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  • October 16, 2008 at 3:17 PM #14225
    cr
    Participant

    Seems like they’re rare these days, so I thought I would point out what IMO is a change in media sentiment. A sign I have been looking for that indicates that bottom is approaching, because I believe the hysteria at the peak that housing was invincible, will be somewhat matched by equally irrational fears that housing will never come back. Though we’re not there yet, recognition that housing won’t rebounding soon is surfacing.

    Home Prices Seem Far From Bottom
    by Vikas Bajaj

    The American housing market, where the global economic crisis began, is far from hitting bottom.
    Home prices across much of the country are likely to fall through late 2009, economists say, and in some markets the trend could last even longer depending on the severity of the anticipated recession.
    In hard-hit areas like California, Florida and Arizona, the grim calculus is the same: More and more homes are going up for sale, but fewer and fewer people are willing or able to buy them.
    Adding to the worries nationwide are rising unemployment, falling wages and escalating mortgage rates — all of which will reduce the already diminished pool of would-be buyers.
    “The No. 1 thing that drives housing values is incomes,” said Todd Sinai, an associate professor of real estate at the Wharton School at the University of Pennsylvania. “When incomes fall, demand for housing falls.”
    Despite the government’s move to bolster the banking industry, home loan rates rose again on Tuesday, reflecting concern that the Treasury will borrow heavily to finance the rescue.
    On Wednesday, the average rate for 30-year fixed rate mortgages was 6.75 percent, up from 6.06 percent last week. While banks are moving aggressively to sell foreclosed properties, the number of empty homes is hovering near its highest level in more than half a century…

    Read the rest here.

    October 16, 2008 at 3:49 PM #288243
    Coronita
    Participant

    Price is still sticky in carmel valley, although there appears to be signs of a big let down coming in the attached markets…

    SDR, my favorite discussion. The Crest at Del Mar.
    The agent did lower the price 4 times…though the last one was a $1000 discount. Whoohoo.

    3/3bedroom now sits at $475k and 107 days on the market.

    http://www.sdlookup.com/MLS-080046466-12601_El_Camino_Real_A_San_Diego_Ca_92130

    “Motivated seller” means that the person is facing foreclosure.

    I forget which seller, but one of the owners selling in this complex, took equity out and invested it elsewhere in RE, so I’m told.

    Off 23% from pre-peak of 2004, and about 29% off from peak of 2005.

    My buy in would be probably around $390k and change.
    …almost there….. 🙂

    October 16, 2008 at 3:49 PM #288546
    Coronita
    Participant

    Price is still sticky in carmel valley, although there appears to be signs of a big let down coming in the attached markets…

    SDR, my favorite discussion. The Crest at Del Mar.
    The agent did lower the price 4 times…though the last one was a $1000 discount. Whoohoo.

    3/3bedroom now sits at $475k and 107 days on the market.

    http://www.sdlookup.com/MLS-080046466-12601_El_Camino_Real_A_San_Diego_Ca_92130

    “Motivated seller” means that the person is facing foreclosure.

    I forget which seller, but one of the owners selling in this complex, took equity out and invested it elsewhere in RE, so I’m told.

    Off 23% from pre-peak of 2004, and about 29% off from peak of 2005.

    My buy in would be probably around $390k and change.
    …almost there….. 🙂

    October 16, 2008 at 3:49 PM #288560
    Coronita
    Participant

    Price is still sticky in carmel valley, although there appears to be signs of a big let down coming in the attached markets…

    SDR, my favorite discussion. The Crest at Del Mar.
    The agent did lower the price 4 times…though the last one was a $1000 discount. Whoohoo.

    3/3bedroom now sits at $475k and 107 days on the market.

    http://www.sdlookup.com/MLS-080046466-12601_El_Camino_Real_A_San_Diego_Ca_92130

    “Motivated seller” means that the person is facing foreclosure.

    I forget which seller, but one of the owners selling in this complex, took equity out and invested it elsewhere in RE, so I’m told.

    Off 23% from pre-peak of 2004, and about 29% off from peak of 2005.

