"In a sign that some sellers might be getting discouraged, the San Diego multiple listing service operated by Sandicor Inc., reported that resale homes on the market this week totaled 21,937, down from the August peak of 22,990 after many months of rising listings."
I'm actually suprised at the way it was worded. Instead of saying that things may have picked up a bit in term of sales, they say that "sellers might be discouraged".
Wow! this is the most powerful public evidence we’ve seen so far about the crashing SD real estate. The article claims that overall median prices are down 8.1% from their peak, blows away that stupid Moodys article that SD prices would drop 8.5% by 2008. This number shouldn’t surprise any of us on this board as we’ve been expecting large % drops in median price for a long time. It’s getting ugly folks..hang on for the wild ride down!
Was the Moody’s article claiming another 8.5% from the time of publication or a total of 8.5 ?
I could see another 8.5% for a total of 16.6% being an estimate within the range of possibility. Sure that’s relatively optimistic, but not really bullish.
– – – – – – – – –
I looked back and Moody’s claim was peak-to-trough. Too bad, they could have had some more credibilioty with an additional 8.5 %.
If I recall correctly, that Moody’s article only measured SFR’s, not condos. So while I still believe their estimate of future declines to be naive, it’s not the same number we’re discussing with regard to the UT median.
.
