BREAKING NEWS!!!!

[gypsyuma_IHB]

Realtors see Calif. at or near price bottom

May 28th, 2009, 11:30 am · 33 Comments · posted by Jon Lansner/ocregister.com

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.”

GET OUT YOUR CHECKBOOKS AND RUN TO THE NEAREST OPEN HOUSE !

 

[25inIrvine_IHB]

WTF? A month ago the CAR was revising their 2009 housing forecast to a -28% drop in the median home price. How can you forecast a drop, yet say we are the bottom?

http://www.car.org/economics/housingmarketforecast/

 

[IrvineRenter_IHB]

You could add this one to our thread on calling the bottom.

 

[norcaljeff_IHB]

I think the NAR and CAR just change the dates on the press releases each month before just sending out the old propaganda.

 

[Mcdonna1980_IHB]

g-ma

I have feeling you only posted this because part of you is scared that it could be true. I used to feel this way. I would email IR to dispell the NAR reports(BTW, thanks IR for graciously responding). Lucky after 2 years of reading this blog I don't bother reading the news reports by NAR. Stick around for awhile and you too will eventually see them as a complete waste of time.

 

[No_Such_Reality_IHB]

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.”

Not to nitpick, but if the nine month string of consecutive 40% year over year loses and the current is a mid-30s loss. That's 10 of 12 months and I basically we are now measuring against last years 30-40% loss. In otherwords, the loss rate is slowing. I sure hope so because consecutive yearly losses of 40% are truely brutal.

 

[OCCOBRA_IHB]

Realtors see Calif. at or near price bottom

May 28th, 2009, 11:30 am · 33 Comments · posted by Jon Lansner/ocregister.com

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.”

GET OUT YOUR CHECKBOOKS AND RUN TO THE NEAREST OPEN HOUSE !

Don't they get it that no one believes them anymore and their tired use fear of loss just does not work anymore. Please CAR and the NAR just stop as you continue to make yourselves look stupid.

 

[gypsyuma_IHB]

g-ma

I have feeling you only posted this because part of you is scared that it could be true. I used to feel this way. I would email IR to dispell the NAR reports(BTW, thanks IR for graciously responding). Lucky after 2 years of reading this blog I don't bother reading the news reports by NAR. Stick around for awhile and you too will eventually see them as a complete waste of time.

No..... I am quite confident that I am doing the right thing. It does piss me off that Irvine is not falling like its neighbors and all, but I have my apartment in TR so I am set. Plus, I don't feel ready to buy yet anyway - too much baggage in my life right now. But that is all I am going to disclose, or I will get the "profile" done on me by Bk.

I posted the article because I thought I read a few weeks back that the CA association of Realtors was saying another like 28% drop was coming. And now this report. It is all so convoluted.