July 24, 2007

Sacramento California crashing home prices and exploding inventory graphs



OK, I'm having a tough time reading these two graphs. Not sure if I see much of a trend. How 'bout you? I guess if you look real hard. Oh, I give up. I guess I'll just go ask a REALTOR to tell me what they mean.

Inventory can't possibly be exploding at such an amazing rate. Prices can't possibly be in such a panicked freefall. Suzanne researched it! Lawrence Yun says this is a normal market. Bernanke says the worst is behind us. Bob Toll says we hit bottom. RealtyTimes reports now is a great time to buy. And we all know that real estate is always a great investment, and that the Property Ladder only goes up and up and up and up.

Or not.

By the way, take this housing data research website for a spin of the bubble cities. You'll be amazed. It's ugly out there.

9 comments:

Anonymous said...

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I thought median price doesn't matter. Isn't that what you keep saying about Orange Co? OC's median keeps going up, yet HP says it is evidence of a crash since only high end is selling and skewing the median. But now, SAC median goes down, HP says it is evidence of a crash as well. Hmmm.

Same with zillow. When zillow shows a property falling in price, it's evidence of a crash. When zillow shows price increases, zillow is dismissed as inaccurate and worthless.

Can't have it both ways guys. Either median is a good indicator or it isn't. Either zillow is or isn't accurate. You can't cherry pick.

Anonymous said...

Just wait until they discover gold under Sacramento! You'll see. Everyone will want to buy into Sacramento!!!!!

Anonymous said...

HP needs to call for a worldwide prayer day, where everyone prays for the dollar. The future for the greenback grows more ominous day by day.

Anonymous said...

We have friends, a very nice married couple, who "own" 5 homes in Sacto, not including their own. Their carrying costs on each home exceed the rental income. They are SO f***ed. And you know what they're doing about it? Praying, and reading "The Secret."

I don't have the heart to tell them where they're going to be a year from now...

Anonymous said...

Now what would be interesting would be the Sheriff sales on the courthouse steps.

AuAgPb said...

I think this lady will disagree with you Keith :-)

http://sacramentorealestategal.blogspot.com/

Rob's ENers paid her a visit last week. HP needs to send some love too.

Downturn said...

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Two graphs?? Wait a minute; they just turned the one graph over!

K.W. - Southern Ca. said...

The ARM resets later this year
will assist in speeding up the decline in housing prices, will helping to push up inventory to
an even greater level.

Shakster said...

GAWD DAYAMMNN!