California Real Estate 2010 Forecast
California real estate 2010 forecast
The California Association of Realtors’ 2010 housing market forecast calls for home sales to slow by 2.3 percent from a projected 540,000 homes this year to 527,000 next year.
California home sales bottomed in late 2007 at 346,900 units, but have turned around since then, fueled by cheap foreclosed homes and a federal tax credit.
The loss of the tax incentive coupled with rising unemployment — already above 12 percent in California — will put some potential buyers back on the sidelines, said Leslie Appleton-Young, the association’s chief economist.
“Those two things might dull the prospect for sales a little bit,” Appleton-Young said. “But the drop is very modest and you’re still looking at a robust level of sales.
“I don’t see a tsunami of foreclosures,” “I see an elevated level of foreclosures over the next couple of years, and an acceleration of foreclosures at the upper end of the market.”
San Diego real estate agents
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For me, our collapse, and our total inability to understand how things work, all seems to be just a little too perfect to be a coincedence. But that’s just me.
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When I look through the MLS it seems like all I see is contingent listings. All that ‘fake’ inventory, many of which will not be sold until the bank forecloses and re-lists, makes it hard to know what the local market can bear. There is a lot of talk about a foreclosure flood farther hurting the market, but I think some liquidity would be good. At least it would bring people back to the table.
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