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Realtors see Calif. at or near price bottom
May 28th, 2009, 11:30 am · 131 Comments · posted by Jon Lansner
California Association of Realtors’ April homebuying report for the state shows …
- Home sales? Up 49% vs. a year ago. Eighth consecutive month above the 500,000.
- Median sales price? down 36.5% in a year.
- According to First American stats, California has lost its crown as worst U.S. home market!
- Inventory? 4.6 months worth vs. 9.8 months a year ago. Under $500,000, 3 months vs. 10; million-plus segment, 17 monthsvs. 10.
- Says CAR’s chief economist, Leslie Appleton-Young: “The statewide median price has increased for two consecutive months, and the nine-month string of year-to-year price declines in the 40-percent range has ended. It appears that the median price is now at or near the bottom. Favorable home prices in many parts of the state have led to an increase in affordability for first-time buyers. In the first quarter of 2009, affordability rose to 69 percent, enabling many to take advantage of first-time buyer programs and near record-low interest rates. The jumbo loan market, however, continues to be starved for financing, constraining sales for the high-end segment.”
- Full report HERE!
Other news …
- Want to play hoops in your home? Only $3.8 million
- Irvine Co. offers college grads free month of rent
- Are O.C. home losses becoming history?
- Hear why builders see simpler, cheaper new homes
- O.C. homebuilding down 52% from last year
- Appraisers say O.C. home-price dip smallest in SoCal
- Slump cuts 32,300 O.C. construction jobs
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Yeah right…
Looks like Arny is pissed:
“But with the deficit continuing to grow, Schwarzenegger’s proposal seems certain at least to lead to major changes in the welfare program, which by most accounts has been a notable success, moving millions of families off the public dole and into the work force.
And Schwarzenegger says ending the program, which now serves 1 million children and 300,000 adults, is, frankly, only a start.
By week’s end, the governor says, he will unveil another $3 billion in cuts. He has said he knows there are faces behind all the dollars disappearing but that he has no other choice.
That’s hard for Michelle — a San Jose mother of a 2-month-old — to believe. The loss of CalWORKs would mean no diaper money, no rent payments and no independence from her baby’s father, who she said abused her and kept drugs in the house. Her $584 monthly grant has allowed her to receive child care, attend DeAnza College and buy groceries while she works her way to self-sufficiency.
Michelle, who is 26 and did not want her last name used, echoed other CalWORKs clients interviewed who said quite simply that the assistance keeps their families off the streets.”
http://www.mercurynews.com/localnewsheadlines/ci_12463488?source=rss
College too :(
At least 118,300 students would lose their entire grant, worth up to $9,708, for the fall term, according to the Berkeley-based Institute for College Access and Success.
http://www.contracostatimes.com/politics/ci_12462710?source=rss
That reset button of Arny’s is getting pitiful :(
“Eighty percent of California state parks — even Hearst Castle, a major tourist draw for San Luis Obispo County — would close under a budget proposal unveiled Tuesday by Gov. Arnold Schwarzenegger.
The governor’s proposal calls for the State Parks Department’s entire $145 million general fund budget to be eliminated in two years with $70 million eliminated the first year, said department spokesman Roy Stearns. The money pays for staff salaries and maintenance.
Hearst Castle, one of the most popular parks in the system, does not earn enough money to cover its costs and is vulnerable to closure for that reason, Stearns said. It is expensive to maintain all of the castle’s extensive grounds and historic artifacts.”
O.C. Fair workers furloughed while CEO up for raise
Revenue down by at least $5.2 million. CEO could get a $29,800 pay raise.
We are so out of whack.
Someone told me yesterday that the middle class will eventually disappear.
I’ve never seen a divide like this before.
California native that I am… this is heart wrenching.
The costs need to be revised. Cancel all state employee contracts and begin from scratch.
No more government funded pensions with a guaranteed 8% ROI. No more fully funded healthcare.
Make the employee’s fund their own pension and manage it like the real world.
Make the employee’s pay their own co-pays and premiums.
