House Buyer Network (North America’s largest home selling solutions company),declared a bust in several U.S. real estate markets as real estate prices driven to unsustainable levels by years of activity by real estate speculators and increased reliance by homeowners on low down-payment, short-term ARMs have created a glut of motivated home sellers. Â Â
In just the previous year, the amount of Arizona property processed by the company each month has soared by 235%, almost exclusively as a result of increases in cities in Maricopa County (243% increase). Surprise, AZ, showed the biggest increase with as many quick-sale homes in August 2006 as in all of 2005 combined. Mesa was next with a 400% increase, followed by Phoenix at 307%.
Florida has seen the second largest year-over-year increase—climbing steadily by 219% since January 2006 alone. The increase there was led by Dade County (400% increase), Lee County (338%), Palm Beach County (318%) and Hillsborough County (210%).
California saw a 196% increase in motivated sellers since August, 2006, but unlike Florida and Arizona, the bust in California has been more widespread with a full seven counties seeing motivated sellers triple or more: Alameda County (650% increase), San Joaquin County (450%), Orange County (375%), Fresno County (333%), San Bernardino County (300%), Riverside County (222%) and Los Angeles County (194%). See all San Diego MLS homes for sale.
This is going to bad for our economy. I think recession!
Those discussing the large drop in home prices that need to happen are failing to mention that the nominal price will not fall that far because Bernake is inflating the market; real prices will fall 30%+, however.
-Eric
San Diego California Tourism