The numbers for April 2007 are out and 234 homes were sold in April 2007. This is absolutely horrible for those in the commission chain. Sales transactions are now down over 70% per month from their peak. I hope the local BMW dealership is ready for the slowdown.
This also means we have over 17 months supply of homes on the market. I have always been told that anything under 6 months is a sellers market, at 6 months is a balanced market and over 6 months is a buyers market. So what is 17 months, a ______ market?
Monday, May 14, 2007
Over 17 months supply of homes
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9 comments:
Only 234 homes sold in Bakersfield, wow that city's housing market is getting destroyed. Anybody buying a house now in Bakersfield better think twice you will lose a lot of money over the next few years.
From the Fremont website: "The 2007 Fremont General Corporation Annual Meeting of Stockholders scheduled for May 17, 2007 has been postponed. A new date will be posted when it is set by the Company’s Board of Directors." Anybody know what's up?
The BMW dealership should get ready because sellers are going to have to include a new BMW as an incentive!
From the Fremont website: "The 2007 Fremont General Corporation Annual Meeting of Stockholders scheduled for May 17, 2007 has been postponed.
With Sarbanes Oaxley in place if I were on that board I would be worried. Bubba may just get a new playmate in the pen. New Century execs are going to be servicing Bubba real soon, Bubba is going to like them, nice coporate exec axx to get all over.
With a 70% reduction in sales all the real esate agents with the best cans have found nice work pole dancing. The rest of you can take a course in fast food management or start working in a nail salon, take your pick.
... it's not a market. You have to have buyers and sellers to have a market. Looks like the buyers went on vacation.
Bubble, can you contact me by email?
email me @
bakersfieldbubble@hotmail.com
A Perfect Storm... a bit jaded?
Anyhow, a 17 month supply means only the strongest survive, and even then it really is who saved their money vs. who spent it.
Both Countrywide Branches here in Bakersfield, which I will hold as the production Judge for everyone else, loaned on 50 homes combined. That is a scary number for non-recourse purchase money loans. Why? Because Countrywide with its 19 Billion in assets, bested by Exxon Mobil as far as liquidity, will more than likely be the only lending company "surviving" this "F@#$-up" market. It there two branches, which are heavily involved in new construction are only lending on 50 homes, and they have 25 top producing agents combined... then good night, and good luck.
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