Friday, August 25, 2006

Lereah: 'Hard Landings' Possible For California Cities



From USA Today:

Existing home sales posted an unexpectedly sharp drop last month to the lowest level since January 2004 and home prices fell in all regions of the country but the South, the National Association of Realtors said Wednesday...

"I was disappointed, it was a lot lower than I anticipated," said David Lereah, NAR's chief economist. "What is clear to me is sellers are more stubborn than I expected them to be. We definitely need a correction in prices in order for buyers to come back into the market."

He said he expects home prices to come down 5% nationally, more in some markets, less in others. And a few cities in Florida and California, where home prices soared to nose-bleed heights, could have "hard landings," he said.
Uh-oh. Bad sign when the chief optimist for NAR is mentioning 'hard landings.' Guess I'll have to launch Sacramento Crash Land(ing) soon. By the way, where in California did home prices not soar to "nose-bleed heights" in comparison to incomes?

7 comments:

Marinite said...

Good catch lander! I had to link back to this post.

James said...

Lander: By the way, where in California did home prices not soar to "nose-bleed heights" in comparison to incomes?

Taft. It sports a median price of $158,000 according to CAR. I'm sure if you're willing to pony up a little more than the median you can get a spacious lot with a view of the many refineries and oil wells that dot the area.

smoggiebakersfield said...

James said...
"Lander: By the way, where in California did home prices not soar to "nose-bleed heights" in comparison to incomes?

Taft. It sports a median price of $158,000 according to CAR. I'm sure if you're willing to pony up a little more than the median you can get a spacious lot with a view of the many refineries and oil wells that dot the area."

Don't forget all the toothless crack addicts, that beautiful Taft attacts..hehehehe

Ali, in Cali said...

Lander said:

"Uh-oh. Bad sign when the chief optimist for NAR is mentioning 'hard landings.'"

What about his predicting a 5% NATIONAL price decline?!?!?! That's something that hasn't happened since the Depression and here is the big cheese of the National Assoc. of Realtors saying get ready. That is a statement too big to be ignored.

Bakersfield Bubble said...

Thanks for adding me to your blog roll!

crispy&cole

Anonymous said...

How do we find out how to get a list of foreclosures...the ones that will be auctioned off at the court houses.

Anonymous said...
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