CA housing recovery nearly here?

[Omega Point]

“California is on the leading edge of a housing recovery and that is because prices are falling fast in many areas and that is restoring affordability,” said Mark Zandi, chief economist at Moody’s Economy.com.

Can this be true?

The median price of a home in CA in May 2008 was $339K, that’s about what it was back in Feb 2004. 2003 and 2004 prices were already in bubble territory and I’m supposed to believe that CA is on the cusp of a housing recovery?

Heck, 2002 had over 20% appreciation and 2002 was not affordable for most Californians.

Mark Zandi can’t be serious, 2004 prices are not affordable, that’s right in the middle of the bubble. Frankly, the people purchasing now are knife-catchers.

I won’t be purchasing until we at least get down to 2001 prices. We still have a looong way to go IMHO.

[gandalf]

Huh???

Man, that Zandi dude.

[gandalf]

Huh???

Man, that Zandi dude.

[gandalf]

Huh???

Man, that Zandi dude.

[gandalf]

Huh???

Man, that Zandi dude.

[gandalf]

Huh???

Man, that Zandi dude.

[Eugene]

Right now I’m seriously considering putting an offer on a house that’s listed 27% above 1999 sale price. I think I can haggle down to 20%. Here in San Diego County, 30 min commute to Sorrento Valley, API 878 elementary school.
We’re not there as a whole, but there are some pockets and incidences of reasonable pricing.

[Eugene]

Right now I’m seriously considering putting an offer on a house that’s listed 27% above 1999 sale price. I think I can haggle down to 20%. Here in San Diego County, 30 min commute to Sorrento Valley, API 878 elementary school.
We’re not there as a whole, but there are some pockets and incidences of reasonable pricing.

[Eugene]

Right now I’m seriously considering putting an offer on a house that’s listed 27% above 1999 sale price. I think I can haggle down to 20%. Here in San Diego County, 30 min commute to Sorrento Valley, API 878 elementary school.
We’re not there as a whole, but there are some pockets and incidences of reasonable pricing.

[Eugene]

Right now I’m seriously considering putting an offer on a house that’s listed 27% above 1999 sale price. I think I can haggle down to 20%. Here in San Diego County, 30 min commute to Sorrento Valley, API 878 elementary school.
We’re not there as a whole, but there are some pockets and incidences of reasonable pricing.

[Eugene]

Right now I’m seriously considering putting an offer on a house that’s listed 27% above 1999 sale price. I think I can haggle down to 20%. Here in San Diego County, 30 min commute to Sorrento Valley, API 878 elementary school.
We’re not there as a whole, but there are some pockets and incidences of reasonable pricing.

[cr]

Certain distressed properties may be close to average bottom prices, but we are no where near a bottom.

In CA jobs are being slashed, which even without a crashing market would drive prices down.

Then there’s the market mentality. Expect to see a reversal the euphoria we saw during the bubble, as people start to realize this is going to take a while and jump ship en masse.

[cr]

Certain distressed properties may be close to average bottom prices, but we are no where near a bottom.

In CA jobs are being slashed, which even without a crashing market would drive prices down.

Then there’s the market mentality. Expect to see a reversal the euphoria we saw during the bubble, as people start to realize this is going to take a while and jump ship en masse.

[cr]

Certain distressed properties may be close to average bottom prices, but we are no where near a bottom.

In CA jobs are being slashed, which even without a crashing market would drive prices down.

Then there’s the market mentality. Expect to see a reversal the euphoria we saw during the bubble, as people start to realize this is going to take a while and jump ship en masse.

[cr]

Certain distressed properties may be close to average bottom prices, but we are no where near a bottom.

In CA jobs are being slashed, which even without a crashing market would drive prices down.

Then there’s the market mentality. Expect to see a reversal the euphoria we saw during the bubble, as people start to realize this is going to take a while and jump ship en masse.

[Author]

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