Gn, thanks for the props, but I only read the guages, and they all say this is merely the bounce we expected. Whites of their eyes people, wait till you see them, ignore the expected hype behind the expeceted bounce.
Nor, you are right, Temecula isn’t in as bad of shape as most think but those people you see who still have money already have a house, with $4 a gallon gas looming, we aren’t going to get any new people. And we are getting close to a bottom or at least a flat area but I think there is still another 10-20% to come until we are universally at 50% off peak, which is where it will go. Anyone who makes an offer for more than half price peak is throwing money away. Currently it can be found but only the more thrashed houses or worst lots, the rest will be there soon enough.
Check the guages for yourself, my favorite is to check inventory and foreclosure dot com. Currently foreclosure shows 294 foreclosures, 42 Sheriff sales in the next 8 days and most importantly 702 pre-foreclosures in 92592 alone (the highest price and most stable zip of the valley). 87 of the preforeclosures came in the last seven days. Nods are outpacing sales by a multiple, sheriff sales back to the banks exceed sales by themselves, this is not a sign of bottom. The amount of nods has been increasing over the last year, last year 10 or 20 a week was a big week, now it’s a normal day. There are about 10k houses in the zip, 7% of them stopped paying their mortgage in the last few months, when those indicators slow down then I will call bottom but right now, since todays nod is next years vacant reo for sale, I can honestly say there will be twice as many repos for sale next year than right now and I certainly don’t want to miss it. Let the bounce shake out the weak, don’t join them.
