This is a miserable time to be a realtor. Over the last five years, 21% have let their licenses lapse, total commissions are down over 40%, and 12% of realtors have reported losing homes. It’s hard to feel too sorry for many of them. This is the same crowd that pushed homes on people as great investments in 2006. Conditions may be tough on realtors, but it has been more tough on their bubble-era clients. 1 in 5 gave up [Read More...]
Prices across most of Orange County continue to decline. The OC Register reports prices have hit a near three-year low. My own analysis of the MLS data shows Irvine teetering on the brink of taking out the 2009 low and setting a new eight-year record low. O.C. home prices hit 31-month low December 13th, 2011, 9:39 am Orange County’s home pricing got hit with autmun’s chill, as builders had a record-worst sales month. DataQuick reported this morning that 2,297 residence [Read More...]
In a recent report Chapman University’s Anderson Center for Economic Research said, “More problematic is the inventory of unsold homes. Not only are there still too many unsold housing units in the market, there are a large number of homes in the foreclosure process that will keep the supply of resale housing units at an elevated level.” They are projecting the median sales prices will remain flat. In this same report last year, Chapman blew it and projected an increase [Read More...]
The median home price for single-family detached homes, excluding condos and new construction, was down a whopping 9% over the last 12 months. As a sign that prices are still far too high, sales volumes are still more than 20% off their historic norms. The housing market will not bottom until prices get low enough to entice buyers to clean up the mess the banks made. The distressed properties must be taken from those who cannot afford them and resold [Read More...]
The inventory coming to our market is going to cause a catastrophic collapse of house prices. It will pound them back to the stone ages and wash away any illusions of equity. Are you frightened? As Yoda would say, “You will be… YOU WILL BE.” I will ask you again at the end of the post. Some say the world will end in fire, Some say in ice. From what I’ve tasted of desire I hold with those who favor [Read More...]
Astute Observations