Bring on the Inevitable Housing Crash
About a month ago the word recession was being used in every other sentence. Here in So Cal in my San Diego Neighborhood and surrounding neighborhoods for sales signs are up everywhere. In one week alone down a street by my house 3 for sale signs went up within days of each other. The prices are ridiculous and sellers are looking to make a fast buck. Other sellers are I barely made it through the last recession I have to unload this house now. Not at the prices being asked for are these houses going to move. It is crazy and insane….
As an appraiser in Monterey County, I’m already seeing some corrections in the outlying areas. This would be first time buyer’s territory. These values are flat to decreasing. The interesting part are listing prices are not following the sales trends which is causing a slowdown for over priced homes. The mid range homes are slow with some appreciation of 4 to 6% over 1 year which is “normal”(whatever normal is anymore). The higher priced homes in residential tract housing is sagging, while the homes over $5 million or more are holding and are not impacted by the same market influences as middle America.
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