[Bugs]

The bulls can say whatever they want, but none of that changes the current supply/demand dynamic. There are way too many listings, way too many of those listings are distressed sellers (and that percentage is increasing), and there are too few real buyers to make a dent in the inventory.

Based on what’s happening right now, prices can basically only do the one thing. The luxury home market isn’t moving as fast yet, but their turn is coming too.

I just reviewed a residential appraisal on a 1950s dogbox for one of my clients today. The appraiser in that assignment used 3 sales that had closed within the last 90 days as well as a pending sale and an active listing, and based on the active listing he still had to value the property lower than any of the closed sales. By $20,000. The property was only valued at $400k.

In 22 years of appraising I have NEVER seen prices decrease this quickly. Some of you may remember when I mentioned last year that a 10% – 12% rate of decline is a lot of movement in a residential market. Well, it still is, but a -20% movement in a single year is positively smoking. It’s the polar opposite of the bulls’ “hot market”.

[Bugs]

The bulls can say whatever they want, but none of that changes the current supply/demand dynamic. There are way too many listings, way too many of those listings are distressed sellers (and that percentage is increasing), and there are too few real buyers to make a dent in the inventory.

Based on what’s happening right now, prices can basically only do the one thing. The luxury home market isn’t moving as fast yet, but their turn is coming too.

I just reviewed a residential appraisal on a 1950s dogbox for one of my clients today. The appraiser in that assignment used 3 sales that had closed within the last 90 days as well as a pending sale and an active listing, and based on the active listing he still had to value the property lower than any of the closed sales. By $20,000. The property was only valued at $400k.

In 22 years of appraising I have NEVER seen prices decrease this quickly. Some of you may remember when I mentioned last year that a 10% – 12% rate of decline is a lot of movement in a residential market. Well, it still is, but a -20% movement in a single year is positively smoking. It’s the polar opposite of the bulls’ “hot market”.

[Bugs]

The bulls can say whatever they want, but none of that changes the current supply/demand dynamic. There are way too many listings, way too many of those listings are distressed sellers (and that percentage is increasing), and there are too few real buyers to make a dent in the inventory.

Based on what’s happening right now, prices can basically only do the one thing. The luxury home market isn’t moving as fast yet, but their turn is coming too.

I just reviewed a residential appraisal on a 1950s dogbox for one of my clients today. The appraiser in that assignment used 3 sales that had closed within the last 90 days as well as a pending sale and an active listing, and based on the active listing he still had to value the property lower than any of the closed sales. By $20,000. The property was only valued at $400k.

In 22 years of appraising I have NEVER seen prices decrease this quickly. Some of you may remember when I mentioned last year that a 10% – 12% rate of decline is a lot of movement in a residential market. Well, it still is, but a -20% movement in a single year is positively smoking. It’s the polar opposite of the bulls’ “hot market”.

[Bugs]

The bulls can say whatever they want, but none of that changes the current supply/demand dynamic. There are way too many listings, way too many of those listings are distressed sellers (and that percentage is increasing), and there are too few real buyers to make a dent in the inventory.

Based on what’s happening right now, prices can basically only do the one thing. The luxury home market isn’t moving as fast yet, but their turn is coming too.

I just reviewed a residential appraisal on a 1950s dogbox for one of my clients today. The appraiser in that assignment used 3 sales that had closed within the last 90 days as well as a pending sale and an active listing, and based on the active listing he still had to value the property lower than any of the closed sales. By $20,000. The property was only valued at $400k.

In 22 years of appraising I have NEVER seen prices decrease this quickly. Some of you may remember when I mentioned last year that a 10% – 12% rate of decline is a lot of movement in a residential market. Well, it still is, but a -20% movement in a single year is positively smoking. It’s the polar opposite of the bulls’ “hot market”.

[Bugs]

The bulls can say whatever they want, but none of that changes the current supply/demand dynamic. There are way too many listings, way too many of those listings are distressed sellers (and that percentage is increasing), and there are too few real buyers to make a dent in the inventory.

Based on what’s happening right now, prices can basically only do the one thing. The luxury home market isn’t moving as fast yet, but their turn is coming too.

I just reviewed a residential appraisal on a 1950s dogbox for one of my clients today. The appraiser in that assignment used 3 sales that had closed within the last 90 days as well as a pending sale and an active listing, and based on the active listing he still had to value the property lower than any of the closed sales. By $20,000. The property was only valued at $400k.

In 22 years of appraising I have NEVER seen prices decrease this quickly. Some of you may remember when I mentioned last year that a 10% – 12% rate of decline is a lot of movement in a residential market. Well, it still is, but a -20% movement in a single year is positively smoking. It’s the polar opposite of the bulls’ “hot market”.

[Bugs]

If you think there’s a lot of demand at $400k, you’ll really like how much demand there will be at $300k.

I reckon much of North County inland is right about where Temecula was this time last year.

[Bugs]

If you think there’s a lot of demand at $400k, you’ll really like how much demand there will be at $300k.

I reckon much of North County inland is right about where Temecula was this time last year.

[Bugs]

If you think there’s a lot of demand at $400k, you’ll really like how much demand there will be at $300k.

I reckon much of North County inland is right about where Temecula was this time last year.

[Bugs]

If you think there’s a lot of demand at $400k, you’ll really like how much demand there will be at $300k.

I reckon much of North County inland is right about where Temecula was this time last year.

[Bugs]

If you think there’s a lot of demand at $400k, you’ll really like how much demand there will be at $300k.

I reckon much of North County inland is right about where Temecula was this time last year.

[Bugs]

BTW, I’ve been wrong before about future trends, so it’s entirely possible I’m wrong this time, too. So far, I’ve been wrong about the timing, not the direction or the consequence; but my timing sucks really hard so that calls all of my judgment into question.

I called the turn around in the mid-1990s early by 2 years, and more I called the turn around in the residential markets early by 2 years. So I’m an idiot and nobody should listen to me on timing.

[Bugs]

BTW, I’ve been wrong before about future trends, so it’s entirely possible I’m wrong this time, too. So far, I’ve been wrong about the timing, not the direction or the consequence; but my timing sucks really hard so that calls all of my judgment into question.

I called the turn around in the mid-1990s early by 2 years, and more I called the turn around in the residential markets early by 2 years. So I’m an idiot and nobody should listen to me on timing.

[Bugs]

BTW, I’ve been wrong before about future trends, so it’s entirely possible I’m wrong this time, too. So far, I’ve been wrong about the timing, not the direction or the consequence; but my timing sucks really hard so that calls all of my judgment into question.

I called the turn around in the mid-1990s early by 2 years, and more I called the turn around in the residential markets early by 2 years. So I’m an idiot and nobody should listen to me on timing.

[Bugs]

BTW, I’ve been wrong before about future trends, so it’s entirely possible I’m wrong this time, too. So far, I’ve been wrong about the timing, not the direction or the consequence; but my timing sucks really hard so that calls all of my judgment into question.

I called the turn around in the mid-1990s early by 2 years, and more I called the turn around in the residential markets early by 2 years. So I’m an idiot and nobody should listen to me on timing.

[Bugs]

BTW, I’ve been wrong before about future trends, so it’s entirely possible I’m wrong this time, too. So far, I’ve been wrong about the timing, not the direction or the consequence; but my timing sucks really hard so that calls all of my judgment into question.

I called the turn around in the mid-1990s early by 2 years, and more I called the turn around in the residential markets early by 2 years. So I’m an idiot and nobody should listen to me on timing.

[Author]

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