We have hit bottom!

[peterb]

A quick inside note on Jolly Roger. A close friend of mine worked for him back in the day when he was mayor. He said, Roger is quick to chime in on almost any subject with an opinion. Even when he hasnt the slightest idea what he’s talking about!! No wonder he makes for a good radio talk show guy.

[cr]

50% of sales in California were foreclosures. This was on CR, from the LA Times Land Blog:

“A total of 20,497 new and resale houses and condos closed escrow in the six-county Southland in September, up 5.8 percent from 19,366 in August and up 64.6 percent from 12,455 in September 2007, according to San Diego-based MDA DataQuick, a real estate information service.

Fifty percent of all existing homes that closed escrow in September had been foreclosed on at some point in the prior year. That’s up from 45.5 percent in August and 12.6 percent in September last year.”

I almost posted this yesterday, thinking the bottom callers would come out. They seem fewer and it took longer than normal this time. that tells me we’re sitll not quite there.

Take away the foreclosures and sales are down from last year. What I’m wondering is if the number of foreclosure sales includes bank repos, though it would probably say that. Anyone know?

[cr]

50% of sales in California were foreclosures. This was on CR, from the LA Times Land Blog:

“A total of 20,497 new and resale houses and condos closed escrow in the six-county Southland in September, up 5.8 percent from 19,366 in August and up 64.6 percent from 12,455 in September 2007, according to San Diego-based MDA DataQuick, a real estate information service.

Fifty percent of all existing homes that closed escrow in September had been foreclosed on at some point in the prior year. That’s up from 45.5 percent in August and 12.6 percent in September last year.”

I almost posted this yesterday, thinking the bottom callers would come out. They seem fewer and it took longer than normal this time. that tells me we’re sitll not quite there.

Take away the foreclosures and sales are down from last year. What I’m wondering is if the number of foreclosure sales includes bank repos, though it would probably say that. Anyone know?

[cr]

50% of sales in California were foreclosures. This was on CR, from the LA Times Land Blog:

“A total of 20,497 new and resale houses and condos closed escrow in the six-county Southland in September, up 5.8 percent from 19,366 in August and up 64.6 percent from 12,455 in September 2007, according to San Diego-based MDA DataQuick, a real estate information service.

Fifty percent of all existing homes that closed escrow in September had been foreclosed on at some point in the prior year. That’s up from 45.5 percent in August and 12.6 percent in September last year.”

I almost posted this yesterday, thinking the bottom callers would come out. They seem fewer and it took longer than normal this time. that tells me we’re sitll not quite there.

Take away the foreclosures and sales are down from last year. What I’m wondering is if the number of foreclosure sales includes bank repos, though it would probably say that. Anyone know?

[cr]

50% of sales in California were foreclosures. This was on CR, from the LA Times Land Blog:

“A total of 20,497 new and resale houses and condos closed escrow in the six-county Southland in September, up 5.8 percent from 19,366 in August and up 64.6 percent from 12,455 in September 2007, according to San Diego-based MDA DataQuick, a real estate information service.

Fifty percent of all existing homes that closed escrow in September had been foreclosed on at some point in the prior year. That’s up from 45.5 percent in August and 12.6 percent in September last year.”

I almost posted this yesterday, thinking the bottom callers would come out. They seem fewer and it took longer than normal this time. that tells me we’re sitll not quite there.

Take away the foreclosures and sales are down from last year. What I’m wondering is if the number of foreclosure sales includes bank repos, though it would probably say that. Anyone know?

[cr]

50% of sales in California were foreclosures. This was on CR, from the LA Times Land Blog:

“A total of 20,497 new and resale houses and condos closed escrow in the six-county Southland in September, up 5.8 percent from 19,366 in August and up 64.6 percent from 12,455 in September 2007, according to San Diego-based MDA DataQuick, a real estate information service.

Fifty percent of all existing homes that closed escrow in September had been foreclosed on at some point in the prior year. That’s up from 45.5 percent in August and 12.6 percent in September last year.”

I almost posted this yesterday, thinking the bottom callers would come out. They seem fewer and it took longer than normal this time. that tells me we’re sitll not quite there.

Take away the foreclosures and sales are down from last year. What I’m wondering is if the number of foreclosure sales includes bank repos, though it would probably say that. Anyone know?