Hmmm. The grounds will still need to be maintained. I wonder if they could lease the artificats. The last time I was there they had just leaned that a little painting that used to sit on Hearst’s night stand was worth something like $100 Million bucks. They hung it on the wall when they found that out.
I wonder what the shortfall is.
It is called birth controll
Stupid should hurt
Harsh!
Get rid of all of those programs or at least start some kind of drug testing for anyone who wnats to collect any type of benefits from the state or federal government
“The jumbo loan market, however, continues to be starved for financing, constraining sales for the high-end segment.”
That’s all that’s they needed to say about the mid to high end market for OC, plus the added data of prime mortgage defaults released today. The OC market has not stopped it’s decline even though IE and Central Valley areas appear to have stablized.
CAR has ZERO credibility when it comes to bottom-calling and pricing.
Allow me to present to the blog:
“Your Field Guide To The Mortgage Collapse”
Take the tour….
prices going down, down, down.
ENJOY!
http://www.businessinsider.com/henry-blodget-a-field-guide-to-the-mortgage-collapse-2009-5
heh. seriously. I saw the headline and said to myself, “has it been another months again, already?”
BK’s rose 45% in the OC yoy last month…
.
and didn’t CAR say last month that a 20 something % drop was still needed in housing???
.
WTF
Gawd, does no one pay attention?
Dealeo????????
Come on Dealtracker/truthi/o leave us alone/ you can do better than that.
another duckin fummy
“Realtors see Calif. at or near price bottom”
That’s a shame I was counting on the price going down past the end of this month when the State moritorium (sp) to freeze forclosures expires. I’m gonna bet that alot more homes will be bank owned over the next two months, and the prices will drop. That is the point I’m looking to buy.
Well maybe CAR is at the bottom of the market and from their view it’s all up^.
Are they really that stupid that they believe that?
No mention of foreclosure moratoriums expiring
Or are they really that cynical that ruining buyers finances are worth that one next commission.
We are truly into Predator State & Predator Capitalism zone.
You got it, I’m with you. Real buying will start after moratoriums expire
LAY now predicts we are at the botttom of the correction she and the rest of the RE shills predicted would never take place to begin with. What does LAY and the CAR have to say about the Alt-A and Option ARM recasts that will further decimate California RE prices? How about unemployment, housing inventories, difficulty in obtaining financing, large down payment requirements in a society that hasn’t saved any money for such things, etc, etc etc.
Don’t kid yourself Leslie - it will be years before this market finds a bottom. Good luck selling that pile of horse___, people aren’t buying it anymore.
Yeah, you tell ‘em. Those 3% recasts are going to leave a mark.
The % isn’t the issue…the loans become fully amortized. Payments shoot up to unaffordable levels and foreclosures at the mid and high end shoot up with them.
Orly? Gee, I didn’t think of that.
Oh yeah, and she couldn’t see a bubble either until it burst.
a** clowns the lot of them.
What do David Lereah, Barney Frank, Al “BubbleMan” Greenspan, Angelo Mozillo, and the rest of the “experts” that created this mess think? It would be really, really, really important to find out if they think we’re at a bottom. They’re all experts in this field, if they agree we’re at a bottom, well, we must be right?? Golllleee, it might just be a good time to buy me and the little Mrs. a house….shucks…
The uber-bears have no momentum whatsoever right now. Is there any precedent for prices staying flat for 5 months during the Japanese real estate bubble? How about he great depression? Heck, just show me some evidence from the 90’s housing recession.
1998 is a dream.
LL
what happens to home values when interest rates go up?
They generally go down. I’m predicting 5-15% further for OC.
1998 is a dream.
I agree…
never thought 1998 was in the game.
.
What if Arny kills Prop 13 to balance his budget?
.
then what?
That would require voter approval. I’m not worried based on the failure of Arnie’s proposed tax extensions.
There is talk in Sac. about re-doing the State’s constitution…
.
Get out of those nasty retirements that are protected by law. (so if you’re hoping for Arny to just slash Gov retirements, good luck)… so if the State re-does the constitution… they can wipe out prop 13 as well.
