Give Me A Real Estate "Bubble Break"
January 20, 2006
Here are some excerpts from an Inman News article from yesterday (1/19/2006):Let's put this into perspective:
S.F. Bay Area real estate sales dive
Median home price falls $16K from previous month
The median price paid for a Bay Area home was $609,000 last month. That was down 2.6 percent from November's record high of $625,000, and up 14.3 percent from $533,000 for December a year ago.
The annual price increase was the lowest since prices rose 13.1 percent to $474,000 in March 2004...
...A total of 9,347 new and resale houses and condos were sold in the region last month, down 3.8 percent from 9,717 for November and down 15.5 percent from 11,068 for December last year, DataQuick reported.
- Interest rates are going up (but still at historical lows),
- Appreciation has been nothing short of fantastic the last few years,
- Real estate gains are outpacing wage gains,
- Affordability is at an all time low and
- Headlines such as these: "Prices Dive" and "The Bubble is Breaking" are causing buyers to have second thoughts.
Give me a break and lift the fog on market perspectives!
Comment on Give Me A Real Estate "Bubble Break". Follow this article is off. More articles like this one filed in: Market Conditions (with charts) , Opinions
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Tom made the following comment on January 23, 2006 9:47 PM
HOORAY MERV!!!
You deserve kudo's for your comments, as it is so easy to hype the negative. We will have some market rationality, not hysteria. And markets like yours will chase out the dreamers and bad agents, and a normal market will persist.
Tom
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