Looks like the market’s moving slower than Southbound I-5 on Friday afternoon. Apparently we’re in a gridlock, folks! Sellers who aren’t in any rush to sell (just upgrading vs. relocating) are holding tight to their prices and waiting. And according to the DQNews.com (a real estate news source) buyers are holding out hoping that prices just might continue to fall. How do we figure? Inventory…how many houses are selling.
What’s the word on inventory (our tell tale marker of growth, etc.). According to DataQuick news reporting on all of Southern Cali…
“Last month’s sales were the slowest for any July since 1995, when 16,225 homes sold, the lowest
for any July in DataQuick’s statistics, which go back to 1988. The strongest July was in 2003,
when 38,996 homes sold. The July sales average is 26,829.”
Things just aren’t moving. And even as I type this there’s more bad news screaming from my TV. CNN was reporting that about half of middle class mortgage holders are going to see their mortgages near double in the next five years. Many will probably end up in foreclosure thus softening the market even more.
Here’s to hoping I find something encouraging to report next time. I promise I’m looking for it- but there just seems to be little, to none of it to report!