.
really, do you think they are going to stop paying single moms, old folk care, close our parks (tourist stuff), to balance the budget?
the *MEDIAN* has stayed flat. The median is low because most of sales activity is at the low end, where some areas likely have reached their floor. The upper end of the CA market has frozen up, and as that thaws next year as sellers capitulate, the CA median will be rising even as the values of mid-upper end homes falls.
1998? I meant 1988 lloolll@ribsplitter
http://globaleconomicanalysis.blogspot.com/
Gee I wonder if bernanke can even sleep at night
What middle class?
Your blogger here! California prices are rough half off the peak — depending on who’s counting. How much lower need they go before this blog’s flock think it’s a bottom?
Jon
Low enough so the people that “own” them can continue to pay for them in this miserable economy. Future corrections will have the biggest impact on mid and high-price homes, IMO.
Hey Jon…
.
1/2 off? not in Newport or anything south of the 55 and below the 405 // 5 fwy’s.
.
Given the State of CA’s out look, I’d say the bottom will be controlled by the job market… which is tanking.
Bottom at 40% of peak — unless you are John Templeton in which case you would think that it bottoms at 10% of peak (http://moneycentral.msn.com/content/P52744.asp)
– Interview in 2003
He might be right after this is all done!
I’m going to save that comment of yours Jon. I wonder if you will have the courage to admit your error come December. I doubt it.
Jon, they know the truth, they just won’t admit it.
Technically, CAR could be right, that this is the bottom for median sale value. This doesn’t mean, however, that we’re anywhere near the bottom for mid-to-high priced homes, including OC.
The more expensive areas have not yet seen this same 50% off that you mention, and it looks like they just might also get down that far, what with the instability in the mortgage market, looming foreclosures, and rate resets.
Honestly, I have no idea how far it’s going to go down, but none of the information out there tells me we’re anywhere close in this area.
This is an important point that I have mentioned before. It is likely that the median sales price will not decrease much more (though, I personally think it will), the fact stands that most people still believe that their home is worth way more than it really is.
Let’s assume that the median is as low as it is going to get, then let’s stop, and determine which homes are worth more and which are worth less than the median in a specific zip code. That’s where the problem arises. I am willing to bet that at least 75% of the homes on the market in any zip code are higher than the median sales price, which means that values are still inflated.
Of course the median is a useless number to determine the “bottom” of the real estate market anyway.
Hey Jon, how about providing a more meaningful analysis of the real estate market, like maybe price/square foot of homes sold by zip code. Maybe analyzing the average income in a city and comparing that to the average mortgage payment required to own a home.
I think the followers of the blog are so rabid sometimes because you don’t appear to arrive at any meaningful conclusion, and you also fail to portray the other side (or really either side) of the story in a complete manner.
jon, can you please bring back some method for us determine if the same person is posting under different names?
a while ago we had avatars (of little monsters) that showed who we were without revealing ip addresses.
bring that back!
Relax, you too dumb to figure out I have a nickname?
Yeah, it is no life A#$hole
Dealeo, are you dealtracker??
Yes, of course. PDU came up with it.
I wouldn’t judge by the peak - it’s basically meaningless. The peak price was a falsehood, a mirage with no basis in reality just like the dot com days. Here’s thanks to all the numbskullls working in government and business for the biggest economic debacle in the last 60+ years.
Very true :) We were bamboozled…
If we’re going to assign blame, let’s pass it to everyone and call it greed.
.
people buying homes they couldn’t afford.
.
banks lending to everyone.
.
de-regulation.
.
and so on…
Greed was the key in this mess, that’s for sure.
I can understand some of it but most of it sucks.
It was “easy money”. There’s a lot of baby boomers out there without much of a retirement plan and again, this was “easy money”. The media, the tv shows, it was in our face. Jump in, ya can’t lose. Well guess what, looks like you can lose a bunch :(
I would call on much until the unemployment, cds, mbs, and toxic mortgages pass through the system.
