Well this week was one for the record books. Saw more price drops than ever before, and we have hit a new low in terms of price per square foot for the homes in my search criteria. Contract activity is back down, and total listings is still higher than spring or summer (since many listing have now dropped in price into my range).
Seems whenever I start to get really discouraged that prices are starting to bottom out in 95762 & 95630, I see some nice movement. Thanks Santa!
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2 comments:
What happened to all the buyers anyway? Are they back at casinos gambleing at the tables instead of the housing market? I feel this market is just starting to correct.All the speculation will be taken out of this market before all is said and done.I know of one house that could have sold for over 300 at the top.Someone bought it for 260k during the runup and now trying to unload it for 185k in old roseville.It has been on the market for months and still no takers.Funny how speculation works.Hopefully none of you are the last bag holder who the moronic president is trying to bail out.
There never were as many buyers as people thought. Remove the specuvestors and you have excess that you cant unload. Add to that that builders over built even more than specuvestors could absorb and you have even more excess.
Prices have only one way to go.
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