Home Prices Hit Four Year Low

by Steve
Thursday, February 14, 2008

The North County Times reports today that home values in Riverside County have hit a four year low, averaging $331,500, it's lowest level since July 2004....

Prices continued to plummet across Southern California, with Riverside County's median sale falling to $331,500, its lowest level since July 2004, according to the monthly report by DataQuick Information Systems.

I just looked at my home's value on Zillow.com, and it pretty much reflects the same trend.

The article went on to quote Gene Wunderlich, a Realtor in Wildomar, that we're going to see more depreciation. I tend to agree.

I'm not a real estate expert, but everything I've read so far about our economy says that 2008 is going to just as bad as 2007. It doesn't look like the economy is going to get better until 2009.

Countryside Marketplace is supposed to open its first stores in September 2008. That should help create more demand for Menifee homes. But any demand that gets created here will be swallowed up by new home builders.

Labels: Housing Market

1 comments | Post a Comment | Perma Link

C.A.R.'s California Housing Market Forecast for 2008

by Holly
Thursday, October 11, 2007

LOS ANGELES (Oct. 10) – Home prices throughout most of California will post modest declines next year while sales of existing homes will stabilize from the precipitous decrease experienced in 2007, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) "2008 California Housing Market Forecast" released today.

The forecast will be presented this afternoon during the CALIFORNIA REALTOR® EXPO 2007 (http://www.realtorexpo.org/), running from Oct. 9-11 at the Anaheim Convention Center in Anaheim, Calif. The trade show attracts nearly 12,000 attendees and is the largest state real estate trade show in the nation.

The median home price in California will decline 4 percent to $553,000 in 2008 compared with a projected median of $576,000 this year, while sales for 2008 are projected to decrease 9 percent to 334,500 units, compared with 367,500 units (projected) in 2007.

"Tighter credit standards, affordability concerns, and a continued standoff between buyers and sellers will contribute to continued weakness in the market going into next year," said C.A.R. President Colleen Badagliacco. "Now is not the time for homeowners to 'test the waters' - only serious sellers should put their homes on the market in what will continue to be a challenging sales environment."

Read more of the story at http://www.car.org/index.php?id=Mzc4OTg=

Labels: Housing Market

0 comments | Post a Comment | Perma Link

How bad will the 2007 housing market be?

by Holly
Monday, October 08, 2007

Economists predict that next year will be tough, but say some metro areas will hold up nicely and the future may not be as gloomy as some fear.

Americans are increasingly nervous about the real estate market in 2007. They have good reason to be. But the news isn't all bad: Interest rates will remain at historically low levels, homebuyers will see more opportunities, and, best of all, for those planning for the long term, 2009 could be primed for a comeback.

To gauge what the next 12 months might look like, though, BusinessWeek.com asked economists at leading real estate research firms to provide their outlooks for the housing market in 2007. The less-than-festive consensus: Home prices will continue to fall in some markets, and the rate of price appreciation will slow in most places. Declines in homes sales, which directly influence price trends, will set the stage for another year of price decreases in 2008. Foreclosures will continue to increase. For those struggling to hold onto their homes, their net worth will shrink as these homes lose value. Long-term mortgage rates will rise. Housing starts will see double-digit depreciation, the sharpest decline since 1991, the worst year for housing starts on record.

To read more about this go to http://realestate.msn.com/Buying/Article_busweek.aspx?cp-documentid=1699105

HOLLY KAY
BROKER ASSOCIATE
SUNSET REAL ESTATE AND MORTGAGE
951-757-9632

Labels: Housing Market

0 comments | Post a Comment | Perma Link