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alstry (35.03)

Anyone Buying Homes in California?????

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January 13, 2009 – Comments (2)

From the HousingBubbleBlog:

“In December 3,639 homes were for sale in the Victor Valley, with 513 closing escrow. Eighty-seven percent of homes sold in December were foreclosure properties. Because there are so many foreclosures, the rising pace of sales hasn’t slowed declining prices.

EIGHTY-SEVEN PERCENT OF HOMES SOLD WERE FORCLSURES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

“Foreclosures continue to dominate the existing home market, accounting for 84 percent of all December sales. That has meant steady declines in median sales prices as foreclosure asset managers continue to cut prices to try to get properties off their books. In Stockton, that has meant a 47 percent drop in prices in 12 months alone, from $250,000 in December 2007 to $133,000 last month, according to figures from the Grupe Real Estate-TrendGraphix monthly sales report, based on MLS data.”

84% OF SALES FORECLOSURES!!!!!!!!  47% PRICE DROP IN 12 MONTHS!!!!!!!!!!!!!!!!!!!!!  THAT IS SOME SERIOUS INFLATION

“Paquin admitted he hasn’t been able to accurately call the bottom of the housing market, as housing sales appeared to bottom out at various points during the past two years. ‘I was joking with some people this morning that it was probably the lowest since there’s been a capital in Sacramento,’ he said of the fourth-quarter figures. ‘That’s probably not true, but the reality is no one’s buying.’”

Obviously Mr. Paquin NEVER took a course in Alstrynomics...

It is just beginning.  We still have a long long way to go..........

2 Comments – Post Your Own

#1) On January 13, 2009 at 11:24 PM, daayoo (< 20) wrote:

The real question is who were the tards that bought the 13% that were not foreclosures?

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#2) On January 14, 2009 at 3:18 AM, cbwang888 (25.91) wrote:

16% probably bought them from the homebuilders?

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