Sales prices are down 10-20% or MORE! My friend who’s a realtor told me his buyer just got a house for $480K, that the seller had paid $540K, so the seller had to bring $60K to closing.
ARMs and foreclosures affect the entire market. We are selling 30K homes this year, in a city with 1.1 million homes. That means those 30K homes set the prices for the other 1 million.
Does Alan Gin ever talk with any realtors, buyers, sellers, to get actual data of what’s going on out in the field?
Another lie: he says the SD economy is resilient. Read my economy thread: 80% of our new jobs in the last 5 years are RE related and mortgage equity withdrawal dependent, and as housing cools, the SD economy will go into recession. Check Cheryl Mason’s report, the Labor Market info Excel file, which I have studied. Also he doesn’t talk about the 44K people per year leaving. I talk to people DAILY when I do my shopping, and have many stories of peole telling me that they know of at least 5-12 people who left SD because of the high cost of living.