Wouldn’t call on much - whoopsie
Greed and the “MTV” generation killed us.
.
pimp my car.
.
flip this // that house.
.
it is no wonder the rest of the world hates us.
This is so interesting. Housing supply is down to 3 months. That has to be 90% of the market I would guess if the average CA prices is $220,000 or whatever it is.
“Under $500,000, 3 months vs. 10″
Could that get snapped up in a buying frenzy? Maybe not, but if is just so fascinating.
why are we all NOT surprised of this coming from realtors?!!! Is this a fuking joke?!! Interest rates are going up, GM is about the file Chapter 11, CA is in 24 billions debt, and of course many other things. How is it possible for these idiots to call for bottom?!!!
Ask any Real estate agent this question.
IS THERE EVER A BAD TIME TO BUY A HOUSE??
buy low sell high dummies
Those who buy now will buy low, sell lower.
Realtors have been saying that the bottom was in over a year ago. They will say anything to get people out to buy so they can get their pay check.
Just a little something to add to the mix
http://www.housingwire.com/2009/05/28/home-price-declines-on-the-slowdown/
“Home prices in the Pacific region fell farthest, decreasing 4.7% from the prior month”.
This quote from your linked article.
Your continued optimism is admirable but will not change the facts. The majority of “bears” on this blog take no pleasure in pointing out to you the obvious facts and it is becoming apparent that you take pleasure only in arguing these facts. Either this country becomes a total welfare state to support your dream of continued real estate appreciation “funded by uncle sam”, or house prices return to normalcy. We “Bears” know what your desire is.
What the phuque are you jabbering about?
Wait till they realize they had the “fool’s gold” mentality.
Whoopsie
Look guys, let’s take a couple steps back and be honest to yourself.
Most of you are frustrating, lot of people are. You search the internet, read the newspaper, internet blogs, watch TV. Head line news all point out that housing in Cali is really in a dumpster, with price falling off the cliff, and massive inventory out there, with bank and seller compete with each other trying to get attention of a small pool of (foolish) buyers. Everything you read and saw support your belief of housing as the worst purchase anyone could have commited too, and thefore, paying rent of $1600-2500 for a 2-3 bedroom little box as most of you do right now is the smartest way to go.
You all believe that you TRUELY deserve a 2500 sqt house, with 7000-10000 sq ft lot, in a nice & decent neighborhood for 3 - 3.5 times your income, or at $300-400K. And there should be tons of houses out there that fit into those criteria at that price range. Heck, even the CAR states that median housing price in SoCal is at the low $400K, and will tank another 28% next year, and they’re definitely right when it comes to predicting price downfall.
Then you search redfin or ziprealty. As much as you want to deny, most of you do. What you saw there is quite frustrating. You do couple searches, and found that there isn’t much house for sale out there. For a decent house in nice neighborhood in Fountain Valley, Huntington Beach, Mission Viejo, or Costa Mesa, the one that you think you deseve of $300-400K for 2500sq ft, prices are still in the high 600s, 700, or 800K. And there isn’t much of them out there, not to mention somebody always seem to buy them quick !!!. Those that linger on the market are either short-sale, or adjacent to major street, or major commercial structures.
Then you’re mad. This is not right. Somebody is playing game: the bank hold back to the foreclosure pool, the loan modification cut slack to those who reckelessly bought at the height, the gov buy down the rate of the mortgage market, the realtor manipulate the data, the immigration come here with load of cash, or with skill to rack in lot of money to buy house at ridiculous price. Everything you search and read point say that you should get a nice house, at price that make rent look ridiculously expensive. But all of these manipulation block that from you.
Then you come here, you search and post crap that support your theory & belief. And you’re angry at those who own a house, or think different than you.
Admit it, it’s you.
Great post, you are 99% correct. You also didn’t understand that CAR is predicting no addtional loss (they were only updating their prior forecast to today’s median). Don’t hold your breath for honesty here.
