San Diego California Zillow First Quarter Real Estate Market Report
A just released Zillo report showed that home values continued to slide for the ninth consecutive quarter, declining 14.2 percent from a year ago, and falling 21.8 percent since the market peak in 2006. Additionally, one-fifth (21.9%) of all homeowners in the United States is in negative equity, and one in five homes sold in the past 12 months was a foreclosure.
The Zillo report also showed that there is a massive amount of "shadow inventory" waiting to come online. Specifically, 12% of homeowners say they're "very likely" to put their home on the market if there was evidence that the market was turning around. Another 8% were "likely" and another 12% were "somewhat likely". In short, there might be another ~20 million homes waiting in the wings to come onto the market as we see signs of a recovery. When asked what "sign of recovery" they needed, 71% said "increasing home sales in my neighborhood". That's a massive amount of potential new listings. San Diego real estate agents
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It seems that SD real estate follows about a 10 year boom to bust cycle; perhaps it takes 10 years for people to forget the last bust.
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The extraordinarily high prices for San Diego real estate really make the investment potential very risky when the average rent doesn’t come anywhere near the carrying charges an owner has to pay.
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It seems the speculators had bailed out of San Diego real-estate and are now into commodities.
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I believe a lot of people who purchased with subprime loans and were not really qualified have to accept the inevitable consequences and perhaps build up their savings and credit while renting until the next purchase opportunity.
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