Friday, April 18, 2008

Stressed Out

When we made our offer on a home last February, I was incredibly nervous about market conditions, so I started to track active NODs (preforclosures) and Foreclosures via http://www.forclosure.com/ to get a feel for how much downward pressure there would be on prices.

Looking at the market stress data below, I am rather grateful our deal didn't go through. In the seven weeks I have been tracking the data, foreclosures have almost doubled in these two zip codes.
Anyone who argues we have hit bottom around here, is severely delusional.

7 comments:

Husmanen said...

Nice graph!!

I think great minds think alike, on Pigginton's blog for San Diego they are tracking something very similar. Nice comments too.

http://piggington.com/march_foreclosures

Paul said...

Well, as the NAR keeps saying, "There has never been a better time to buy!" Of course, 9-15 months from now will be even better, but the NAR will never say that.

Buying Time said...

"There has never been a better time to buy!"

They just don't say for whom its never been a better time to buy....cause they have lots of realtors hungry for a sale....so anytime is a good time for them!

norcaljeff said...

Just keep waiting. There is more to come. Rates will continue to fall and the banks haven't even come close to flooding the market with their REOs yet. Credit is difficult to get so the buyers, even if they want to buy, are on the sidelines. Patience!

Jacob said...

yup patience and save save save.

Patient Renter said...

patience. yep.

mopar777 said...

Good things come to those who are patient. Supress your nesting instinct. So your suffering the effects of being a low status renter? Get new friends. There are plenty of decent families in this area who are renting while the RE storm passes over. Their only sin is that they came on the market at a different time than the older high equity homeowners. Being a housepoor homedebtor with bare walls and sheets on the windows is alot worse than renting.
Our net worth is over $1M and I'm driving around a POS '98 toyota truck that I back in the garage so the neighbors won't see the big dent on the tailgate. Why? So I can buy a rental property for mostly cash when this foolishness is over. Then I'll get the status car.