Of course, when we go to Redfin it tends to have the same houses there every time we look because the majority of them are not moving. I can’t speak for the low end, but the mid- to high-end is unquestionably showing some long overdue cracks. The jumbo market is ridiculously tight, and how many people have $250k lying around for a down payment for a $1.25M house (especially considering that the $250k had to be closer to $375k a year ago if they were invested in stocks)? With jumbo rates north of 6% again, that same house carries a $6k+ monthly mortgage payment, which means you need to be pulling down $250k+ annually to have a reasonable income to mortgage ratio. Exactly how big is that buyer universe these days? According to Redfin, there are 148 homes priced at $1.25M and over right now in Palo Alto, population 9,345. How many homes fitting that criteria have sold in Palo Alto in the last six months? 44. That implies more than 20 mos. of inventory, excluding any shadow inventory of folks sitting on the fence. And if you think it’s a seasonal issue, the last three months only show 13 sales. If anything, Palo Alto should be a bright spot given its great schools, the stability of Stanford employees and affluence of the tech/vc sector - so what does that say for less insulated CA towns? You could have written this same post two years ago about all the folks lamenting the insanity of the housing market in spite of continuous increases. What’s interesting is that nowhere in your post do you offer any rationale for why the current state of affairs is reasonable, rational or sustainable.
Take a step back and look at yourself. You wake up every day and see the value of your debt trap has continued to decline. You think about walking away because it is so far under water. But your ego won’t let you do that. Your’re worried that people will think less of you.
You think that people see you as a wealthy, successful person but they really just think that you’re a blowhard a s s h o l e loser.
Admit it, it’s you.
Ah, another loser who can’t cope with the fact that things are stable. I am going to enjoy the next 12 months. Wish I had your uglyassface in mind when I do.
Here’s a nice little house that just closed that you will never be able to afford even though its down from the peak:
http://www.flaney.com/CA/Irvine/133-Spring-Valley-Irvine/S565854
See, you really can’t take the truth, can ya?
You are a scum sucking lowlife and we will track you down.
Here’s another home you will never be able to afford, even though its depreciating (ahem) daily:
http://www.flaney.com/CA/Aliso-Viejo/90-Endless-Vis-Aliso-Viejo/S569111/
I think Jakes back
Ouch, you’ll never have this one either:
http://www.trulia.com/homes/California/Huntington_Beach/sold/1442574-1915-Lake-St-Huntington-Beach-CA-92648
Oh to delve into the insane mind, that was interesting truthi, thanks.
Do you kiss the kids you can’t provide for with that mouth?
Lansner, it’s time to call the cops in on this. I am 100% serious.
OMG, that’s over the top!!!!
This is Jake or JJ isn’t it
for those realtors who thinks that real estate already bottom, here is my guess:
1. they did not go to school and do not know how to analyze data
2. know nothing about economy
3. just pretend idiot to get people money (who ever belives them that it is bottom now)
go read:
1. fitch ratings data
2. try to find out unemployment rate
3. try to research on population (see if it is go up or down in your city)
4. look around to see if there is any sign of “for rent”… (if it is, then probably people starting moving out of the city or state since cost of living so high)…..
that are all about my guesses…
well leave it to realtors to tell us the worst is over… LOL
http://www.bloomberg.com/apps/news?pid=20601087&sid=aE_j_CA8fCao&refer=worldwide
http://www.reuters.com/article/domesticNews/idUSN2754905920090528?feedType=RSS&feedName=domesticNews&rpc=22&sp=true
it has only begun! This guy says there’s a huge foreclosure wave in the next 12-18 months…
no jobs + rising rates = lower prices!
Turns out there is very little bank REO “shadow” inventory, (even less than my post from this morning indicated):
Foreclosures since January 1, 2007 = 18,347
http://mortgage.freedomblogging.com/2009/05/19/banks-seize-fewest-houses-in-17-months/10755/
10,988 units sold through MLS
409 active in MLS
239 in backup offers in MLS
906 pending sale in MLS
12,542 found in MLS
18,347 foreclosures less 12,542 found in MLS = 5,805
Pipeline = 5.8 months @ 1,000 per month (as it has been since 2007)
That is the worst case scenario. We know that hundreds, if not thousands, of units bypass MLS or are not identified as foreclosures in MLS. One investor alone pgpre (.com) has turned a good 300-400 units on their own, which they bought at auction.
