Agreed lending. In Scripps during the early spring I was bummed because the inventory had dropped to the low 70’s and held steady. As of yesterday the inventory was up to 94.
The annual May and June inventory surge! In the Spring the better properties sell leaving the chafe. If your trying to sell and your price isnt sharp you’ll be doomed as more wheat enters the fray at the same or better pricing.
Good link little_lady. We’ll see how homeowners who bought in 2005 begin the handle the resets.
I see so many resales by owners who have owned less than 2 years.
By the fall, we’ll really see the direction of this market and whether it’s really “different this time.” I’m giving the bulls the benefit of the doubt on “it’s different this time” until October. If the market doesn’t plateau as the bulls surmised, then chances are we’ll see a repeat of the 1990s downturn, in proportion to the recent boom.
The Downtown San Diego market is fascinating to watch because it was virtually all built on the boom. If prices drop to 2000 levels then virtually all the Downtown units will be underwater. That will forever obviate the thinking that “you should get in on the ground floor.” Other neighborhoods such as Liberty Station and post 2000 master-planned communities might be similarly affected. It will also reinforce the fact the wise course of action in new development is to buy-and-flip.
I’m looking forward to the autumn leaves. The falling leaves drift by my window. The autumn leaves of red and gold….
Perry, you know better than to say, “That will FOREVER obviate the thinking that you should get in on the ground floor.”
We fallible humans have to (1) relearn lessons we never read or heard about, (2) relearn lessons that our parents warned us about, and (3) relearn lessons that we learned last time around but forgot or chose to ignore, because ‘it’s different this time.’
I’ve come to the conclusion that we humans are logical on an exception basis (both individually and as a species), and are primarily emotional beings with varying degrees of intelligence and self-control.
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