[DWCAP]

It is simple supply and demand. We have more demand at a lower price. That doesnt mean that price is starting to appreciate, only that we will have to crash through multiple demand levels on our way down. I think most people care about price bottoms, not sales levels (though the two are connected). So we hit a sales bottom, doesnt mean we will start seeing appreciation, which is the natural conclusion if you are telling everyone to go out and buy now. We all saw the demand levels back in September 07, and things economically have only gotten worse since then. There is no support for price appreciation right now, not when the only thing driving the increased sales is falling prices.
Take an example in the stock market. RE moves alot slower than stocks, but we can have plenty of days when stocks are crashing and the sales numbers are way way up. Does that mean it is a good time to buy? Maybe, maybe not. You need more info than that.

[DWCAP]

It is simple supply and demand. We have more demand at a lower price. That doesnt mean that price is starting to appreciate, only that we will have to crash through multiple demand levels on our way down. I think most people care about price bottoms, not sales levels (though the two are connected). So we hit a sales bottom, doesnt mean we will start seeing appreciation, which is the natural conclusion if you are telling everyone to go out and buy now. We all saw the demand levels back in September 07, and things economically have only gotten worse since then. There is no support for price appreciation right now, not when the only thing driving the increased sales is falling prices.
Take an example in the stock market. RE moves alot slower than stocks, but we can have plenty of days when stocks are crashing and the sales numbers are way way up. Does that mean it is a good time to buy? Maybe, maybe not. You need more info than that.

[DWCAP]

It is simple supply and demand. We have more demand at a lower price. That doesnt mean that price is starting to appreciate, only that we will have to crash through multiple demand levels on our way down. I think most people care about price bottoms, not sales levels (though the two are connected). So we hit a sales bottom, doesnt mean we will start seeing appreciation, which is the natural conclusion if you are telling everyone to go out and buy now. We all saw the demand levels back in September 07, and things economically have only gotten worse since then. There is no support for price appreciation right now, not when the only thing driving the increased sales is falling prices.
Take an example in the stock market. RE moves alot slower than stocks, but we can have plenty of days when stocks are crashing and the sales numbers are way way up. Does that mean it is a good time to buy? Maybe, maybe not. You need more info than that.

[DWCAP]

It is simple supply and demand. We have more demand at a lower price. That doesnt mean that price is starting to appreciate, only that we will have to crash through multiple demand levels on our way down. I think most people care about price bottoms, not sales levels (though the two are connected). So we hit a sales bottom, doesnt mean we will start seeing appreciation, which is the natural conclusion if you are telling everyone to go out and buy now. We all saw the demand levels back in September 07, and things economically have only gotten worse since then. There is no support for price appreciation right now, not when the only thing driving the increased sales is falling prices.
Take an example in the stock market. RE moves alot slower than stocks, but we can have plenty of days when stocks are crashing and the sales numbers are way way up. Does that mean it is a good time to buy? Maybe, maybe not. You need more info than that.

[DWCAP]

It is simple supply and demand. We have more demand at a lower price. That doesnt mean that price is starting to appreciate, only that we will have to crash through multiple demand levels on our way down. I think most people care about price bottoms, not sales levels (though the two are connected). So we hit a sales bottom, doesnt mean we will start seeing appreciation, which is the natural conclusion if you are telling everyone to go out and buy now. We all saw the demand levels back in September 07, and things economically have only gotten worse since then. There is no support for price appreciation right now, not when the only thing driving the increased sales is falling prices.
Take an example in the stock market. RE moves alot slower than stocks, but we can have plenty of days when stocks are crashing and the sales numbers are way way up. Does that mean it is a good time to buy? Maybe, maybe not. You need more info than that.

[34f3f3f]

I think that statement is ignorance, inside denial wrapped in a dream. Either that or he’s a protagonist with a job interview for the devil’s advocate.

[34f3f3f]

I think that statement is ignorance, inside denial wrapped in a dream. Either that or he’s a protagonist with a job interview for the devil’s advocate.

[34f3f3f]

I think that statement is ignorance, inside denial wrapped in a dream. Either that or he’s a protagonist with a job interview for the devil’s advocate.

[34f3f3f]

I think that statement is ignorance, inside denial wrapped in a dream. Either that or he’s a protagonist with a job interview for the devil’s advocate.

[Author]

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