Update: in the week of 5/21/2009-5/28/2009:
98 homes were resold or taken back by banks
76 of those units were taken back by banks
22 of those units were sold to 3rd parties
22.4% of the 98 units were resold to 3rd parties
18,347 foreclosures since January 1, 2007
10% (estimated) of those units were sold to 3rd parties (half the current rate)
1,835 of those units were resold to 3rd parties
5,805 units not run through MLS (as foreclosures) less 1,835 units either held for personal use or sold through MLS (and not identified as foreclosures) = 3,970 units unaccounted for.
The “shadow” REO inventory is less than a four month supply.
I remember a time you denied it existed. Thanks :)
No you don’t. I never said any such thing, these is a completely normal process. Seriously, I think you are an airhead most of the time. You’re cute and all (sometimes) but you are out to lunch.
You keep changing your name.. so “provider” was never one of your prior names?
Girl, you just don’t get it. There is no “shadow” inventory, there is just inventory in process.
You didn’t answer my question :(
Your bogus numbers are worthless. Simple logic: horrible economy, overextended borrowers sitting on time bomb mortgages, inventory rotting on the vine = prices going lower.
What are you, some desperate realtor?
EOM.
Blah, blah, blah, the numbers always lie.
When jobs and wages bounce back, when the “fuzzy” loans go through the system - I could possibly believe this….
were still in the early innings of this crash- I’d say 1931
you know when the sheeple (like shockg) started buying stocks again you know just before the second downturn - same play different actors
Breaking news!
Dog bites Man,
Realtor call bottom.
Keep dreaming realtors…your dream job is over. Prices will not be low enough until someone making $60k (single) can afford to buy a house with a 30 year fixed….want to save California? Take away the child tax credit and interest payment tax write offs…oh no cant touch those!
HAHAHAHAHAHAHAHAHA!
HAHAHAHAHAHAAAAAA!!!
***This belly laugh brought to you by the same people who recently predicted a further 28% drop in home prices this year.
“A pickup in U.S. home sales has kindled hopes for a housing recovery, but plunging prices, rising unemployment and a new wave of foreclosures are clouding prospects for a quick end to the American real estate debacle.
‘We’re not at the bottom and anybody that’s trying to call the bottom right now is crazy,’ said Jack McCabe, a real estate consultant based in Deerfield Beach, Florida.
‘There’s a huge foreclosure wave still ahead in the next 12-18 months and still a lot of excess inventory,’ he added.
Housing is at the heart of the 17-month-old U.S. recession and is key to a turnaround in the broader economy.
Optimistic observers have been talking about a real estate market strengthening as investors jump in to hunt for bargains. ”
http://www.forbes.com/feeds/afx/2009/05/28/afx6476443.html
Let the investors buy all the inventory. Fine by me. We need some stimulus help right about now.
A record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit, the Mortgage Bankers Association said Thursday.
The foreclosure rate on prime fixed-rate loans doubled in the last year, and now represents the largest share of new foreclosures.
The pain, however, is spreading throughout the country as job losses take their toll. The number of newly laid off people requesting jobless benefits fell last week, the government said Thursday, but the number of people receiving unemployment benefits was the highest on record. These borrowers are harder for lenders to help with loan modifications
I will believe the Mortgage Bankers Ass. over CAR any day.
I find this article…very funny, I just laugh.
“Fannie Mae — the largest financier in the U.S. mortgage industry — is trying to attract more money to the reverse mortgage market by increasing the amount lenders can make on selling the loans. But raising fees and allowing rates to change can lower the amount of money senior homeowners can borrow. It also can increase the fraud risk as competition for their business increases.
