Friday, October 20, 2006

No news

Its all been the same information for a bit. All that is happening is the "buyers standoff" is becoming iconified. Sellers won't sell... buyers won't buy. Here is California, we're losing population (if you haven't read the United Van lines 2005 survey, please do).

I'm not betting on much change in 2006. If I'm wrong, that's ok. 2Q 2007 looks to still be when everything converges and prices start to drop significantly.

From what I'm reading/seeing, prices are dropping about 2% to 3% a month here in the south bay. Exciting? No. Its like watching paint dry.

Please read my post on real estate emotions... We're so stuck in denial... until people realize that its not a river in Egypt, yawn.

The only interesting tidbit is that a coworkers wife is selling a home that priorly sold for $940k for $770k. But that's down in oceanside and I intend for this to stay a southbay centric blog.

Neil

3 comments:

Dr Housing Bubble said...

This is the calm before the storm. Look for the fireworks starting spring of 2007.

Great blog.

Anonymous said...

ALL FIRST TIME HOMEBUYERS BEFORE YOU BUY A HOME IN SACRAMENTO PLEASE GO TO THE SACRAMENO POLICE WEBSITE AND USE THEIR SEARCH TOOL FOR CRIMES REPORTED NEAR THE HOUSE YOU ARE LOOKING AT. YOU WILL BE SUPRISED!!!! IT ONLY TAKES A SECOND AND IS VERY INFORMATIVE. IF YOU BUY IN ONE OF THESE CRIME INFESTED AREAS AS MARKET PRICES ARE GOING FURTHER AND FURTHER DOWN, YOU WILL BE STUCK IN A NEIGHBORHOOD THAT IS CRIME INFESTED AND YOU WILL NEVER BE ABLE TO SELL YOUR HOUSE TO GET OUT!!!!!!

DO NOT LET SOME REALTOR WHORE TRY TO TELL YOU SOME AREAS ARE GOOD WHEN THEY ARE NOT. ALL THEY CARE ABOUT IS THE COMMISSION.

wannabuy said...

Now this is a post I didn't expect comments on! ;)

Oh, it is the calm before the storm. 2Q 2007 is the route. Until then... maybe something happens, maybe not. But I'm good enough at looking at patterns and this one just points to an ugly 2007.

Neil