Good News- “This is a good time to buy.” And “We’re in a bottoming process.”-USC Real Estate Economist:
Bad News-Case Schiller Home Price Index:
Videos found via Kevin Cottrell on Twitter
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Good News- “This is a good time to buy.” And “We’re in a bottoming process.”-USC Real Estate Economist:
Bad News-Case Schiller Home Price Index:
Videos found via Kevin Cottrell on Twitter
What’s the difference between a “bottoming process” and falling prices ? She’s also talking about so. cal, and leaves herself wiggle room by pointing out that if the unemployment rate continues to increase prices will continue to fall. I haven’t seen anyone predicting a decrease in unemployment.
Having said that a friend of mine lives in San Diego and yeah prices there have bottomed out, but IMO we still have a long way to go in the bay area.
A long way to go in parts of the Bay area I think. namely the areas that had been, until fairly recently more or less immune. interesting that the top tier of case-Shiller is getting hit as hard as the other two now – all 3 are currently in steep, deep, decline.
I think the argument that SF will survive without significant price declines across the board is getting weaker by the day.
If you looked at what has been occurring this month in sales I don’t think you’d be saying that. Prices are down about 5 to 10 % I’d guess, but sales volume, particularly at the middle, has been increasing of late. Call it a spring bounce or what have you. But a platform for calling for significant price declines across the board it is not. Today 6 2-4 units have sold, all in SF. Thirteen condos, 12 in SF. And 14 SFRs, five in more expensive areas, three in D10, and six outside town. It’s the first time I’ve seen sales hit 30+ in quite a while.
I’ve not seen March data to be honest – guess they will be released pretty soon (at least the MLS data- dataquick to follow).
will be interesting how sales/prices stack up YOY (just looking at Mar vs Feb will be misleading I think due to seasoanlity).
NYC saw an 87% decline in closings for residential properties above $10 million in Q1.
Price follows volume and this is the same in SF. High end SF will crumble…..just like the rest of the bay. Good luck out there. Hope youre not swimming naked.