Apparently we are at the bottom in Cali

[Akula1992]

[quote=kicksavedave]

First off, this guy is seeing a bottom alright, from the inside, if you know what I mean![/quote]

OK, now that was funny.

[paramount]

I drove around Temecula today looking at open houses; what I learned is that there is a buying frenzy going on around Temecula.

Multiple offers on almost any house in foreclosure.

The bidding wars are back again – will this crap ever end?

Market fundamentals have not returned.

The realtors made big $$ on the way up, now they are making big $$ on the way down. They can’t loose.

[paramount]

I drove around Temecula today looking at open houses; what I learned is that there is a buying frenzy going on around Temecula.

Multiple offers on almost any house in foreclosure.

The bidding wars are back again – will this crap ever end?

Market fundamentals have not returned.

The realtors made big $$ on the way up, now they are making big $$ on the way down. They can’t loose.

[paramount]

I drove around Temecula today looking at open houses; what I learned is that there is a buying frenzy going on around Temecula.

Multiple offers on almost any house in foreclosure.

The bidding wars are back again – will this crap ever end?

Market fundamentals have not returned.

The realtors made big $$ on the way up, now they are making big $$ on the way down. They can’t loose.

[paramount]

I drove around Temecula today looking at open houses; what I learned is that there is a buying frenzy going on around Temecula.

Multiple offers on almost any house in foreclosure.

The bidding wars are back again – will this crap ever end?

Market fundamentals have not returned.

The realtors made big $$ on the way up, now they are making big $$ on the way down. They can’t loose.

[paramount]

I drove around Temecula today looking at open houses; what I learned is that there is a buying frenzy going on around Temecula.

Multiple offers on almost any house in foreclosure.

The bidding wars are back again – will this crap ever end?

Market fundamentals have not returned.

The realtors made big $$ on the way up, now they are making big $$ on the way down. They can’t loose.

[CA renter]

IMHO, we’ve had a buying frenzy since around February of this year.

It’s been a very strong year because the less pessimistic buyers were thinking 10-15% drops max, and they are seeing 15-25%+ drops already. They truly believe we are at the bottom.

Think about how many people on “bubble blogs” think 2003 was the beginning of the bubble. Well, we are already there, price-wise.

For some of us (me), the housing market was already at a normal cycle top in 2001 and would have gone down from there if not for the credit bubble.

Time will tell who is right, but for now, the optimists are out in force.

[CA renter]

IMHO, we’ve had a buying frenzy since around February of this year.

It’s been a very strong year because the less pessimistic buyers were thinking 10-15% drops max, and they are seeing 15-25%+ drops already. They truly believe we are at the bottom.

Think about how many people on “bubble blogs” think 2003 was the beginning of the bubble. Well, we are already there, price-wise.

For some of us (me), the housing market was already at a normal cycle top in 2001 and would have gone down from there if not for the credit bubble.

Time will tell who is right, but for now, the optimists are out in force.

[CA renter]

IMHO, we’ve had a buying frenzy since around February of this year.

It’s been a very strong year because the less pessimistic buyers were thinking 10-15% drops max, and they are seeing 15-25%+ drops already. They truly believe we are at the bottom.

Think about how many people on “bubble blogs” think 2003 was the beginning of the bubble. Well, we are already there, price-wise.

For some of us (me), the housing market was already at a normal cycle top in 2001 and would have gone down from there if not for the credit bubble.

Time will tell who is right, but for now, the optimists are out in force.

[CA renter]

IMHO, we’ve had a buying frenzy since around February of this year.

It’s been a very strong year because the less pessimistic buyers were thinking 10-15% drops max, and they are seeing 15-25%+ drops already. They truly believe we are at the bottom.

Think about how many people on “bubble blogs” think 2003 was the beginning of the bubble. Well, we are already there, price-wise.

For some of us (me), the housing market was already at a normal cycle top in 2001 and would have gone down from there if not for the credit bubble.

Time will tell who is right, but for now, the optimists are out in force.

[CA renter]

IMHO, we’ve had a buying frenzy since around February of this year.

It’s been a very strong year because the less pessimistic buyers were thinking 10-15% drops max, and they are seeing 15-25%+ drops already. They truly believe we are at the bottom.

Think about how many people on “bubble blogs” think 2003 was the beginning of the bubble. Well, we are already there, price-wise.

For some of us (me), the housing market was already at a normal cycle top in 2001 and would have gone down from there if not for the credit bubble.

Time will tell who is right, but for now, the optimists are out in force.

