Real Estate Prices Tumble – Sales Down in the West
The National Association of Realtors said that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units. But, here in the West, sales of existing homes actually dropped by 1.1 percent!
Also, reported by NAR was the fact the median existing sales price in February fell to $195,900, which was the largest year-over-year drop on records that go back to 1999.
The NAR's chief economist, said that prices in some formerly hot markets in California and Florida were seeing significant price declines now as sellers try to attract buyers. San Diego real estate agents
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Much is said now about the state of the real estate market, the recent audacity by the fed chair, and how our dollar is being trampled on by the feds. Much is said about the lack of equity in homes and the lack of liquidity from the few available buyers out there. The economy is dead, all these foreclosures are ruining the state.
Eddy
San Francisco California law
It’s pretty bad in South Florida, too. I’ve lost about 18% on my home within the last 18 months. Ouch!
I was reading the other day that we’ve lost $2.2 trillion in home equity in the US. That’s alot of money out of economy.
Eric
Florida Bail
Well i guess the national average being up is great news. I’m just wondering when San Diego is going to catch up!!
Karen
Acne Treatment
Peter Lynch has been quoted as saying the following:
“You get recessions, you have stock market declines. If you don’t understand that’s going to happen, then you’re not ready, you won’t do well in the markets.”
Peter understands this is reality. Do you? Just as there are ups and downs in the stock market, there are ups and downs in the real estate market. Welcome to reality!
Derek
San Diego Tourism
Consumer demand will drop. Unemployment will rise. The US will go into a recession at best, a depression at worst. Expect first stagflation (high inflation and high unemployment), both because of the increased price of imports and deliberate pump priming by the Fed, then deflation, as asset prices collapse so hard they take everything else with them. The other likely scenario is stagflation followed by hyperinflation. Formal inflation numbers put out will become not just a joke amongst market-watchers, but amongst the actual population. Same thing with unemployment numbers.
James
San Diego California Real Estate Agents