Existing Homesales Timebomb?

[Artifact]

Interesting that this report almost admits how poor of a measure the median is in this situation, even if they do not fully admit the reality of what this statment means:

“Although the median price of a home in California continues to rise, this reflects the fall-off in sales in the lower-priced markets of the state where new home inventories and foreclosures are competing with the existing home market,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Fewer sales from these regions coupled with modest gains in some of the stronger coastal markets are pushing the median price for the state up slightly.”

[Artifact]

Interesting that this report almost admits how poor of a measure the median is in this situation, even if they do not fully admit the reality of what this statment means:

“Although the median price of a home in California continues to rise, this reflects the fall-off in sales in the lower-priced markets of the state where new home inventories and foreclosures are competing with the existing home market,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Fewer sales from these regions coupled with modest gains in some of the stronger coastal markets are pushing the median price for the state up slightly.”

[latesummer2008]

Over 31% decline per year if you do the math. 2.6% Month to Month drop.

Only fools are buying now…

http://www.westsideremeltdown.blogspot.com

[latesummer2008]

Over 31% decline per year if you do the math. 2.6% Month to Month drop.

Only fools are buying now…

http://www.westsideremeltdown.blogspot.com

[latesummer2008]

ORANGE COUNTY SCUD HITS.. The LA Times Bomb exploded today (5/27/07)in the O.C. Median Prices YEAR over YEAR got SLAMMED in the Higher End Areas.

Here is the damage:

Newport Beach (-51.7%)
Capistrano Beach (-48.3%)
Laguna Beach (-32.2%)
Corona del Mar (-24.4%)
Trabuco Canyon (-22.6%)
Yorba Linda (-20.5%)

Here comes the RUSH for the EXITS….

http://www.westsideremeltdown.blogspot.com

Newport Beach

[latesummer2008]

ORANGE COUNTY SCUD HITS.. The LA Times Bomb exploded today (5/27/07)in the O.C. Median Prices YEAR over YEAR got SLAMMED in the Higher End Areas.

Here is the damage:

Newport Beach (-51.7%)
Capistrano Beach (-48.3%)
Laguna Beach (-32.2%)
Corona del Mar (-24.4%)
Trabuco Canyon (-22.6%)
Yorba Linda (-20.5%)

Here comes the RUSH for the EXITS….

http://www.westsideremeltdown.blogspot.com

Newport Beach

[Bugs]

Median = dull spoon. Those numbers might look a bit worse than they really are.

[Bugs]

Median = dull spoon. Those numbers might look a bit worse than they really are.

[latesummer2008]

Those Numbers Can’t be Good. We all know Median is not truly indicative of the market. I would love to see Volume and Price per Square Foot.

I am sure they are worse….

http://www.westsideremletdown.blogspot.com

[latesummer2008]

Those Numbers Can’t be Good. We all know Median is not truly indicative of the market. I would love to see Volume and Price per Square Foot.

I am sure they are worse….

http://www.westsideremletdown.blogspot.com

[temeculaguy]

We all know that median isn’t an accurate indicator but it is one of the more popular flavors of Kool-Aid. A few months back when all the numbers were bad except for median, all the bulls were clinging to the median. One by one, the Kool-Aid taps are running dry.

Of all the prognosticators, I keep replaying that quote from the CEO of one of the big builders when he said “2007 is going to suck.”

[temeculaguy]

We all know that median isn’t an accurate indicator but it is one of the more popular flavors of Kool-Aid. A few months back when all the numbers were bad except for median, all the bulls were clinging to the median. One by one, the Kool-Aid taps are running dry.

Of all the prognosticators, I keep replaying that quote from the CEO of one of the big builders when he said “2007 is going to suck.”

[latesummer2008]

2007, The Tipping Point… Reality sets in for Home Sellers. Now the builders are slashing prices and undercutting everyone in their path, just to unload product and survive. What do you think that will do to the average home seller?

I found an interesting website that now forecasts a possible 60% drop in home prices in LA & SD, based on Interest Rates, Inflation and Income Growth.

Something at least, to consider…

Take a look: http://westsideremeltdown.blogspot.com

[latesummer2008]

2007, The Tipping Point… Reality sets in for Home Sellers. Now the builders are slashing prices and undercutting everyone in their path, just to unload product and survive. What do you think that will do to the average home seller?

I found an interesting website that now forecasts a possible 60% drop in home prices in LA & SD, based on Interest Rates, Inflation and Income Growth.

Something at least, to consider…

Take a look: http://westsideremeltdown.blogspot.com

[Duck]

Sdduuuuude,

Have you ever tried to use that home warranty? I have. Many times. They fix very little. Maybe if your microwave goes out, but they invariably have an out for even minor things. If you are talking structural, electrical, etc. on an older home, it’s not even worth the $50 service call to have someone look at it. It won’t be covered.

[Author]

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