“Instead of (Fannie Mae) announcing the problem and then pitch in to help find an alternative, what do they do? Like normal, drop a bomb, this time on the reverse mortgage industry and our senior citizen population,” Smaldone, senior vice president for reverse mortgages for AAXA Mortgage”
http://www.mercurynews.com/businessheadlines/ci_12462061
Ahhh great…. not that I’ve ever been a fan of reverse mortgages, but how much suck’n can they do?
“Realtors see California at or near price bottom.”
brightest smile i’ve had all day. tell me.. when was the last time a realtor said that “now isn’t such a good time to buy.” how could anyone in their right mind expect a realtor to be honest and discuss the high probabilities that, particularly in much of the so. ca. market, the ‘after-the-trough-view’ of what will have been the true bottom won’t occur for another 2+ years? (beyond all of the current existing credit-issuing problems, don’t forget all of the alt-a paper, as well as pay-option arms that have a 4 to 5 year life from their origination points throughout 2007. of course, we’re just now, in the next several months, going to witness the adjusting of the final sub-prime loans to a 6 month libor, thereby triggering the FINAL wave of true sub-prime-related foreclosures. these final sub-prime loans were, again, originated at the end of their being offered.. spring and early summer of ‘07.) i guess that’d make it rather tough to sell a house today, wouldn’t it. realtors are higher-end used car salesmen, to put it kindly.
Orange County So month to month
-2.8 price and -1.6 sales
We’re up? How so?
What math are you using?
Recent home sales show Tampa Bay prices stabilizing, Realtors say
In Florida too… yeepee.
HEY THE WIZARD OF BLOGGING JON LANSNER
CAME OUT FROM BEHIND THE CURTAIN… WOWWW
THANKS OLE GREAT WIZARD FOR MAKING A CURTAIN CALL
YOURE MY HERO……LOLLLLLL
DEALEOR OF METH NEWS
AGAIN THE BOTTOM LINE IS VOLUME OF HOMES SOLD ARE STILL 50 PERCENT WHAT IS CONSIDERED NORMAL IN THE OC…
UNTIL IT CAN JUST GET BACK TO NORMAL VOLUME THIS MARKET CANT AND WILL NOT GO UP…
OF COURSE ALITTLE FLUCTUATION BUT NOTHING SUSTAINED BUT A CHART THAT GOES DOWN JUST LIKE A LOT OF PIRATE SHIPS CHARTS DID ALL AT BOTTOM OF THE SEA….
GET SOME MORE GOOFBALL NEWS DEALEOR OF METH
Bubble? We ain’t got no Bubble! We never had no Bubble! We Ain’t got to admit to no Real Estate Bubble.
Originally spoken by John “The Bandito” Lasner in his former life in “The Treasure of South Orange County.” Yeeee Haw!
With your MLS fees , you get these cool red glasses, yeah and then you drink the cool aid, and what else would you see except a bottom, in fact , a realtor told me this is a great time to buy a house.
L O L < L M F SA O
ttt… ok, you’ve had me busting up twice today… thanks.
Of course Realtors see California at or near bottom!
What would a bottom signify for realtors? It’s a great time to buy!
Gee, I wonder what $42 billion in Alt-A/Option ARM loan recasts (and certain foreclosure) starting in May 2009 through 2011 signify to California Realtors?
It’s a great time to buy - silly question… sarcasm off
Ah, the great 3% interest rate threat.
Markus,
What are they recasting at?? How much of the $42B is still out there? Can you post the link? Just curious.
Separate note, the CEO of Wells said
Wells Fargo CEO says California in ‘financial ruin’
“Today we’re charging off loans to people we should have made loans to,” said Stumpf, reiterating that the bank avoided many of the exotic mortgages offered by rivals.
Stumpf said microfinance — typically small loans to individuals to start or grow businesses — could be one tool to help the economy recover. He noted that recent jobs at Bay Area companies with 19 employees or fewer have grown 14 percent while larger companies shed workers.
Wells Fargo has been active in supporting the region’s microfinance lenders and related organizations.
“It doesn’t take a lot of money to help these individuals achieve their dreams,” Stumpf said.
