San Diego Real estate Good News
Best of all, the inventory of existing homes dropped to 8.7 months (at t he current sales rate) for single-family homes – and the number of homes for sale is at its lowest level in two years. Six months is the natural rate of inventories, so we're getting there! In California, sales for 2008 were up an estimated 27% and a state trade group's Unsold Inventory Index was at 5.6 months. Another report showed five communities had year-over-year INCREASES in median home prices.
Thursday gave us December new homes sales at a 331,000 annual rate and the supply at 12.9 months, all because of the slower sales pace. But the number of new homes in inventory fell to 359,000, down 27.6% for 2008. It was also reported there were 850,000 foreclosures last year. That's not a great number, but it's not a Great Depression either. It's 0.67% of all US homes. This post information was provided by: Greg Brooks southwest area manager San Diego Mortgage Network (800) 287-8292 x 225
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Yes house prices might fall even more than during the great depression but maybe there are just different drivers and each depression will be driven by completely different circumstances. Maybe a recession would not be a bad thing over the long run.
Real Estate Agent
I’m confident that there is a silver lining in all of this. I envision that one day in the near future, we will encounter nothing but smooth transactions without all of the “mortgage drama” ….”Lender abuse”…and the old-fashioned “bait and switch” so rampant in the 1990s and early 2000s. Thank God!
San Diego Dentist
With the dollar strengthening, I see this as a good sign. It may help interest rates to subside a bit. BUT, we have so far to go to get back to anything like a normal market.
Austin Bankruptcy Agency
Historically it has been proven that one generally stays about five to seven years in a home. Hence, to all doomsday sayers, even if you buy now you will do well when it comes to selling.
SD Medical Researcher