So says this article:
http://www.cnbc.com/2016/01/15/a-re...cebook|opinion|link|011416|12PM|worsethan2008
http://www.cnbc.com/2016/01/15/a-re...cebook|opinion|link|011416|12PM|worsethan2008
NewtoIrvine1 said:Anyone also notice number of homes sold in Irvine has cratered? Looks like affordability is becoming an issue. Now that the chinese can't move their money out as easily we will see who can step in to buy these homes.
Year over year price of a sold house is down 6% and number of sales is now headed towards recessionary levels. Listing price still hasn't reflect this new situation yet so you won't quite see the headlines but it looks like homes are not selling.
Not to mention the thousands of homes about to be built this year in Eastwood and BP and CV...
http://www.trulia.com/real_estate/Irvine-California/market-trends/
Goriot said:Just Looked at your Trulia data. Available listing catered/declined by 20-25% in the past 12 months. Obviously, the volume of sales will not increase as there isn't enough inventory for transactions to happen.
NewtoIrvine1 said:True! but the one thing that still holds is the numbers of homes sold and the price trend. I do know that the new rules on mortgages got implemented in September so maybe there is an effect there? but i'm not quite sure
Soylent Green Is People said:Have to adjust timeline a bit. Closed January Sales are for contracts in November/December. The number of homes going under contract does slow during these months, which translates into lower closings in Jan/Feb.
Yes, to the topic headline, I believe there is enough data to show a recession is coming. I learned however some time ago that when you want to go down stream safely, you row a bit from the right and a bit from the left....
http://www.calculatedriskblog.com/2016/01/update-predicting-next-recession.html
Hedge accordingly.
My .02c
SGIP