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H P I Poll From California- 67% Say H P I Is Bad News

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Poll: Residential real estate market is bad news

Los Angeles Business from bizjournals - 1:02 PM PDT Friday

In the residential real estate market for the state of California, sales are down and prices and mortgage rates keep climbing.
Is this a good time to stay away from real estate? Are people scared away from the housing market due to these factors? An informal Los Angeles Business survey asked this very question this week.
An overwhelming majority -- 67 percent -- said that, yes, the low sales and high prices are keeping them out of the housing market. Readers selecting "no" accounted for 28 percent of the votes, with 4 percent opting for "other."
Comments from readers backed the results:
"Absolutely. The real estate market is overdue for a massive correction, particularly condos and single-family homes."
"Absolutely not the time to buy a home! Climbing interest rates, high prices,low rental income--US Gov. debt, possible war--the investment isn't even long term, it's potentially disasterous at this point."
"The high price of housing was one of my top 3 reasons why I moved out of the state of CA. I was looking in the condo market, but I was pushed out of that market by people who were pushed out of the single-family home market. So the high price of housing also created a domino effect for some buyers like me."

Its also not good news for those who bought late in the bubble and can no longer afford higher IR:


Mortgage Defaults Rise in State

The number of notices sent increased in the first quarter to the highest level in more than two years.

From the Associated Press

May 3, 2006

The number of California homeowners who received mortgage default notices increased in the first quarter to the highest level in more than two years, a real estate research firm said Tuesday.
Lenders sent 18,668 default notices to homeowners from January to March — a 23.4% increase from the fourth quarter of 2005 and a 28.7% rise from the year-earlier period, according to La Jolla-based DataQuick Information Systems.
The rate of change in the six-county Southern California region was higher, DataQuick said. The number of defaults rose 33% year over year to 11,102 from 8,330.
San Diego and Riverside counties saw the biggest jumps in defaults, more than 50%.

All bad things must come to an end. :(

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
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