Fashion Valley is always packed. I don’t get it….I think most of the parking is for the restaurants. Pottery Barn and Restoration Hardware are usually empty. The busiest stores are Victoria’s Secret and the Apple store and Nordstrom’s. Housing, auto sales, home improvement/furnishing retailers are feeling the slowdown, but other retailers are still doing well. Could it be that people are out of money for the $40K bathroom remodel, but not for the $95 shoes? So the less costly retail items are still selling. That’s been my conclusion so far. What do you think?

I also noticed that the lending guidelines are not yet enacted, so MEW is still going strong.

I also noticed that the lending guidelines are not yet enacted, so MEW is still going strong.

I read over the new guidelines and the commentary the feds provided on them. One part that was of interest to me was:

“Many commenters voiced concern that the guidance will not apply to all lenders, and thus federally regulated financial institutions will be at a competitive disadvantage. The Agencies note that both state financial regulatory organizations that commented on the proposed guidance – the Conference of State Bank Supervisors (CSBS) and the State
Financial Regulators Roundtable (SFRR) – committed to working with state regulatory agencies to distribute guidance that is similar in nature and scope to the financial service providers under their jurisdictions. These commenters noted their interest in addressing
the potential for inconsistent regulatory treatment of lenders based on whether or not they are supervised solely by state agencies. Subsequently, the CSBS, along with a national organization representing state residential mortgage regulators, issued a press release confirming their intent to offer guidance to state regulators to apply to their licensed residential mortgage brokers and lenders.”

So, as far as I understand this, the state agencies INTEND to issue GUIDANCE to the regulators that will eventually get around to applying it, presumably through laws or whatever.

Who knows how long this might take. Anyone have any idea or knowledge of the field??

Talking about malls, Chula Vista opened a new “lifestyle center.” I’ve haven’t been down there yet.

Few Piggingtons discuss Chula Vista and we tend concentrate on Central San Diego or North County. There seems to be plenty of expensive master planned housing in Chula Vista.

Malls have become town centers. That’s where people like to hang out. They are not necessarily shopping but going to the movie and eating out.

What do you think of Chula Vista?

http://www.otayranchtowncenter.com/html/mallinfo.asp

http://www.signonsandiego.com/uniontrib/20061027/news_1n27mall.html

What others have said in passing I will say more emphatically. Don’t confuse large numbers of people at a mall with large retail sales, especially of the high ticket variety.

I’m not a big spender, but I enjoy going to the malls. I usually look around, buy a plain cup of coffee and maybe a newspaper, sit and read, and then go home.

Next time you are at Fashion Valley try to notice how many people are actually buying big ticket items. I’ll bet not that many.

Hi guys –

So maybe I am a bit contrarian here… I mean yes yes yes I believe the real estate market will continue to deteriorate…. but… I just do not see the economic catastrophe that is predicted. I don’t dispute alot of people in the real estate industry will lose work. Yet I think that there is an awful lot of money in this city outside the industry. Personally I am also involved in engineering and my wife also does alot of business with plastic surgeons and skin care professionals in town. Now I will not say a whole lot about the engineering field but it is not nearly as shaky as real estate. As for plastic surgery and affiliated industries, home healthcare etc… these are not going to weaken much no matter what the real estate market does. Home healthcare, senior care, things like that. I know our national GDP is anemic… yet I think we will see an economy that doesn’t quite fall apart as some may predict. I think there is an element of resilience that may surprise alot of us.

SD Realtor

Nor_LA-Temcu-SD-Guy

Was at the Mall in Escondido Yesterday, Seemed more full of lookieloo’s than anything else. Did not see a lot of people carrying bags of stuff, or many people actually at sales counters. But I did spend $75 on a three day time share Vacation.

Just saw this thought I would add.

Sales of existing homes fell in 38 states during the summer, led by steep declines in Arizona, Florida and California, as the once-booming housing market showed further signs of a steep slowdown.
The declines were the largest in once-booming areas of the country. Sales fell by 36 percent in Arizona; 34.2 percent in Florida and 28.6 percent in California.

In all, nine states had sales declines in the summer of 20 percent or more compared to the third quarter of 2005.

The weakness in sales also affected prices with 45 metropolitan areas experiencing price declines, according to a separate survey the Realtors did of 148 metropolitan areas.

The price survey showed that the median — or mid-point — price for an existing home sold in the third quarter dipped to $224,900, down 1.2 percent from a year earlier.

Hmmmm !!