I was quoting this stuff several months ago, and was labeled an extremist. I take that as a compliment, but the point is: even people on this forum don’t fully realize how bad this is going to get.
June sales are off 40% over last year. 30% of listings are vacant. This downward spiral is picking up momentum. But the newspapers won’t carry this story until August or September. By then, we’ll read about a negative y-o-y median price.
Does anyone know the builder cancellation rate in San Diego? That rate needs to be added to the new home sales to get the true new home sales figure.