    My buy in would be probably around $390k and change.
    …almost there….. 🙂

    October 16, 2008 at 3:49 PM #288590
    Coronita
    Participant

    Price is still sticky in carmel valley, although there appears to be signs of a big let down coming in the attached markets…

    SDR, my favorite discussion. The Crest at Del Mar.
    The agent did lower the price 4 times…though the last one was a $1000 discount. Whoohoo.

    3/3bedroom now sits at $475k and 107 days on the market.

    http://www.sdlookup.com/MLS-080046466-12601_El_Camino_Real_A_San_Diego_Ca_92130

    “Motivated seller” means that the person is facing foreclosure.

    I forget which seller, but one of the owners selling in this complex, took equity out and invested it elsewhere in RE, so I’m told.

    Off 23% from pre-peak of 2004, and about 29% off from peak of 2005.

    My buy in would be probably around $390k and change.
    …almost there….. 🙂

    October 16, 2008 at 3:49 PM #288592
    Coronita
    Participant

    Price is still sticky in carmel valley, although there appears to be signs of a big let down coming in the attached markets…

    SDR, my favorite discussion. The Crest at Del Mar.
    The agent did lower the price 4 times…though the last one was a $1000 discount. Whoohoo.

    3/3bedroom now sits at $475k and 107 days on the market.

    http://www.sdlookup.com/MLS-080046466-12601_El_Camino_Real_A_San_Diego_Ca_92130

    “Motivated seller” means that the person is facing foreclosure.

    I forget which seller, but one of the owners selling in this complex, took equity out and invested it elsewhere in RE, so I’m told.

    Off 23% from pre-peak of 2004, and about 29% off from peak of 2005.

    My buy in would be probably around $390k and change.
    …almost there….. 🙂

    October 16, 2008 at 4:21 PM #288258
    peterb
    Participant

    I was wondering when somone was going to post a housing related story. Once the market settles down, if ever, the knife catchers can get back into action. If there’s any left at that point.

    October 16, 2008 at 4:21 PM #288607
    peterb
    Participant

    I was wondering when somone was going to post a housing related story. Once the market settles down, if ever, the knife catchers can get back into action. If there’s any left at that point.

    October 16, 2008 at 4:21 PM #288561
    peterb
    Participant

    I was wondering when somone was going to post a housing related story. Once the market settles down, if ever, the knife catchers can get back into action. If there’s any left at that point.

    October 16, 2008 at 4:21 PM #288574
    peterb
    Participant

    I was wondering when somone was going to post a housing related story. Once the market settles down, if ever, the knife catchers can get back into action. If there’s any left at that point.

    October 16, 2008 at 4:21 PM #288605
    peterb
    Participant

    I was wondering when somone was going to post a housing related story. Once the market settles down, if ever, the knife catchers can get back into action. If there’s any left at that point.

    October 17, 2008 at 1:26 AM #288809
    lonestar2000
    Participant

    There’s still an awful lot of job losses to work through, and many have lost a bundle on the stock markets this year, so I don’t think we’re that close. Even if we reach a bottom of sorts, you’ll have plenty of time to snuff out the house you want, there’s nothing to indicate that we’ll have a quick turnaround into positive appreciation.

    October 17, 2008 at 1:26 AM #288841
    lonestar2000
    Participant

    There’s still an awful lot of job losses to work through, and many have lost a bundle on the stock markets this year, so I don’t think we’re that close. Even if we reach a bottom of sorts, you’ll have plenty of time to snuff out the house you want, there’s nothing to indicate that we’ll have a quick turnaround into positive appreciation.

    October 17, 2008 at 1:26 AM #288837
    lonestar2000
    Participant

    There’s still an awful lot of job losses to work through, and many have lost a bundle on the stock markets this year, so I don’t think we’re that close. Even if we reach a bottom of sorts, you’ll have plenty of time to snuff out the house you want, there’s nothing to indicate that we’ll have a quick turnaround into positive appreciation.

    October 17, 2008 at 1:26 AM #288797
    lonestar2000
    Participant

    There’s still an awful lot of job losses to work through, and many have lost a bundle on the stock markets this year, so I don’t think we’re that close. Even if we reach a bottom of sorts, you’ll have plenty of time to snuff out the house you want, there’s nothing to indicate that we’ll have a quick turnaround into positive appreciation.

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