Saturday, January 20, 2007

"We are overbuilt"




From KGET 17 News comes the following video from the local builders conference on Janury 19, 2007. A few comments:


"We are overbuilt"


"Sales down 30% and inventory up 50%"


"Big concern is the time bomb loans"


"77% of buyers begin their buying search online"

11 comments:

Mozo Maz said...

Usual pep talk.

"A bit of a downturn"
"Mostly the winter doldrums"
"Local market remains strong"

He said 77% of people start their home search on the internet. I wonder how many find their local bubble blog.

Bakersfield Bubble said...

"I wonder how many find their local bubble blog."


I review my stats all the time and notice a number of people who punch in a local realtor's name or bakersfield housing on google usually end up with my blog on the first or second page.

Many of them stay for 20-30 minutes reading this marginal blog. I would love to know if they continued their home buying search

Perfect Storm said...

I remember a few months back that Ben's Blogs was getting 100,000 hits and hour. I wonder what it is now.

Sacramento Landing has been mentioned on the Hansen McClan radio show.

Anonymous said...

So, we bring in an economist from Stewart Title to tell us all is good. Come on. Of course he is going to say things are good. If he would simply look at the decline in open orders and the increase in the number of order cancellations for his local title and escrow departments he might get the real story. And throwing the 20+% line for loans in the early '80s. I was on the front lines (as an escrow officer) during that period and didn't see anything that high when it came to 30 year residential financing. Yeah that might have been the rate for a few marginal builders for their construction loans, but with greater risk comes greater reward (in terms of higher interest rates.

Lou Minatti said...

Google "Bakersfield housing" and this site is #6. A prime location.

Google "Bakersfield real estate" and this site is buried many pages deep.

Bakersfield Bubble said...

Anon-

I laugh when I hear these people use that 20% loan amount. That was the peak and it only lasted a few months.

Meanwhile, they never acknowledge the fact that even with rates at 6% only a small percentage can truly afford to buy a home at these prices with our current levels of income in this town. Well, unless they take out a toxic mortgage - option arm.

Bakersfield Bubble said...

Lou-

Is there a way to increase your ranking with the word "real estate"? Or this a advertising key word?

Lou Minatti said...

We could do a Google bomb, if others are interested. You just need some bloggers to post an article about "Bakersfield real estate" and provide links back here.

At least that's how I think it works.

Rob Dawg said...

Anyone interested in "Bakersfield Real Estate" or "Real Estate in the Bakersfield Area" needs to read the bakersfieldbubble blog. Real Estate is the subject at bakersfieldbubble and the bubble in Bakersfield Real Estate is an important part of and "Real Estate purchase in Bakersfield" or "Real Estate Investment in the Bakersfield Area."

Bakersfield Bubble said...

LOL.

Thanks Lou and Robert!

"Bakersfield Real Estate"
"Bakersfield Real Estate"
"Bakersfield Real Estate"
"Bakersfield Real Estate"

Anonymous said...

Yeah and in the advertisement you can say there are too many homes for sale and if you buy now you will be priced in forever. Also, Bakersfield has a crap load of land to build on for the next thousand years.

Do any local realtors have any comments about how the bakersfield bubble blog should be advertised? Don't be shy just tells us what you think.