Was There A San Diego Real Estate Recovery?
Bob Schwartz San Diego Realtor
There has not yet been a recovery in the San Diego real estate market!
There was a short head-fake provided by trillions of dollars in taxpayer funds that were thrown at the real estate market by both the Federal government and the fiscally astute, California legislature.
Foreclosures have remained at near-record levels, as has unemployment. Are there still San Diego homeowners who are fooled into thinking real estate green shoots are here, or just around the corner?
Seasonally this is the best real estate marketing time yet record low home sales at record low interest rates tell the entire story.
For an in-depth view on the San Diego housing market, see my 7-7-10 post: San Diego real estate 2010 2nd. Half Outlook … double-dips
Just this week, MDA DataQuick reported San Diego County home sales dropped 21 percent from June. This was the slowest July since 1995. Also, it was the lowest July for new-home sales since DataQuick began tracking the San Diego market in 1988!
San Diego MLS listings
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Yes, house sales in New Zealand are flat too. The Real Estate Institute of New Zealand said on Friday that total house sales in New Zealand declined last month, while house prices also fell.
A total of 4,411 homes were sold in the country in July – down from the 4,575 sold in June but still higher than the record low of only 3,666 sales last January. This marks the lowest residential sales turnover for a July month in ten years.
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