New Home Sales Drop to New Low Record
Yesterday, existing home sales took yet another tumble,;today it's new home sales. The Commerce Department reported that new home sales fell 10.2 percent in January. This was the worst showing on records going all the way back to 1963.
Here in the West, new home sales plunged 28%. The majority of home sales in San Diego are distressed and bank owned homes.
With the Obama $8,000 home buyers tax credit now in place, it will be extremely interesting to view home sales for February. One can only hope that the $8,000 credit combined with the extremely low mortgage rates around 5% will at least stabilize our housing market. San Diego real estate
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It’s a great time to buy rental properties. The pool of renters keeps getting bigger and bigger.
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We’ve been through this back in the early 90’s remember. It takes a few years to recover. I see new construction slowing down which will cause less inventory and if they decide to build it will be much smaller and with more density type homes. Over building and putting people into homes they couldn’t afford was our first mistake.
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We’re in one of those cycles although this one seems deeper than the others I’ve experienced in the past. Sorry to say I think it’s going to be much longer than after the election, btw, I hope I’m wrong.
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