Thursday, May 21, 2009

DataQuick's Sacramento Real Estate Market Statistics for April 2009

SacBee: Area median home prices begin to stabilize
Updated: Capital-area home prices stop slide, for now
DataQuick's Sacramento real estate market statistics: by zip, by county
Modesto Bee: Stockton Metro At 1999 Levels

10 comments:

patient renter said...

I feel sorry for Wasserman. He bugged me several years ago, but now apparently he bugs everyone else more, and regularly gets thrashed in the SacBee comments. Not an easy job to have.

Jeff said...

"The recent moratorium on bank foreclosures has distorted all sales figures."

Totally agreed.

Husmanen said...

I too feel sorry for Wasserman sometimes, he is not in an enviable position.

Friends with many in the industry that are getting hit very hard, social network seeing pain, SacBee not doing well and needs advertising. I am sure he tries to be balanced but kicking those around him that are down and out doesn't seem to be his style (including those that purchased and those that sold/sell homes).

Granted pushing a product that is not supported by fundamentals is different. I don't see him pushing the product as to painting it in a non-negative light. That doesn't always wash for market bears, but the data will show who was right. So far fundamentals winning.

Agree, not an easy job.

sacramentia said...

Does anyone have a link on the moratorium and the details? This is a huge wildcard.

Low inventory and painfully slow loans are both skewing the numbers. I think the sales numbers would be up if the loans were not taking 2-3x as long as normal.

Diggin Deeper said...

Apparently the moratorium bill was signed the Governor in February and it expired in May...maybe even as late as this week. With such a tiny fraction of qualified mortgage mods that took place, I suspect that 90-95% of all foreclosures happened anyway...

I'd hate to be an asset manager for the banks...You walk into your office one day and you've got 3 month stack of foreclosures on your desk. Add that to what will come in over the next 7 months, and you're buried for the rest of the year.

All the moratorium did was give a false signal that inventories were falling, prices were stabilizing, and the market was bottoming...If you're a buyer, stay patient, the next inventory dump is coming...If you're foreclosing homeower, enjoy the ride, you'll probably be getting a free ride a lot longer than you think...

The Bee is reporting the facts wihout digging in to find out why and what to expect next...

If Wasserman is getting flamed, maybe he ought to ask the tough questions to begin with...

Jeff said...
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Husmanen said...

Haven't found anything definitive on the moratorium, very interested though.

Wasserman might got a little bit of the so called Stockholm Syndrome, where you develop a relationship with your captures. It would definitely skew your ability to ask the hard questions and get at the cause-effect portion of the argument. You know like old-school reporting, or new school blogging... ha!

Cow_tipping said...

1999 was the year of the damn tech boom ... I remeber paying 1850 in rent for 900 sqft + 2 car gar, of east bay commuter hell, sitting 3 hours in traffic to cover 40 miles and making 125,000 a year, of course early 2001 that crack party ended. I have never since made even 90K.
So, yea 1999 was over blown. Waaaay over blown.
Stockton needs to slip into somehting more confortable and sustainable. I'd call a 1996 or so level sustainable if the jobs aren't fleeing to canada at the rate they are, and CA isn't bleeding $$$ and going dry all at the same time.
I know, I know, the reverse remittances are going to save the market. After all remittances saved Puerto rico, mexico, equador, guatemala, columbia etc etc ...
Cool.
Cow_tipping.

Jacob said...
This comment has been removed by the author.
Jacob said...

After all remittances saved Puerto rico, mexico, equador, guatemala, columbia etc etc ...But you are forgetting that it is "different this time".