looks like we hit some people’s price points….

Check out this story on CNN from today:

http://money.cnn.com/2008/06/25/real_estate/Calif_home_sales_soar/index.htm?postversion=2008062517

It looks like CA homes sales jumped 18% year over year which is a good sign. It means that at least some people think that current prices are a good bargain. Don’t get too excited though because we still have a boatload of inventory to burn through not to mention the shadow inventory of bank owned properties out there and the thousands of foreclosures that are happening every month. We are by no means “out of the woods”. You can get a little excited when you see the following:

– YOY home sales rising  – check
– median prices holding steady (in a 5K range up or down) for at least several months
– unemployment going down steadily
– the price of oil stabilizing or decreasing  (you might want to read “The Coming Economic Collapse” or “Twilight in the Desert” to see what may in store for us in this arena. Also you can google “peak oil”).
– net new number of foreclosures not refilling the market as others are sold off
– there are almost no brown lawns in your hood (spray painting doesnt count!)  🙂

 

Advertisements

~ by razor on June 26, 2008.

4 Responses to “looks like we hit some people’s price points….”

  1. but…I just ran statistics for the Inland Empire and focused on Riverside, Eastvale (separate from Corona), Corona, Moreno Valley, and Rancho Cucamonga… check out the link here:

    http://www.therealestatefrontlines.com/Default.aspx?tabid=54&EntryID=25

  2. Those numbers are cool. Thanks Mike. Just FYI, 92880 encompasses Eastvale as well as a good chunk of NW Corona. Its not just Eastvale.

  3. Yea i get caught up in the 92880 sometimes! haha…my mistake..but for sake of my comments..I view the 92880 as Eastvale…I was driving through there today, because I was heading to one of those corporate homes off of Chandler to do a video…And surprise…the builders are still building..should be a very interesting area in the next year or two…they appear to be building on the corner of archibald and limonite as well…A CVS and something else I can’t remember…

  4. yep they are definitely still building which is bizarre….

    as for limonite and archibald they are supposed to be putting in a storage unit place and a Fresh n Easy supermarket too.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: