We have noticed a great deal of strength in the 400,000 dollar and under market. People sense there are bargains and they wish to buy. The question is can they qualify. Many of our San Diego MLS listings have multiple offers. To see them go to www.favoriterealestate.com.
Here is a quote from the California association of Realtors weekly letter. (it tends to be a bit biased.)
C.A.R. Market Matters July 17 - jmcconnin@gmail.com
Here is a quote from the California association of Realtors weekly letter. (it tends to be a bit biased.)
C.A.R. Market Matters July 17 - jmcconnin@gmail.com
· Recent data suggest real estate market pessimism may be overblown. Even economist Karl Case, father of the S&P/Case Shiller Home Price Index, admits many industry pundits and members of the media are ignoring key facts – as demonstrated by their focus on negative year-over-year price figures rather than more recent monthly data. An example: Home prices actually increased slightly in eight of 20 Case Shiller markets between March and April. Instead, the focus of most media reports was on year-over-year figures, which continue to support the notion that the market may not have hit bottom, let alone begun to improve.
· Transaction-related indices may be skewed at present by a far larger than normal share of subprime-derived default and distress sales. In the San Francisco Bay Area, for example, more expensive homes (those priced over $721,548) have dropped in price by only about 10.7 percent from their peak, compared with homes priced under $473,711, which have tumbled by 40.9 percent.
