Low inventory?

What happened in 92602? They were waiting for USC to buy so that they could mark the bottom??

Only 12 properties show up on the search, four are foreclosed and not listed, three are from a different zipcode, and one is a bit overpriced going by the comps. Wowzer! Lets call it a recovery :)
 
USCTrojanCPA said:
guava said:
OMG
Irvine Home Inventory less than 325 today
Will it sink below 300 ?
Click to expand...
As of 5:55pm, we are down to 302 active listings in Irvine (that includes some new home listings...with the new homes we are down to 265 active listings).  We go below 300 very soon.
Click to expand...

It is official now.

The inventory just break the 300 level today.

The low inventory will drive the price back to $400/ per SQ in near future.
 
guava said:
USCTrojanCPA said:
guava said:
OMG
Irvine Home Inventory less than 325 today
Will it sink below 300 ?
Click to expand...
As of 5:55pm, we are down to 302 active listings in Irvine (that includes some new home listings...with the new homes we are down to 265 active listings).  We go below 300 very soon.
Click to expand...

It is official now.

The inventory just break the 300 level today.

The low inventory will drive the price back to $400/ per SQ in near future.
Click to expand...
Make that 283 as of 2:45pm.  QH SFR prices are already over $400/sf and heading to $450/sf. 
 
guava said:
USCTrojanCPA said:
guava said:
OMG
Irvine Home Inventory less than 325 today
Will it sink below 300 ?
Click to expand...
As of 5:55pm, we are down to 302 active listings in Irvine (that includes some new home listings...with the new homes we are down to 265 active listings).  We go below 300 very soon.
Click to expand...

It is official now.

The inventory just break the 300 level today.

The low inventory will drive the price back to $400/ per SQ in near future.
Click to expand...

Fingers crossed  :D
 
how fast has the price risen? seems bubblicious? is it a smart thing to buy right now what happened last time? Although irvine on average dropoed what what 20-25%? 
 
qwerty said:
how fast has the price risen? seems bubblicious? is it a smart thing to buy right now what happened last time? Although irvine on average dropoed what what 20-25%? 
Click to expand...
Prices arent heading up that fast because of strict lending standards, but you are seeing people bid up to get a home because they are running into multiple counters left and right.  I'd say prices are up 5-10% on average since the start of the year (higher in some parts and lower in others).  Also, rents are beginning to tick up at a decent rate of 4-5% since this time last year.  So if you add that to mortgage rates dropping then it's not as bubblicious as it used to be.  Remember, we don't have those crazy no doc loans or option arms.  The people who are bidding up the homes are buyers who are putting a lot more than 20% down (if not all cash). 
 
I better shine the floor.. Heading to $400/sf, it deserves more attention that it's getting. I will buy everyone blue velvet foot covering so that we don't accidentally disrespect the Lord of Equity.

USC, been listening that lending is easing up as well..
 
Cubic Zirconia said:
I better shine the floor.. Heading to $400/sf, it deserves more attention that it's getting. I will buy everyone blue velvet foot covering so that we don't accidentally disrespect the Lord of Equity.

USC, been listening that lending is easing up as well..
Click to expand...
Well I did a refi and can tell you that they racked me over the coals with more letters of explanations than I can count.  They ticked and tied every deposit over $500.  But I am not the average borrower, I have a lot of stuff on my tax return.  You can get an 80-10-10 loan if the first is under $417k so I'm sure things have loosened up somewhat.
 
Cubic Zirconia said:
Property Tax statement came in the mail.. $$$ increase. Another sign of sorts that the bottom is long over?
Click to expand...

did you ever get statements without an increase?
 
what's the reason behind dwindling inventory count?

1. lackluster job market reduces number of people looking to switch job and move
2. super low interest rate that makes leasing out a better option than selling
3. more local buyers due to the low interest rate
4. more FCBs as they are making inflation hedge or money laundering
5. election season Obama and HUD is holding the inventory back
 
The Motor Court Company said:
what's the reason behind dwindling inventory count?

1. lackluster job market reduces number of people looking to switch job and move
2. super low interest rate that makes leasing out a better option than selling
3. more local buyers due to the low interest rate
4. more FCBs as they are making inflation hedge or money laundering
5. election season Obama and HUD is holding the inventory back
Click to expand...
Add the HARP 2.0 refi program to the list.
 
guava said:
guava said:
OMG
Irvine Home Inventory less than 325 today
Will it sink below 300 ?
Click to expand...

According to IHB ,
Irvine Home Inventory is 225 as Dec 12, 2012.

Will it sink below 200 ?
Click to expand...
Actually we are down to 216 as of 1:30pm this afternoon.  Yeah, sure looks like we are heading under 200 in the next few weeks as things are going.
 
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