Tuesday, November 28, 2006

California home sales plunge

Per the Central Valley Business Times:

There were twice as many homes on the market unsold in October than a year ago, according to the California Association of Realtors, reflecting a 28.7 percent plunge in sales.

“While it appears that home sales have stabilized over the past three months, it’s too soon to say whether or not the market has bottomed out,” says Colleen Badagliacco, president of the Realtors’ association. “We do expect smaller year-over-year declines in home sales for the remainder of the year.”

“We’re seeing a seasonal decline in the median price characteristic of this time of year, although the overall trend is a slight year-over-year increase,” says Ms. Badagliacco. “Prices at the regional and county level have shown greater variability, with some areas posting year-to-year declines while others continue to register price gains compared with last year.”

“The unsold inventory of existing homes is at 7.2 months, twice last year’s inventory. Higher inventory levels are a key factor in the moderation of home price appreciation,” she says.

There were enough existing, single-family detached homes sitting waiting for buyers last month to equal a supply that would last 7.2 months before being sold out. That compares with 3.4 months (revised) for the same period a year ago.


http://www.centralvalleybusinesstimes.com/stories/001/?ID=3670

10 comments:

Anonymous said...

Today’s report on Sacramento has been released!
Daily Home Price Analysis

Merced Going Quickly said...

crispy&cole,
Let me guess. Nothing in the Bakersfield CAlifornian about this.

Also,
When are you going to change your handle to crispy&?

Bakersfield Bubble said...

Merced-

NOTHING! Of course not. Big story on the front page about a 600,000 square foot retail development and how many great jobs this will bring to town. Great jobs - you mean $8 hr service jobs??

crispy&_____

David said...

I added a link to your blog on the David Lereah Watch Blog.

David
David Lereah Watch

Rob Dawg said...

It's a good thing all those Bakersfield realtors saved and/or invested in things other than real estate half their comissions durring the fat years.

Merced Going Quickly said...

I was down in the area over the weekend, and met up with some people in the mortgage business. From thier accounts, the market is tanking real bad. I heard stories of people refinancing 3-5 times, and now are maxed out and will probally loose their homes.

Their company is going on an ad blitz, targeting the forclosure market -- or at least those that have the equity to refinace out.

Another thing, I laughed at the large billboard ads of Crisp & _____, the one near McD's off California. The ad was classic. I mentioned to a friend that the only people an ad like that would attract would be "flippers" looking for status.

Also, I heard the guy walks around with bodygaurds? LOL. In bakersifield?

Bakersfield Bubble said...

He also drives around in a stretch MB Limo. If I am a client and I see this what would I think? Is this who I want representing me??


Crispy&_________

Rob Dawg said...

I'm sure David Crisp will blame the imminent collapse of his empire on the unexpected costs of printing new letterhead.

Merced Going Quickly said...

Crisp&________,

Don't knock those 8$ an hour jobs. In Bakersfield, making that kind of cash, you can qualify for a $600K loan.

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