We have hit bottom!

[(former)FormerSanDiegan]

The number was based on sales as reported by DataQuick. Sales were so low in Sept 2007 that it was a fairly easy number to beat. Also, Sept 08 sales were higher than August ’08, so there was some relative strength in the number of sales. This was driven by lower priced homes and foreclosures.
We may have seen the bottom in sales, but remember it takes a couple years of sustained changes in sales to start impacting price. Remember, sales peaked in 2003 or so and prices didn’t start dropping noticeably until late 2005.

In the early-mid 1990’s slump sales bottomed somewhere around 1993, but prices didn’t pick up until 1996 or later in some areas.

So, even if Fall 2007 was the bottom in sales, there is plenty of must-sell and want to sell inventory in the pipeline that one doesn’t need to worry about missing the upswing for at least a year or two.

[XBoxBoy]

I think it’s also important to point out that not all San Diego is behaving the same. I watch La Jolla pretty closely, and I can tell you that there are no signs of a bottom there. Inventory is way up, sales are very low, and while many sellers are “holding out” a few motivated sellers are smashing the comps in big ways. So, while there might be a bottom in outlying areas where banks are unloading foreclosed properties, I don’t think there are any signs of a bottom in higher priced areas yet.

XBoxBoy

[XBoxBoy]

I think it’s also important to point out that not all San Diego is behaving the same. I watch La Jolla pretty closely, and I can tell you that there are no signs of a bottom there. Inventory is way up, sales are very low, and while many sellers are “holding out” a few motivated sellers are smashing the comps in big ways. So, while there might be a bottom in outlying areas where banks are unloading foreclosed properties, I don’t think there are any signs of a bottom in higher priced areas yet.

XBoxBoy

[XBoxBoy]

I think it’s also important to point out that not all San Diego is behaving the same. I watch La Jolla pretty closely, and I can tell you that there are no signs of a bottom there. Inventory is way up, sales are very low, and while many sellers are “holding out” a few motivated sellers are smashing the comps in big ways. So, while there might be a bottom in outlying areas where banks are unloading foreclosed properties, I don’t think there are any signs of a bottom in higher priced areas yet.

XBoxBoy

[XBoxBoy]

I think it’s also important to point out that not all San Diego is behaving the same. I watch La Jolla pretty closely, and I can tell you that there are no signs of a bottom there. Inventory is way up, sales are very low, and while many sellers are “holding out” a few motivated sellers are smashing the comps in big ways. So, while there might be a bottom in outlying areas where banks are unloading foreclosed properties, I don’t think there are any signs of a bottom in higher priced areas yet.

XBoxBoy

[XBoxBoy]

I think it’s also important to point out that not all San Diego is behaving the same. I watch La Jolla pretty closely, and I can tell you that there are no signs of a bottom there. Inventory is way up, sales are very low, and while many sellers are “holding out” a few motivated sellers are smashing the comps in big ways. So, while there might be a bottom in outlying areas where banks are unloading foreclosed properties, I don’t think there are any signs of a bottom in higher priced areas yet.

XBoxBoy

[Aecetia]

I think it is wishful thinking that this is the bottom.

[Aecetia]

I think it is wishful thinking that this is the bottom.

[Aecetia]

I think it is wishful thinking that this is the bottom.

[Aecetia]

I think it is wishful thinking that this is the bottom.

[Aecetia]

I think it is wishful thinking that this is the bottom.

[peterb]

If we could only see where those NOD’s are hitting!!! Or perhaps tracking homes that are behind on their property tax payments? If you believe Mr. Mortgage is on the right track, then higher priced hoods should be feeling pain in the coming months. But the really wealthy can sustain many long periods of slow economic growth. So their not going anywhere.

[peterb]

If we could only see where those NOD’s are hitting!!! Or perhaps tracking homes that are behind on their property tax payments? If you believe Mr. Mortgage is on the right track, then higher priced hoods should be feeling pain in the coming months. But the really wealthy can sustain many long periods of slow economic growth. So their not going anywhere.

[peterb]

If we could only see where those NOD’s are hitting!!! Or perhaps tracking homes that are behind on their property tax payments? If you believe Mr. Mortgage is on the right track, then higher priced hoods should be feeling pain in the coming months. But the really wealthy can sustain many long periods of slow economic growth. So their not going anywhere.

[peterb]

If we could only see where those NOD’s are hitting!!! Or perhaps tracking homes that are behind on their property tax payments? If you believe Mr. Mortgage is on the right track, then higher priced hoods should be feeling pain in the coming months. But the really wealthy can sustain many long periods of slow economic growth. So their not going anywhere.

[Author]

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