Real Estate Market Bottom or Wishful Thinking?
San Diego real estate market bottom? Seems all the media outlets are announcing the bottom, or “about to occur real estate market bottom.” Naturally, being a real estate broker, I hope the media ‘talking heads’ are correct, but I have reservations.
home mortgage interest rate resets
First, look at the cart above, showing the number of adjustable loans due to have their interest rate reset. Currently, with interest rates low,the actual reset may not be the real worrisome point. I think the adjustment process will be an awakening point to many San Diego homeowners that their mortgage balance is now actually greater than the current resale value of their home.
How many may just decide that instead of making mortgage payments that are not building any equity, and may be much higher than renting a similar home, that it would be best to walk away?
Another important question is how can the San Diego real estate market bottom while unemployment is still rising? San Diego real estate listings
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This is why I know housing is nowhere near bottom. There’s still people like this who believe housing can only go up – any downturn is just a hiccup. Heck, genius Cramer even called a bottom in 2007!!!
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I’m getting real tired of every pollyanna trying to call the housing bottom. Here’s an easy way to tell we have reach normal… sustainable pricing.
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I am surrounded by folks who think this is the time to buy. Just like I was 3 or 4 years ago. Based on home price fundamentals – I don’t see any possibility of a bottom for YEARS. Here, inventory is growing as foreclosures outpace sales.
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Obviously, the big homebuilders have a different perspective, but the bottom line is the same. Prices will continue to decline until unemployment stops growing.
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