving some markets, but a residue of bubble mentality remains in evidence.