San Diego Home Values Fall 5.6% & Sales Drop 36.4%
Today, The California Association of Realtors reported that San Diego home values fell 5.6% in September 2007 vs. September 2006.San Diego home sales were also down 36.4% for the same one year period!
Also, the report showed:
- C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in September 2007 was 16.6 months, compared with 6.4 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
- The median number of days it took to sell a single-family home was 57.2 days in September 2007, compared with 54 days for the same period a year ago. A few of our prior posts on home values were:San Diego Real Estate — It’s Always Hard to Sell Into a Rising Market, Interest Rate Cut . . . Is This The Bottom Of The Real Estate Market?, California Real Estate Investors Prime Loan Default Rate Increases, Employment Report Negative Surprise . . . for Some, San Diego Housing Bust … How Bad Can It Get?, , Jumbo Loan Rates About to Hit Luxury San Diego Real Estate Sales, #1 Cause of San Diego Housing Value Decline [tags]San Diego home values, San Diego home sales, San Diego real estate bubble, San Diego housing bubble[/tags] San Diego real estate brokers
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So how bad is it? I hear all these ramblings, fancy financial terms and so on. But what does it all really mean? Does the US collapse? Do we see soup lines and down trodden people like the experience was during the Great Depression? Seems to me the US financial catastrophe is pretty simple. Our government and the citizens of the US have consistently spent more than they take in. At some point the debt becomes so great we are unable to pay it back, or manage it. When we are no longer able to pay our debts what happens? Do we surrender assets, land and military hardware to the foreign nationals we’ve been burrowing money from over the last two decades? Maybe a fire sale of America? The whole system is a sham and we only have ourselves and those shysters in Wall Street and the Scum of Washington DC to blame..Sorry to say but, neither McCain, Clinton nor Obama will be able to save us from this SNAFU. The concept of uncontrolled spending and deficit through credit has finally caught up with us. This decade is perhaps a time for reckoning in which our short sighted ways and embrace of Wall Street’s psychopathic free market capitalism garnered by greed and unequaled corruption will finally get the best of us..
Lindsay
San Diego County Medical Research
Home prices will fall up to 50%, the Fed cant keep up wit da jingle mail folks, cutting rates to 0 = 33% inflation. Poor, poor timing. Jimmy Rogers recently called on Blind Ben to resign, a total screw up.
Larry
Los Angeles California Bail