No Downturn in San Diego Real Estate Values?
I just received a call from a long-term reader who attended the Mid Year Economic Summit for San Diego. She informed me that our County Tax Assessor who was one of the featured speakers there, said "There is no downturn in real estate values."
Personally, knowing Mr. Smith, I think this reader may have mis-heard Mr. Smith's statement or had taken his statement out of context.
This is because our current real estate downturn is VERY strong in the low to mid-ranged markets.
If there are any doubters, please view my graph of San Diego values from June '07 to June '06. You can view the graph at:
http://www.brokerforyou.com/brokerforyou/index.php?paged=2
Many of the San Diego neighborhoods shown have had double digit declines with some exceeding 30%! Now, if one considers that the top of the San Diego market was in the Summer of 2005, I would venture to say most San Diego attached housing has dropped OVER 20% for the two year period from Summer of 2005 to today!
Also, the VAST MAJORITY of resale residential sales are being made with substantial seller concessions. These concessions, like interest rate buy-downs and payment of buyer's closing costs, cost sellers thousands, and yet do not show up in any of the sales stats! So, the REAL San Diego value declines are of a much greater magnitude than any reporting service is showing![tags]San Diego real estate,San Diego real estate bubble,housing bubble,real estate bust[/tags]San Diego real estate agents
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Normally I would be cracking jokes, but this time around it’s not as funny. Everyone’s dying! Everyone needs to give 100% to 125% LTV loans again with decent FIXED interest rates, then the borrowers would be able to make the payments. Otherwise, ???
Lasik San Diego
Good time to buy? Well that depends on a bunch of stuff beyond the market. The reason we are in this current foreclosure situation is because a lot of buyers shouldn’t have been buyers. Get with a good local REALTOR(r) and a good local Mortgage professional and you should be able to find some deals in the market.
Century 21 San Diego
Welcome to sunny, balmy San Diego County and its RAGING Buyer’s Market!
The general real estate sentiment was mirrored in Federal Chairman’s Ben Bernanke’s May 17 address, when he said that increased deliquencies and foreclosures would continue to weigh on the market “this year and next.” San Diego bail bonds
In 2005 most of the commenters on the real estate market were saying there’s no bubble and our mini boom would never end, this is a sure sign that an end is fast approaching.
Nathan
San Diego CA Cosmetic Dentistry
It’s just surprising that so many people with the clear signs that were present in 2004 and 2005 didn’t say that the San Diego real estate bubble was about to bust.
Virginia
San Diego Law