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Old 08-23-2010, 04:13 PM
 
Location: San Diego California
5,930 posts, read 3,108,174 times
Reputation: 4194
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?
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Old 08-23-2010, 04:38 PM
 
Location: Zurich, Switzerland
24,787 posts, read 30,918,146 times
Reputation: 10444
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.
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Old 08-23-2010, 05:25 PM
 
Location: The High Seas
5,578 posts, read 6,718,858 times
Reputation: 6218
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".
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Old 08-24-2010, 07:17 AM
 
913 posts, read 1,514,897 times
Reputation: 178
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.
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Old 08-24-2010, 10:09 AM
Status: "Keep some sunshine on your face!" (set 19 days ago)
 
Location: Mountain Ranch, CA The heart of Calaveras County
6,002 posts, read 10,820,413 times
Reputation: 4664
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.
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Old 08-24-2010, 11:08 AM
 
Location: Sacramento
13,408 posts, read 15,565,311 times
Reputation: 5163
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?
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Old 08-24-2010, 12:27 PM
 
Location: West LA
2,318 posts, read 4,794,225 times
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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
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Old 08-25-2010, 08:00 AM
 
Location: Sacramento
13,408 posts, read 15,565,311 times
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Monthly transaction rates can have distortions due to special programs and their expirations.

Any quarterly data, especially targeted to Ca?
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Old 08-26-2010, 02:16 AM
 
3,843 posts, read 7,965,881 times
Reputation: 2423
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!
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Old 08-26-2010, 10:25 AM
 
913 posts, read 1,514,897 times
Reputation: 178
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.
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