Double Digit Soft Landing?
DataQuick's dqnews.com has posted their September numbers for California (archived here). From the Sacramento Business Journal:
All four counties reported lower median home prices, including a 16.5 percent decline in Placer and 15.6 percent in Yolo. Sacramento and El Dorado counties fared relatively better, with price drops of 6.1 percent and 1.8 percent, respectively...
Several area cities reported double-digit price decline, including a 27.1 percent tumble in West Sacramento to $350,000, according to the monthly report. Lincoln and Roseville prices plummeted 18.4 percent and 17.9 percent, respectively.
Only a handful of local cities reported slight increases in home prices, paced by 2 percent in Rancho Cordova and 1.7 percent in El Dorado Hills.
11 comments:
This is getting very interesting, even when the economy is supposedly very strong. What's going to happen when we have a recession next year?
Compton and Barstow RE is booming!!!!
That's where my investment $$$ are headed now!
Compton and Barstow RE is booming!!!!
That's because Sacramento owners are cashing out and moving upscale to nicer areas.
The problem with all the "economy" hype is that it is, just "hype"...
The fact is the economy is not strong...Walmart is doing ok, but the dollars from that magnificent organization flow to the wealthy or to China...
China now wants to import their cars into the US Market and are looking for distributing networks (Chrysler/Jeep) but want no part of manufacturing of US employees...
and that's the vote in Ohio on November 7...
Those holding all the recent notes on those really fine real estated "deals"...China, Korea, Japan, Europe are going to want to be repaid...
The Housing and Real Estate Crash is just the start...
"They don't make it here anymore"...James McMurtry (Larry's son)
Yeah, strong economy seams to mean global corporations open a bunch of retail chain stores that pay starvation wages and offer ever decreasing benefits, while honest paying jobs vanish.
norcal ray said...
"When the going gets tough, the smart cash out. Of course, it would be better to cash out before the going got tough. But better late than never."
No. When the going gets tough the the tough get going. Before the going gets tough the smart get gone. The smart boat left in Feburary. The smart and tough boat left in May. The tough boats are the only ones left. They leave all the time. You can tell the tough boats. The ticket holders say "it was tough but I got my ticket." Sometimes the people who are stuck behind ask "what about me?" The answer is "tough."
Relax...according the the following the worst is over..ha
Existing-Home Sales, Prices Slip Lower in September
Existing-home sales eased last month, as did the number of homes available for sale, which indicates the housing market is stabilizing, according to the National Association of Realtors.
Total existing-home sales – including single-family, townhomes, condominiums and co-ops – dipped 1.9% to a seasonally adjusted annual rate of 6.18 million units in September from a level of 6.30 million in August, and were 14.2% below the 7.20 million-unit pace in September 2005, which was the third strongest month on record.
“Considering that existing-home sales are based on closed transactions, this is a lagging indicator and the worst is behind us as far as a market correction – this is likely the trough for sales,” said David Lereah, chief economist for the association.
“When consumers recognize that home sales are stabilizing, we’ll see the buyers who’ve been on the sidelines get back into the market, and sales will be at more normal levels in the wake of the unsustainable boom that we saw last year.”
Total housing inventory levels fell 2.4% at the end of September to 3.75 million existing homes available for sale, which represents a 7.3-month supply at the current sales pace.
The national median existing-home price for all housing types was $220,000 in September, down 2.2% from September 2005 when the median was $225,000.
2 1.5 million dollar Mcmansions in EDH just burned to the ground last night.
Enquiring minds want to know:
-Who owned them?
-Were they "spec" homes?
-Did the buyers recently back out? hmmm?
Was somebody mebbe a lil upside down on them?
Hmmmmmmmmmmm
--A Construction Worker
A lot of talk about Folsom Asbestos lately. Supposedly that stuff is all over the place in Folsom and El Dorado hills. I would never buy a home in area where asbestos is coming out of the earth. Folsom is going be on the news one of these days as the CANCER CAPITOL OF AMERICA!!!!
GDP dropping like a stone(reported this morning at 1.6%) but "the consumer" continues to spend unabated. What happens when the credit lines run out and "the consumer" gets crushed under the weight of debt service? This is a very ugly scene setting up. Recession on the way in '07 as "the consumer" is consumed out and frantically tring to make the new mortgage payment, fill the gas tank, and buy the groceries. I believe all the numbers will remain somewhat tame until after the election, then the gloves come off and reality sets in.
Have you been on our freeways lately ? The GLOVES are already coming off. The Anger of those being squeezed is coming at you with some heavy metal attached.
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