Some Good News for the IE Housing Market (Riverside, San Bernardino: bank owned, sales)

[chuck22b]

Recent Dataquick Reports for April show that Riverside and San Bernardino county sales have increased. 6.7% year over year April increase for Riverside, and a 9% month over month from March to April for San Bernardino.

Home sales rise in Riverside County | Real Estate | PE.com | Southern California News | News for Inland Southern California (http://www.pe.com/business/realestate/stories/PE_Biz_D_dataquick20.38fe4a8.html - broken link)

Although they were mainly REPO sales, these sales are definitely eating away at inventories and filling neighborhoods with "qualified" buyers. Good in my opinion for the overall market.

What have people been seeing in their neighborhoods? Where I live in The Preserves - Mulberries, my community has finally pretty much sold the rest of the inventory out. So, I guess within a month or so I'm gonna have quite a few more neighbors.... glad... but sad at the same time.

Mulberry at The Preserve at Chino

-chuck22b

[uglyblackjohn]

That's great news for the I.E. . I too will be one of those people buying a repo (in Riverside) soon. All of the negative posts on this forum made me homesick.

[flo2900]

Originally Posted by uglyblackjohn

That's great news for the I.E. . I too will be one of those people buying a repo (in Riverside) soon. All of the negative posts on this forum made me homesick.

Are you gonna leave Tx?
I was planning to move to Houston from OC but with the deals going on now in Corona I think i`m buying in Corona

[Unkllars]

uglyblackjohn, enlighten us to the beloved property tax in Texas if you would please. The I.E. has had a lot of movement with bank owned sales and new homes offering killer deals/incentives. Its not the bottom, but it is gaining some serious appeal. As inventory decreases, only the undesired homes will be available at the absolute bottom, since all the other homes are too good to pass up!!!

When you start noticing that the homes you want in your price range are becoming fewer than now, you know it's time to get serious before they slip through your fingers. So watch your desired home inventory and also watch interest rates. The two will tell you when to buy. No one else really can

[chuck22b]

Let me add to this with today's NAR report on existing home sales for April. Although better than the consensus and dismal overall (down 1%)... the West had a good showing with an increase of 6.4%! Not great, but hopefully since the West lead the downturn... maybe we can lead the turn around?

Existing homes sales fall 1%; supply of unsold homes surges - USATODAY.com

-chuck22b

[uglyblackjohn]

-Unkklars- I'm not sure what the property tax rate is here. It's just another bill to pay. As far as getting a good deal in the I.E. - I'm not too worried about the price. I was more concerned with having too many neighbors who shouldn't be there in the first place.

[SoCal Bottom Rider]

Yes we are seeing the now traditional dead cat Spring bounce and that is why yous will see some movement in the local housing market. But we are no where near a bottom. The IE will continue to be impacted severely. Foreclosures and REOs continue to pour in every month, valuers and listing prices continue to decline every month. Until I see prices stablize and inventory actually decline in conjuction, it makes no sense for me to catch a falling knife. In the IE's case a falling machete. Calling a bottom and turnaround prematurely when this is the biggest RE bust in this nations histpory is ridiculous. hang tight everyone, its going to get worse. Cheers!

[SoCal Bottom Rider]

'today's NAR report'

Yes the NAR. A very unbiased and credible source. LOL.

[chuck22b]

Originally Posted by SoCal Bottom Rider

Yes we are seeing the now traditional dead cat Spring bounce and that is why yous will see some movement in the local housing market. But we are no where near a bottom. The IE will continue to be impacted severely. Foreclosures and REOs continue to pour in every month, valuers and listing prices continue to decline every month. Until I see prices stablize and inventory actually decline in conjuction, it makes no sense for me to catch a falling knife. In the IE's case a falling machete. Calling a bottom and turnaround prematurely when this is the biggest RE bust in this nations histpory is ridiculous. hang tight everyone, its going to get worse. Cheers!

Hi SoCal Bottom Rider,
No one's saying we've hit the bottom... just stating the facts that sales have picked up which is a bit of good news for our slumped market. Of course its mainly because prices have dropped considerably... so we're seeing that correlation. Whether it's a dead cat bounce or not, no one knows.

Discrediting the NAR's report, even today's Commerce Department Report on New Home Sales shows a pickup in sales. 8.3% in the West. So, yes, it is some Good News for the IE and the West in general.

Falling prices are fine... it'll open up opportunities to new buyers. As long as sales pick up and inventory drops, in the long run prices will come along eventually (especially with the near halt in new construction and the cancellation/conversion of many housing projects). At the least people who are buying these days should be able to afford the place.

-chuck22b