According to the NATIONAL ASSOCIATION OF REALTORS® in the West: existing-home sales fell 9.1 percent in March to an annual pace of 1.20 million, which is 16.7 percent lower than March 2006. The median price in the West was $330,600, down 2.9 percent from a year ago.
NAR President Pat Vredevoogd Combs: “It’s a good time to buy, in part because home buyers are not pressured to make quick decisions,” Combs says. “We’re in a window of low interest rates with a plentiful supply of homes on the market and flat prices in most areas. First-time buyers now have more power to negotiate with sellers for help on down payment or closing costs.”[tags]home sales,real estate market,real estate bubble,housing bubble[/tags] condos downtown San Diego
I am not looking for the housing market to suddenly turn back up on a dime. Too much inventory to work through.
Some of that inventory will drop off as sellers cancel their listings (or they expire) as they were unable to sell at prices that are no longer available. These are the ones who didn’t have to sell, didn’t have to move, didn’t have a bad mortgage to refinance, but were willing to sell at inflated prices and didn’t pull it off. Los Angeles defense lawyer
“The housing boom ended mid-2005, but sellers are having a tough time accepting that fact. eye surgery San Diego
Also, AZ is seeing tremendous amount of vacant homes and now foreclosed on properties. San Diego downtown condos
I remember in 2005 that It seems every month the paper reported that real estate sales were down by double digits though the values seem to be holding up. You would think an intelligent person would realize sales cannot drop by such a magnitude without values following.
Jeff
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