San Diego Home Prices Drop for 2nd. Month in a Row!
San Diego County, July prices depreciated for the second straight month in a row. San Diego’s median price fell 1.8% to $487,000 last month compared to the year-ago period, while sales dropped nearly 30%, DataQuick said.
Also, DataQuick Information systems Inc., a La Jolla-based real estate information company, reported that second quarter California foreclosure activity rose at the fastest pace in at least 14 years, the result of waning home price appreciation.
The California Association of Realtors expects a decline in membership — with veterans as well as new licensees dropping out — next year and in 2008 as the market will likely continue to soften.
Home prices down, foreclosure activity up and real estate agents leaving the business….anyone still not believe we have entered a major downturn for San Diego real estate?
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Personally, I believe our current downturn
will be much more severe than the one in the early 90’s!
It’s ok with
me, as long as the Government does not use tax payer money to bail out
all the
people who gambled with 100% loans and below market interest rates!
I like the
way your new
San Diego downtown real estate site is coming along.
Larry
acne treatment
You may kick yourself for buying close to a peak, but the market still goes up and you end up with a relative bargain. Investors spend a lot of money researching the peaks and valleys, only to lose it big because the “experts” got it wrong. That’s exactly what happened with the dot com bust. Many people thought that the peak hadn’t arrived yet.
I don’t think anyone deliberately bought homes at the ‘peak’. People were hoping that the real estate market would continue to skyrocket but it didn’t. Have faith though, the real estate market like everything else runs in cycles. Personally, I don’t see this cycle lasting too long and I think in two to three years the market will improve.
In SF Bay Area, the inventory continue to raise as seller starting to cut asking price, becasue summer is over. That is here though… I heard Texas is doing better?
I am thinking of investing in west Texas real estate….The market has slowed, but not substantially….I was wondering if I should keep waiting, or buy now…? what are your thoughts? thanks!
For those living in denial: You are fooling only yourselves.
Tough times in real estate may change the San Diego conventional wisdom that you can never lose in real estate.
Frank
SD County Real Estate Agents
I’m buying a home not so much as an investment but as a place to live and raise a family.
Laura
San Diego County Real Estate