The Spring Rally Soldiers On

Submitted by Rich Toscano on June 5, 2009 - 11:56am

San Diego has just experienced a second consecutive month of solid gains to the size-adjusted median home sale price. It would appear that the Spring Rally is more or less official.

Between April and May, the size-adjusted median price rose 3.3 percent for detached homes and 2.9 percent for condos. The accompanying graph chronicles the declines from the peak in this price measure.

read more at voiceofsandiego.org

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Seasonal behavior is a
Submitted by peterb on June 5, 2009 - 1:05pm.

Seasonal behavior is a reliable pattern. The graphics indicates this. In good times and bad.

Wow, that's a lot of
Submitted by CricketOnTheHearth on June 5, 2009 - 4:12pm.

Wow, that's a lot of caveats:

"That said, there are certainly some positive, if disclaimer-laden, factors in support of housing. They are: reasonable home prices (though only in certain areas); extremely low mortgage rates (though artificially so, and at risk to rise enormously in the years ahead); healthy demand (though heavily dependent on continued low rates); low inventory (not counting foreclosed "shadow" inventory), and unfathomable amounts of government stimulus aimed directly at propping up home prices (okay, I admit that's not likely to stop any time soon)."

Got any crackers and cream cheese to go with that?

I don't think the current
Submitted by carlsbadworker on June 6, 2009 - 7:38am.

I don't think the current foreclosure number is alarming, even if the banks do not keep them as "shadow inventory". Homes entering mortgage default is around 3500 in San Diego. At the same time, sale is around 3400 in April. Not all NOD will turn into foreclosure (but also not all sales are from foreclosure homes), so they roughly balance each other out. We won't have a declining inventory (as what we have now), but we won't have an inventory built-up as well.
The future is always unknown, but I think that's the only part that can be scary. Especially if you live in the Alt-A areas and employment continues to deteriorate.

You can read WSJ subscriber
Submitted by wawawa on June 7, 2009 - 3:15pm.

You can read WSJ subscriber articles for free and it is legal.

I tried it and it works 

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