Sunday, April 01, 2007

Stockton in Great Shape, Next Boom Right Around the Corner

From the Stockton Record:

Mortgage default notices are up across the country, and that's true here in San Joaquin County.

Real-estate brokers, financial experts and economists say the fallout has repercussions but won't rout the sales market or the economy.
...
The market is showing signs of picking up, said David DiDio, mortgage broker and real-estate agent at Greene Dream Homes and Loans in Stockton. If buyers indeed are moving into the market, foreclosure homes could be bought up by fall.
...
Gregory Paquin, president of the Gregory Group, a real-estate information and consulting service in Folsom, said he doesn't anticipate a housing-market bubble because regional employment numbers are strong enough.
...
The overall impact on foreclosures won't slam the economy, which overall tends to continue to be employment-strong although growth is slowing. "This is the latest bout of housing hysteria for those desperate to have housing the center of an economic apocalypse," said Sean Snaith, director of University of Central Florida's Institute for Economic Competitiveness and consultant to UOP's Business Forecasting Center.

California's economy continues to fare well, though fast-rising prices indeed pushed many buyers in over their heads. Other areas of the country, such as parts of the economically troubled Midwest and South, will actually suffer deeper foreclosure pain because of employment woes.

Although late buyers could suffer, many buyers were able to build a lot of equity, that will prop up consumer spending and later buying in the housing market. The demographics trend in the Central Valley is bullish, and the economic growth outlook for the state is strong, Snaith said.
Take that you bubble-heads!

13 comments:

Cmyst said...

""This is the latest bout of housing hysteria for those desperate to have housing the center of an economic apocalypse," said Sean Snaith, director of University of Central Florida's Institute for Economic Competitiveness and consultant to UOP's Business Forecasting Center."

What's up with UOP? As was stated in another thread, they sure seem hostile in their media statements lately. Not at all like impartial or academic observers.

RMB said...

This is Snaith. He is your typical e"con"o"missed", make stuff up and then push it regardless of an shred of evidence to support it. Attack anyone who disagrees. Then go to those who benefit and ask for a handout. In this case UOP gets a ton of money from Banks and Developers so gotta keep them going.
In the end this will play out like expected and then these jokers can move on to mis-predicting the next economic event.

Bakersfield Bubble said...

We will remember this and discredit this guy in a few months.

Note to self remove UOP from list of schools with respectability!

Bakersfield Bubble said...

When did you change the name??

Diggin Deeper said...

Snaith is sitting in one of the epicenters of price depreciation in the country and is basically calling for calm in a firestorm. The inventory numbers in a previous thread are probaly more important than what any economist has to say at this point.

Perfect Storm said...

"Real-estate brokers, financial experts and economists say the fallout has repercussions but won't rout the sales market or the economy."

That is funny, I mean dang boy they got me for a second, but then I realized April Fools. Lots of laughs, now when does the real economic report come out.

Max said...

SACRAMENTO SIP(PIN)

What day is it again? :)

Max said...

"This is the latest bout of housing hysteria for those desperate to have housing the center of an economic apocalypse," said Sean Snaith

Whoa. He must have gotten a cut from those pot house deals. It smells like Otto's jacket in here.

Bakersfield Bubble said...

Thanks Max!

I can't believe I fell for it.

UGH!!

Sittin' Out This One said...

Lander, Lander,

Sipin's hijacked your blog. I can not believe the rhetoric. A more appropriate title would be

Sacramento Spin(nin)

I'll be glad when this day is over. I awoke to screams of "rattlesnake, rattlesnake" and it has been all down hill from there.

Happy April Fools!

You and Max are the best.

Patient Renter said...

Hahaha, classic post. Good stuff.

Jeff said...

I think Sippin ghost wrote this article.

Sippn said...

Ha!