WHAT'S NEW!
November 2008 - Home Prices & Mortgage Rates
15 Yr. Fixed 5.81% Points 0.7%
1 Year adjustable 5.33% Points 0.5%
For week ending 11/13/08.
Source: California Assoc. of Realtors
Regional Sales & Price Activity September 2008
Median price fell 40.9% and sales increased 96.7% compared to the same time a year ago for California statewide. Locally, median price fell 42.3% & sales rose by 135.3% from a year ago. The rise in sales indicates that buyers continue to take advantage of "bargains" in the marketplace-the inventory continues to trend upwards as more properties with troubled loans contribute to the number of properties for sale. This is the first time since 2001 that the desert median price has been below $200,000.
We offer the following observations:
> This is the highest monthly year over year jump in sales that we can track as far back as 1982.
> The market is in a fierce correction mode as this current market shift is larger and deeper than anyone originally anticipated.
> Further, no one 6 months ago predicted the financial upheavel including the bankruptcy of major banks (including investment banks) that has taken place in the U.S.A. and around the world.
> Whether a first or second home, or a resort rental or acquisition (time share or fractional ownership) the time for buyers is now. No one knows exactly when this window will close but this opportunity may never repeat itself.
> One popular belief is that a market where prices are going up and buyers have to wait in line is a good market; and when prices fall and buyers have choices and opportunities to buy homes that they could not have qualified for just 12-24 months ago is a bad market. Like most popular beliefs that one isn't true. Every market is harsh to some and rewarding others all at the same time. It is ALWAYS a good time to buy and sell real estate...just not always for the same set of buyers and sellers.
Source (CDAR)
We offer the following observations:
> This is the highest monthly year over year jump in sales that we can track as far back as 1982.
> The market is in a fierce correction mode as this current market shift is larger and deeper than anyone originally anticipated.
> Further, no one 6 months ago predicted the financial upheavel including the bankruptcy of major banks (including investment banks) that has taken place in the U.S.A. and around the world.
> Whether a first or second home, or a resort rental or acquisition (time share or fractional ownership) the time for buyers is now. No one knows exactly when this window will close but this opportunity may never repeat itself.
> One popular belief is that a market where prices are going up and buyers have to wait in line is a good market; and when prices fall and buyers have choices and opportunities to buy homes that they could not have qualified for just 12-24 months ago is a bad market. Like most popular beliefs that one isn't true. Every market is harsh to some and rewarding others all at the same time. It is ALWAYS a good time to buy and sell real estate...just not always for the same set of buyers and sellers.
Source (CDAR)
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