Sunday, February 24, 2008

Final January 2008 numbers out. We are down 28% from the peak.

January 2008 Numbers. All California county loses are significant - no area was has been spared.

Bakersfield down 17.87% YOY. The median price is now $224,000. The median price peaked at around $310,000. We are now down 28% from the peak.

What does the future hold? Look at inventory and defaults/foreclosures, from the Bakersfield Californian:

The number of bank-owned properties listed on the Bakersfield Multiple Listing Service, an index of properties for sale, topped the 1,000 mark Wednesday, according to Jon Vaughn, a real estate agent with RE/MAX Magic and the host of a morning real estate radio show, Real Estate Today.

The MLS showed 1,017 bank-owned properties out of a total of 5,023 as of Wednesday, Vaughn said.

“It’s going to make it really difficult for sellers out there who are trying to sell properties,” Vaughn said. The increasing inventory will continue to drive prices down, he said.


Rob Dawg said...

We are all David crisp now.

Engineering Guy said...

Such good news (for me, heh heh). We made an offer on a foreclosure/shortsale two weeks ago. We offered $.65 on the dollar on what is owed to the bank. (original list price on MLS was $.72 on the dollar. The more news like this I hear, the more likely I feel like the bank will upset.

I never realized how bad things are in Bakersfield until I started walking through neighborhoods. I've discovered that papers in the windows usually means bank owned (and that the house might not be empty) Tax liens are out of control (courtesy of and interest rates still suck.

The neighborhood I placed my bet on has eight floorplans that I love, seven are foreclosures/bank owned. When I called the Realtor on number eight, he tried to take an attitude saying that he doesn't do foreclosures. I laughed so hard, I had to hang up.

Bakersfield Bubble said...

LOL rob! The coastal areas are getting close to the valley, although I still believe the Valley (from North of Sacramento to Bakersfield) will still see the biggest declines.

Thanks for the info eg. What part of town was this?

Engineering Guy said...

From before: "The more news like this I hear, the more likely I feel the bank will accept

We are looking in the neighborhoods surrounding Riverlakes golf course. If the bank says no to our offer, we'll resubmit the same and make an offer on the neighbor's house. Then their neighbor's house then. . .We'll get what we want for the price we want.

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Lou Minatti said...

Look on the bright side:

1) Crisp will be donning the orange jumpsuit soon enough. There will be entertaining trials ahead for the Crisp & Cole mill.
2) Bakersfield will become affordable for the middle class.
3) Bakersfield may even see prices drop down to levels seen in the Midwest states. From a resident in one armpit to the residents of another: If you live in an armpit it should be a CHEAP armpit. All armpits are pretty much alike.