It's happening fast and it's happening all over... Here's one from the Freso/Merced area. These kind of MSM reports have to be freaking people out out there, eh?
Central Valley Housing Bubble Ready to Burst?
The Valley housing boom is over, with home prices in some neighborhoods dropping $50,000 in just the past two months.
The median price of an existing home in the Central Valley in January of this year was $347,000. That's a 13% jump from the same time last year, when the average price was $307,000.
Valley home prices have been going up so fast, your home is still worth more than it was a year ago.
But when Action News broke down the numbers, we found that in the past couple months, the bubble appears to be bursting. To realtors, it's a market adjustment. But to some analysts, it's a full-on correction.
Local housing prices have come tumbling down over the last two months, erasing months of drastic increases.
Just two months ago, the median sale price for homes in Clovis' 93611 zip code was $439,000. But in just 60 days, those homes plummeted $51,000, to $388,000.
Over the same time frame, Fresno homes were unchanged, while homes in Merced lost a little more than $4,000 in value.
The correction hurts worst for people who flip homes, buying them and selling them again within a matter of months.
"You can drive through any brand new subdivision. You will see just as many for sale signs and for rent signs as you see people living in the homes," said Joan Jolly, from the Fresno Association of Realtors
March 03, 2006
Fresno area report - good god this is getting ugly fast isn't it?
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7 comments:
Bought home in fresno for 180k and unloaded 18 months later in May for almost double that. The "appreciation" there has been unreal.
Yeah it seems the central coast is gonna eat it the worst, more so than Phoenix. Those who put Inland Empire/Modesto/Bakersfield on your poll were dead on.
Fresno is a great example of a rising tide lifts all boats. Granted it is an emerging community but it is not and will never be as productive as the bay area. Houses there have a lot further to fall.
Ah, Fresno! A place I actually have lived in, during the early 1990s. If you took a short drive outside of town it seemd like 1/3 of the ranches and orchards were for sale. That place really takes a hit when RE dives and the economy stalls. Man, it was cheap to live there. I had a 2 BR 2 BA apartment for only $465, and it was in a nice area near Bullard Ave.
Read MSNBC NEWS: " How a housing downturn could roil economy "
By Martin Wolk
Chief economics correspondent
MSNBC
Updated: 4:37 p.m. ET March 3, 2006
http://www.msnbc.msn.com/id/11658208
Home buying slowest in years
March 3: Shrinking optimism blamed on increasing mortgage rates sank home buying to a 15-year low last month. NBC's Anne Thompson reports.
see MSNBC NEWS vIDEO !!!
http://video.msn.com/v/us/msnbc.htm?f=00&g=7742ca44-5ab0-4cf5-8b43-5b6de4f9543e&t=m5&p=Source_Nightly%20News
http://www.msnbc.msn.com/id/11658208/
http://www.msnbc.msn.com/id/11658208/
Behind the smokescreen, Fresno has the biggest real estate theft / fraud operation going on. It accompanies the so-called "water shortage" secrets entailing Fresno's water lines. My former employer (former employee of the City of Fresno) appears to be the ringleader - to date, he has managed to evade investigation by discrediting ME!
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