7.6 % drop in new home sales in Dec. But, aren’t people celebrating the holidays in Dec?

[creechrr]

After much consideration, my wife and I started seriously looking for a place in December.

We’ve spent much time running numbers, I created a calculator in Excel to help with the decision making process. It’s been several years and the calculator still says no but, we figured there had to be something that we just weren’t seeing.

We got our loan approval and seriously started to look. So far, what a waste of time.

1) There are only a handful of places that we can even begin to hope to afford on the market.

2) The places that we have come across all have multiple offers. We’re talking day one of listing.

3) There is a bubblie feeling in the air just as there was a few years ago. We don’t want to get caught up in a bidding war for a place that we can’t really afford.

So, I think we have given up once again. We have come to the conclusion that we must be doing IT wrong. We just don’t know what IT is.

I’d like to point out that our search hasn’t been confined the desirable areas. We don’t focus on Carmel Valley, PQ, RB or Scripps.

We’ve considered parts of Chula Vista, Kearny Mesa, and even Santee. We’ve even looked at Escondido and Vista but, then both commutes become rediculous (quality of life).

So, we’ll probably be looking at apartments once again. Even there it seems as though rents have started to creep up vs. what we were seeing October/November of last year.

Oh, my point of all this being that inventory seems to be severely constrained within the county.

[outtamojo]

“How much of this is due to lower inventory?”

Very much agree – with the economy not out of the woods, how many will just wait on the sidelines when nothing in the inventory interests them and there still is the possibility that prices may still go lower? I would also think those waiting are saving up more of a down payment while they wait. Wait, that sounds like a good poll…

[outtamojo]

“How much of this is due to lower inventory?”

Very much agree – with the economy not out of the woods, how many will just wait on the sidelines when nothing in the inventory interests them and there still is the possibility that prices may still go lower? I would also think those waiting are saving up more of a down payment while they wait. Wait, that sounds like a good poll…

[outtamojo]

“How much of this is due to lower inventory?”

Very much agree – with the economy not out of the woods, how many will just wait on the sidelines when nothing in the inventory interests them and there still is the possibility that prices may still go lower? I would also think those waiting are saving up more of a down payment while they wait. Wait, that sounds like a good poll…

[outtamojo]

“How much of this is due to lower inventory?”

Very much agree – with the economy not out of the woods, how many will just wait on the sidelines when nothing in the inventory interests them and there still is the possibility that prices may still go lower? I would also think those waiting are saving up more of a down payment while they wait. Wait, that sounds like a good poll…

[outtamojo]

“How much of this is due to lower inventory?”

Very much agree – with the economy not out of the woods, how many will just wait on the sidelines when nothing in the inventory interests them and there still is the possibility that prices may still go lower? I would also think those waiting are saving up more of a down payment while they wait. Wait, that sounds like a good poll…

[outtamojo]

“There is a bubblie feeling in the air just as there was a few years ago”

Only nowadays loan guidelines are more stringent, unless I am missing something in the FHA,VA or alphabet soup loans of which I know nothing about.

[outtamojo]

“There is a bubblie feeling in the air just as there was a few years ago”

Only nowadays loan guidelines are more stringent, unless I am missing something in the FHA,VA or alphabet soup loans of which I know nothing about.

[outtamojo]

“There is a bubblie feeling in the air just as there was a few years ago”

Only nowadays loan guidelines are more stringent, unless I am missing something in the FHA,VA or alphabet soup loans of which I know nothing about.

[outtamojo]

“There is a bubblie feeling in the air just as there was a few years ago”

Only nowadays loan guidelines are more stringent, unless I am missing something in the FHA,VA or alphabet soup loans of which I know nothing about.

[outtamojo]

“There is a bubblie feeling in the air just as there was a few years ago”

Only nowadays loan guidelines are more stringent, unless I am missing something in the FHA,VA or alphabet soup loans of which I know nothing about.

[DWCAP]

In my opinion, the problem we are seeing here is that San Diego (+riverside/temecula areas) is bucking the national trend. Wasnt SD only one of 4 cities where the C-S rose instead of fell?

The OP is referencing national numbers, and in a national sense things are not great. Still something like 7-8 months of inventory coupled with increasing defaults and decreasing sales. Plus some areas (AZ,FL,NV) are far more dependent on housing related jobs than our area is.

So while the national market may still ‘need’ (I feel dirty just writing that) all the special treatment (the mods, the low interest rates, the tax credits, the subprime FHA lending, the increased GSE limits etc etc), San Diego doesnt. I dont know if anyone would consider the SD market healthy, but we are getting the steriods same as the rest of the country, even though we have a different disease.

[DWCAP]

In my opinion, the problem we are seeing here is that San Diego (+riverside/temecula areas) is bucking the national trend. Wasnt SD only one of 4 cities where the C-S rose instead of fell?

The OP is referencing national numbers, and in a national sense things are not great. Still something like 7-8 months of inventory coupled with increasing defaults and decreasing sales. Plus some areas (AZ,FL,NV) are far more dependent on housing related jobs than our area is.

So while the national market may still ‘need’ (I feel dirty just writing that) all the special treatment (the mods, the low interest rates, the tax credits, the subprime FHA lending, the increased GSE limits etc etc), San Diego doesnt. I dont know if anyone would consider the SD market healthy, but we are getting the steriods same as the rest of the country, even though we have a different disease.

[DWCAP]

In my opinion, the problem we are seeing here is that San Diego (+riverside/temecula areas) is bucking the national trend. Wasnt SD only one of 4 cities where the C-S rose instead of fell?

The OP is referencing national numbers, and in a national sense things are not great. Still something like 7-8 months of inventory coupled with increasing defaults and decreasing sales. Plus some areas (AZ,FL,NV) are far more dependent on housing related jobs than our area is.

So while the national market may still ‘need’ (I feel dirty just writing that) all the special treatment (the mods, the low interest rates, the tax credits, the subprime FHA lending, the increased GSE limits etc etc), San Diego doesnt. I dont know if anyone would consider the SD market healthy, but we are getting the steriods same as the rest of the country, even though we have a different disease.

[DWCAP]

In my opinion, the problem we are seeing here is that San Diego (+riverside/temecula areas) is bucking the national trend. Wasnt SD only one of 4 cities where the C-S rose instead of fell?

The OP is referencing national numbers, and in a national sense things are not great. Still something like 7-8 months of inventory coupled with increasing defaults and decreasing sales. Plus some areas (AZ,FL,NV) are far more dependent on housing related jobs than our area is.

So while the national market may still ‘need’ (I feel dirty just writing that) all the special treatment (the mods, the low interest rates, the tax credits, the subprime FHA lending, the increased GSE limits etc etc), San Diego doesnt. I dont know if anyone would consider the SD market healthy, but we are getting the steriods same as the rest of the country, even though we have a different disease.

[Author]

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