22% Drop in Calif Home Sales from Jun to Jul

[jficquette]

People don’t realize it but these deals they think they are getting now will be deep under water when interest rates get back to 7-10%.

These low rates are just creating a bubble, just at lower prices than before.

John

[smshorttimer]

This has been said before, but if the economy somehow recovers, there really is no reason why the RE market has to go in the tank if rates rise to 7 percent range.

[smshorttimer]

This has been said before, but if the economy somehow recovers, there really is no reason why the RE market has to go in the tank if rates rise to 7 percent range.

[smshorttimer]

This has been said before, but if the economy somehow recovers, there really is no reason why the RE market has to go in the tank if rates rise to 7 percent range.

[smshorttimer]

This has been said before, but if the economy somehow recovers, there really is no reason why the RE market has to go in the tank if rates rise to 7 percent range.

[smshorttimer]

This has been said before, but if the economy somehow recovers, there really is no reason why the RE market has to go in the tank if rates rise to 7 percent range.

[evolusd]

I’m not saying it was predicted, I just can’t believe all the efforts to stimulate sales aren’t really having that big of an impact on demand.

I can’t imagine what would happen to prices if even a small portion of the shadow inventory everyone speaks of were to hit the market.

I’m with John, I think San Diego will see another significant drop in prices over the next 12-24 mos, at least in the mid to upper price range where rent/own fundamentals are still so far out of whack.

[evolusd]

I’m not saying it was predicted, I just can’t believe all the efforts to stimulate sales aren’t really having that big of an impact on demand.

I can’t imagine what would happen to prices if even a small portion of the shadow inventory everyone speaks of were to hit the market.

I’m with John, I think San Diego will see another significant drop in prices over the next 12-24 mos, at least in the mid to upper price range where rent/own fundamentals are still so far out of whack.

[evolusd]

I’m not saying it was predicted, I just can’t believe all the efforts to stimulate sales aren’t really having that big of an impact on demand.

I can’t imagine what would happen to prices if even a small portion of the shadow inventory everyone speaks of were to hit the market.

I’m with John, I think San Diego will see another significant drop in prices over the next 12-24 mos, at least in the mid to upper price range where rent/own fundamentals are still so far out of whack.

[evolusd]

I’m not saying it was predicted, I just can’t believe all the efforts to stimulate sales aren’t really having that big of an impact on demand.

I can’t imagine what would happen to prices if even a small portion of the shadow inventory everyone speaks of were to hit the market.

I’m with John, I think San Diego will see another significant drop in prices over the next 12-24 mos, at least in the mid to upper price range where rent/own fundamentals are still so far out of whack.

[evolusd]

I’m not saying it was predicted, I just can’t believe all the efforts to stimulate sales aren’t really having that big of an impact on demand.

I can’t imagine what would happen to prices if even a small portion of the shadow inventory everyone speaks of were to hit the market.

I’m with John, I think San Diego will see another significant drop in prices over the next 12-24 mos, at least in the mid to upper price range where rent/own fundamentals are still so far out of whack.

[sdrealtor]

Looking at a single month can be very decieiving. Look at the sales patterns over the last year or two to get anything meaningful. Sales are alos hamstrung by lenders. I have 6 lisitngs that should have closed already if not for lender incompetence on short sale processing. Inventory of sellable homes is still relatively low.

On the other side in markets where there is inventory, homes fly off the shelves. I spent most of the last 2 months shopping for a home in Clairemont with a buyer client. There are lots of organic sales as it is older and there has been a fair amount of turnover among older residents with lots of equity. Anything decent priced within reason of current comps sells in a few weeks if not days.

Also at current interest rates rent vs buy fundamentals are no longer far off in mid to upper mid priced homes.

[sdrealtor]

Looking at a single month can be very decieiving. Look at the sales patterns over the last year or two to get anything meaningful. Sales are alos hamstrung by lenders. I have 6 lisitngs that should have closed already if not for lender incompetence on short sale processing. Inventory of sellable homes is still relatively low.

On the other side in markets where there is inventory, homes fly off the shelves. I spent most of the last 2 months shopping for a home in Clairemont with a buyer client. There are lots of organic sales as it is older and there has been a fair amount of turnover among older residents with lots of equity. Anything decent priced within reason of current comps sells in a few weeks if not days.

Also at current interest rates rent vs buy fundamentals are no longer far off in mid to upper mid priced homes.

[sdrealtor]

Looking at a single month can be very decieiving. Look at the sales patterns over the last year or two to get anything meaningful. Sales are alos hamstrung by lenders. I have 6 lisitngs that should have closed already if not for lender incompetence on short sale processing. Inventory of sellable homes is still relatively low.

On the other side in markets where there is inventory, homes fly off the shelves. I spent most of the last 2 months shopping for a home in Clairemont with a buyer client. There are lots of organic sales as it is older and there has been a fair amount of turnover among older residents with lots of equity. Anything decent priced within reason of current comps sells in a few weeks if not days.

Also at current interest rates rent vs buy fundamentals are no longer far off in mid to upper mid priced homes.

[sdrealtor]

Looking at a single month can be very decieiving. Look at the sales patterns over the last year or two to get anything meaningful. Sales are alos hamstrung by lenders. I have 6 lisitngs that should have closed already if not for lender incompetence on short sale processing. Inventory of sellable homes is still relatively low.

On the other side in markets where there is inventory, homes fly off the shelves. I spent most of the last 2 months shopping for a home in Clairemont with a buyer client. There are lots of organic sales as it is older and there has been a fair amount of turnover among older residents with lots of equity. Anything decent priced within reason of current comps sells in a few weeks if not days.

Also at current interest rates rent vs buy fundamentals are no longer far off in mid to upper mid priced homes.

[Author]

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