I realize that some here think that I exaggerate, but I don’t believe most of you realize the severity of this market. I am not going to go through the all the problems facing a market such as this. We have all been through it 100 times. However, when all you see are bloated Median Prices for homes during preceding months, and then all of a sudden, you see groups of high end markets overwhelmingly negative in LA, SD and Orange counties, it draws your attention. I think you guys are kidding yourselves. I would bet the numbers from MAY will leave no doubt about how badly the market is tanking right now.
I was out looking at open houses here on the Westside of LA and traffic has slowed considerably since 2 weeks ago. Many houses are back on the market after falling out of escrow (Financing, Sale Contingencies etc..) and the few buyers out there had NO sense of urgency. The market has changed, and buyers are just sitting, watching prices drop. Why not, They aren’t going up? So what’s the rush?
Also, it was serious SIGN WARS out there this weekend. 95% of the corners had at least 1 sign, often 2,3,4 or more on them. It was pathetic. What kind of message does that send to buyers? I would imagine the same is happening in SD.
