U.S. CitiesCity-Data Forum Index
Happy Halloween!
Go Back   City-Data Forum > U.S. Forums > California
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 08-23-2010, 04:13 PM
 
Location: San Diego California
5,975 posts, read 3,222,339 times
Reputation: 4230
Default Riverside home sales down 50% in one month.

I just saw a chart of home sales in Riverside County showing a drastic drop in home sales this past month. Is this kind of drop being seen anywhere else?
Reply With Quote Quick reply to this message

 
Old 08-23-2010, 04:38 PM
 
Location: Zurich, Switzerland
24,938 posts, read 31,801,375 times
Reputation: 10577
While a drastic drop, other places are also experiencing drops too. I think its because the new homebuyer tax credit expired and less people are on the market looking.

Also, the economy is still very weak, job creation is pitiful, people are very worried and probably less inclined to commit themselves to such an obligation now.
Reply With Quote Quick reply to this message
 
Old 08-23-2010, 05:25 PM
 
Location: The High Seas
5,635 posts, read 6,954,975 times
Reputation: 6372
I had read that banks in SoCal (not sure about the rest of the state) were withholding foreclosed properties from the market to prevent a glut, and subsequent lowering of house values. The bailouts the taxpayers so generously gave appear to have shored up the market for the "too bigs to fail".
Reply With Quote Quick reply to this message
 
Old 08-24-2010, 07:17 AM
 
913 posts, read 1,543,826 times
Reputation: 181
Snort, I have read the same things. They can't hold onto them forever. Sooner or later they are going to have to unload them.
Reply With Quote Quick reply to this message
 
Old 08-24-2010, 10:09 AM
 
Location: Mountain Ranch, CA The heart of Calaveras County
6,049 posts, read 11,159,610 times
Reputation: 4763
The drop in home sales is a result of the expiration of the tax credit. Sales are counted when they close and last month would have been the result of the deals that were in escrow prior to April 30th.

I wouldn't make much of a month to month drop, year on year is a more accurate measurement.
Reply With Quote Quick reply to this message
 
Old 08-24-2010, 11:08 AM
 
Location: Sacramento
13,450 posts, read 15,887,463 times
Reputation: 5244
Quote:
Originally Posted by DMenscha View Post
The drop in home sales is a result of the expiration of the tax credit. Sales are counted when they close and last month would have been the result of the deals that were in escrow prior to April 30th.

I wouldn't make much of a month to month drop, year on year is a more accurate measurement.
Agreed, any indication how the year to year data was for the second quarter?
Reply With Quote Quick reply to this message
 
Old 08-24-2010, 12:27 PM
 
Location: West LA
2,318 posts, read 4,880,361 times
Reputation: 1043
Quote:
Originally Posted by NewToCA View Post
Agreed, any indication how the year to year data was for the second quarter?
US statistics from the following LA Times article link:

"The National Assn. of Realtors said that the seasonally adjusted annual rate of sales was 3.83 million units in July, a drop from the downwardly revised 5.26-million-unit rate in June and a 25.5% drop from the 5.14-million-unit level in July 2009."

Sales of existing U.S. homes fall 27% - latimes.com
Reply With Quote Quick reply to this message
 
Old 08-25-2010, 08:00 AM
 
Location: Sacramento
13,450 posts, read 15,887,463 times
Reputation: 5244
Monthly transaction rates can have distortions due to special programs and their expirations.

Any quarterly data, especially targeted to Ca?
Reply With Quote Quick reply to this message
 
Old 08-26-2010, 02:16 AM
 
3,844 posts, read 8,123,885 times
Reputation: 2425
now is the time when you get to see the real home prices! If you thought home prices are cheap now, just wait 6 months!
Reply With Quote Quick reply to this message
 
Old 08-26-2010, 10:25 AM
 
913 posts, read 1,543,826 times
Reputation: 181
I say wait another 12-18 months. It will take at least that long for all of the foreclosures to have an impact on the market.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top