Data through June released by Standard & Poor’s Home Price Indices, showed continued negative annual returns in their metro area indices.
“The pullback in the U.S. residential real estate market is showing no signs of slowing down,” says Robert J. Shiller, Chief Economist at MacroMarkets LLC. “The year-over-year decline reported in the 2nd quarter of 2007 for the National Home Price Index is the lowest point in its reported history, which dates back to January 1987.[tags]real estate bubble,housing bubble,real estate bust[/tags]San Diego housing market
The California housing market will probably decrease another 15 % in most areas . It will take around five years to get back to current price levels . California is over taxed and many companies have left to greener pastures.
In our Texas zipcode , household income averages $100,000 and houses average $300,000 (3 yrs income) in a Los Angeles zipcode income is $35,000 and homes average $700,000 (20 years income )
Also, if the same home can be purchased for $5,000 per month but can be rented for $2,000 why buy the home ?
We moved from CA to TX two years ago . The houses we sold are declining in value because the market is saturated . The Texas market has softened but is not declining because the value is still good and the economy is strong .
Los Angeles defense lawyers
I think the CA housing market has slowed some, but here in OC, houses still seem to be retaining a high value, and they are still selling in a reasonable amount of time. It boggles my mind. There may be more homes on the market, due to foreclosures and people who had the adjustable mortgage rate, and since rates have gone up, people can’t afford to pay the higher fees. But I’m just guessing.
Riverside attorney
Peter Lynch has been quoted as saying the following:
“You get recessions, you have stock market declines. If you don’t understand that’s going to happen, then you’re not ready, you won’t do well in the markets.”
Peter understands this is reality. Do you? Just as there are ups and downs in the stock market, there are ups and downs in the real estate market. Welcome to reality!
-Karen
Adult Acne Medicine
It’s sad, really sad, because the people that are losing these homes have names and faces. They could be your brother, your sister, your parents. Most of the time, we tend to think that the foreclosures are mainly real estate investors or flippers that are just letting their investment properties go back to the bank, but the reality is there are alot of families living without homes.
–Joe
San Diego Tourism
If we look at the economic trends along with Real Estate market trends, we can realize that what may seem like a “bad market” for some people is the same market that “big” Real Estate Investors have bought the properties that made them millions. However, there are many people that are getting ready to capitalize on some great investing due to the common sense theory of investing, BUY LOW…SELL HIGH!.
Darren
San Diego County Real Estate Agents