[carlsbadworker]

There is no doubt a buying frenzy going on around Temecula. The monthly sale volume has more than doubled (any almost tripled) from the end of last year low. It is undoubtfully justified by one market fundamental: affordability. Between earlier this year till now, I believe at least 15%-20% more household there now qualify for median housing price. So it is unsurprising to see a sale volume equals to just 1% of the total household each month.
But going forward, REO has been increasing at an astonishing rate of 15% per month lately (a number 50% higher than the current high monthly sale volume). Based on stats from foreclosure radar, it will climb from this level for a while. With tightening lending standard, it is hard to see the buyers continuously be able to swallow the incoming REO inventory. However, if the government or the banking industry keeps on giving easy money out, it is hard to say that we might not see RE price bottom soon in Temecula.
To sum it up, we have buying frenzy in Temecula but we also have a selling frenzy (primarily REO) in Temecula as well. We know for certain that the selling frenzy will not ease for months ahead, but the buying side is a lot more uncertain. I think the worst case is the price will be sideline or increase a little bit due to the continuous buying frenzy. My money however would be betting on some cooling from buyers coming this fall.

[carlsbadworker]

There is no doubt a buying frenzy going on around Temecula. The monthly sale volume has more than doubled (any almost tripled) from the end of last year low. It is undoubtfully justified by one market fundamental: affordability. Between earlier this year till now, I believe at least 15%-20% more household there now qualify for median housing price. So it is unsurprising to see a sale volume equals to just 1% of the total household each month.
But going forward, REO has been increasing at an astonishing rate of 15% per month lately (a number 50% higher than the current high monthly sale volume). Based on stats from foreclosure radar, it will climb from this level for a while. With tightening lending standard, it is hard to see the buyers continuously be able to swallow the incoming REO inventory. However, if the government or the banking industry keeps on giving easy money out, it is hard to say that we might not see RE price bottom soon in Temecula.
To sum it up, we have buying frenzy in Temecula but we also have a selling frenzy (primarily REO) in Temecula as well. We know for certain that the selling frenzy will not ease for months ahead, but the buying side is a lot more uncertain. I think the worst case is the price will be sideline or increase a little bit due to the continuous buying frenzy. My money however would be betting on some cooling from buyers coming this fall.

[carlsbadworker]

There is no doubt a buying frenzy going on around Temecula. The monthly sale volume has more than doubled (any almost tripled) from the end of last year low. It is undoubtfully justified by one market fundamental: affordability. Between earlier this year till now, I believe at least 15%-20% more household there now qualify for median housing price. So it is unsurprising to see a sale volume equals to just 1% of the total household each month.
But going forward, REO has been increasing at an astonishing rate of 15% per month lately (a number 50% higher than the current high monthly sale volume). Based on stats from foreclosure radar, it will climb from this level for a while. With tightening lending standard, it is hard to see the buyers continuously be able to swallow the incoming REO inventory. However, if the government or the banking industry keeps on giving easy money out, it is hard to say that we might not see RE price bottom soon in Temecula.
To sum it up, we have buying frenzy in Temecula but we also have a selling frenzy (primarily REO) in Temecula as well. We know for certain that the selling frenzy will not ease for months ahead, but the buying side is a lot more uncertain. I think the worst case is the price will be sideline or increase a little bit due to the continuous buying frenzy. My money however would be betting on some cooling from buyers coming this fall.

[carlsbadworker]

There is no doubt a buying frenzy going on around Temecula. The monthly sale volume has more than doubled (any almost tripled) from the end of last year low. It is undoubtfully justified by one market fundamental: affordability. Between earlier this year till now, I believe at least 15%-20% more household there now qualify for median housing price. So it is unsurprising to see a sale volume equals to just 1% of the total household each month.
But going forward, REO has been increasing at an astonishing rate of 15% per month lately (a number 50% higher than the current high monthly sale volume). Based on stats from foreclosure radar, it will climb from this level for a while. With tightening lending standard, it is hard to see the buyers continuously be able to swallow the incoming REO inventory. However, if the government or the banking industry keeps on giving easy money out, it is hard to say that we might not see RE price bottom soon in Temecula.
To sum it up, we have buying frenzy in Temecula but we also have a selling frenzy (primarily REO) in Temecula as well. We know for certain that the selling frenzy will not ease for months ahead, but the buying side is a lot more uncertain. I think the worst case is the price will be sideline or increase a little bit due to the continuous buying frenzy. My money however would be betting on some cooling from buyers coming this fall.

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