After reading this, maybe we’ve over shot the bottom:
http://realtytimes.com/rtpages/20090528_appraise.htm
THE ONLY BOTTOM WE HAVE HIT IS ONE OF THE 3 BOTTOMS TO GO… SO ONE BOTTOM DOWN 2 MORE TO GO………
ISNT THAT HOW IT GOES IF THIS ISNT THE BOTTOM THAN OF COURSE THE NEXT PRICE DROP MUST BE…..LOLLLLLL
Realtors see Calif. at or near price bottom so it must be a great time to buy! Realtors have no intention to lie, am I right? :)
The stupidity of this is breathtaking. CAR just predicted last month prices in CA would fall another 29% this year! The median is meaninless as the mix of homes sold affect it more than a bottoming of prices. There has been a dearth of foreclosures the last couple of months due to the moratoriums, but that is over, and the floodgates will open in June. Higher median, means more capitulation at higher prices, nothing more.
What median are they predicting? What’s the median today?
the government said today that their measure of “durable goods”
orders was UP last month– if that were actually true why would
the ATA- the american truckers assoc- say that their tonnage
was down 2.2% last month?- dont “durable goods” need to be transported? so whats my point? simple- it proves the government
lies- about everything- when the rest of the world finally figures this
out the sheet is gonna hit the proverbial fan-
http://sev.prnewswire.com/transportation-trucking-railroad/20090526/DC2260126052009-1.html
HERE ARE SOME QUOTES TODAY FROM SOMEONE WHO KNOWS WHAT’S REALLY GOING ON WITH THE HOUSING MARKET.
David Sokol, chairman of Berkshire Hathaway Inc’s (BRKa.N) MidAmerican Energy Holdings and a contender to succeed Warren Buffett, warned that the U.S. housing market still has a ways to go before bottoming out.
Sokol, who heads up HomeServices of America Inc, the second largest U.S. real estate brokerage, title and mortgage lending firm said this:
“If anything, the glut of housing supply could grow larger as a new wave of foreclosures breaks on the market”.
“We think the official statistics of 10 to 12 months’ backlog is actually nearly twice that amount”
“There is an enormous shadow backlog of about-to-be foreclosed homes and of individuals who need to sell but have time, and there are already six (for sale) signs on their block,”
“As we look at the economy, I have to be honest: we’re not seeing the green shoots,”
hey kids theres a new dance going round — its callled the
mortgage lock-up- right foot up- left foot back- spin around
then fall down
http://globaleconomicanalysis.blogspot.com/
Back in the late 1990s and early 2000s, realtors told everyone to buy now or be priced out forever. That was great advice. It is clear the bottom has passed, and you are priced out forever.
ah yes the bottom- seems like only yesterday that….
http://goldversuspaper.blogspot.com/
The Realors were wrong in this article. The actual bottom was Jan 08′, so they are a little late calling the bottom. But this is what I told everyone already, by the time the bottom is reported, it will be too late already for you to buy. In about six months all you renters sitting on cash will wish you jumped in a time machine and went back to Jan 08!
wow I see jake and his band of bears have gone over the edge with their frustration at stalled prices. Tell us again about the 3000 sqr foot home you are all entitled to?
GREED TOOK DOWN THE ROMAN EMPIRE AND TAKING DOWN ORANGE COUNTY TOO.
LEAVE WITHING YOUR MEANS. ONLY A HAND FULL OF FAMILIES CAN AFFORD THEIR BILLS. PRICES WILL KEEP GOING DOWN UNTIL THE SALARIES CATCH UP. WAKE UP WERE GOING DOWN ON FLAMES!!!
I wouldn’t consider carnies part of the middle class.
You’re really Shiela Kuehl aren’t you
Right. They are debating a retention and recruitment bonus. How far out of whack is that?
When does furlough equal retention? When does furlough equal recruitment?
I say no bonus this year. He should request a pay decrease to show his solidarity with the his staff.
People have been saying the middle class will disappear since the 30s. That line is getting very old….sort of like the guy standing on the corner saying the end of the world is near.
Carnies… middle class.
.
lol