It’s time to take a pulse on the market in Santa Ana. I last checked on Santa Ana’s status on September 19th. At that time, there were 1,119 homes on the market and the market action index was at 25.61 (showing a definite buyer’s market). And, where do we stand now? Well, according to Altos Research, there’s 1,140 homes on the market and the market action index has dropped to 16.86. Not good news for Santa Ana sellers.
My last post was right around the time that the Feds announced the reduction in rates. While it sounded to some like it would be a savior to the market, most of us knew better, especially in Santa Ana. With so many homes on the market and consumer confidence nowhere to be found, it’s going to take a heck of a lot more than a drop in interest rates to turn this market around. Now, we just need patience, time, and good thoughts.
For those in Santa Ana trying to sell or facing a foreclosure, here’s something to put it all in perspective… With all the wildfires, homeowners have been evacuated and have spent days away from their homes, not knowing if there will even be a home to go back to. In San Diego (where I just moved from a year ago), they’ve lost over 1,000 homes and over 300,000 residents have been evacuated. If that’s not more disturbing than a high rate of foreclosures and a house that won’t sell, I don’t know what is.