Real Estate Watch: Must We “Mildly” Slide Our Way to Recovery?

Fresh DataQuick stats show buyers still balking, with homes sales off 37.7% vs. a year ago for the 22 business days ended March 14. But thatÂ’s not all bad, all things considered.
How so? If this buying pace holds, (and it would be the 30th consecutive month of year-to-year sales declines) this month would see the smallest yearly decline in purchases since August.

“Smallest yearly decline in purchases since August”? So this is now being hailed as good news? Well, perhaps Jon Lansner has a good point.

Maybe our real estate market is on a “bell curve”, and it needs to ease its way to the bottom before it can begin recovering. But then again, just how close are we to recovery? The average price of an OC home continues to fall. It’s now at $507,250, down 18.2% from last March.

So how ’bout I check in with you to see how your neighborhood is doing? Are you still seeing a lot of “For Sale” signs in your neighborhood? And how long are these signs staying on until someone new finally moves in?

And how ’bout those home prices? Are there “new” houses or condos for sale in your area? And if so, are the prices lower from last year? What do you think about this latest report? Are you seeing all of this in real life, and what do you think it will take for the market to recover?

  1 comment for “Real Estate Watch: Must We “Mildly” Slide Our Way to Recovery?

  1. March 28, 2008 at 9:12 am

    Two banked owned homes on my block alone. Three or four for sale right now. My home has lost almost 20% of it’s value since buying it in December of 2006 , which is minor since we plan on living there for quite some time. This too shall pass.

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