San Diego Real Estate … the Worst is Yet to Come
Thinking of selling your San Diego home? Should you sell now or wait? Who really knows? The only thing I can assure my clients of, is I will get them the best possible price, buying or selling for the current market time. Where market is going, is pure speculation
With that said, the slow summer San Diego market (usually this season has the highest real estate activity) may indicate that the situation will be even worse down the road, as lenders who are now enduring a surge in mortgage delinquencies among subprime and other less-creditworthy borrowers try to unload a growing number of foreclosed homes.
"There's a lot on the market and more on the way," Credit Suisse housing analyst Ivy Zelman says of surging numbers of bank-owned homes. According to her analysis, nationally, the pent-up supply of such distressed properties could add more than a half-million "must sell" homes to the market in the coming two to six months.[tags]San Diego,San Diego real estate,San Diego real estate bubble,San Diego housing,real estate bubble[/tags] San Diego downtown condominiums San Diego real estate agents San Diego housing bubble
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Wall Street has to an idiot to think that consumers can pay back those loans (Option ARMs) and take on those mortgage-backed securities BASED on those loans.
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I don’t read much about how a lot of people who buy expensive houses are in the real estate field themselves. I have some friends in the business (mortgages, title insurance, Real Estate agent, builder and appraiser) The Mortgage Broker, Real Estate Agent and Builder said that they are hurting right now. The Apprasier said he is busy and I never asked the person in Title Insurance. All of them have done unbelievably well for themselves over the last few years. I wonder how much they will be affected by this. I think the RE Agent is starting to look for another job. I think everyone else is going to wait it out.
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The credit bubble is bursting but that’s not preventing lenders from beating a dead horse, to keep with the animal metaphors. i was out of town this week and when i returned and checked my mail i found no fewer than 9 (!) pre-approvals for credit cards plus an offer for a heloc on an investment home i own from – guess who? – countrywide!
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I just finished watching the WSJ and the topic dejour was housing. However, it doesn’t seem like many folks are concerned. If anything, they were saying now is a good time to buy because inventory is high even after admitting housing will be slow until 2009. I’m not sure how unbiased these people are but the data is contrary to what they are seeing. Hence the battle between bulls and bears.
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