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California house sales dipped 16.5% last month

By Call it Crazy   Follow   Tue, 16 Oct 2012, 8:16am   2,396 views   39 comments
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http://www.housingwire.com/news/california-home-sales-dipped-last-month-over-16-0

...."San Diego-based DataQuick announced that an estimated 34,453 new and resale homes and condos sold statewide last month, which was down 16.5% from 41,280 in August, and down 2.7% from 35,404 sales in September of 2011."

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Did the "Spring Bounce" have less of a bounce this year??

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1. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

   1   8:45am Tue 16 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   High Priced Junk Doesn't Sell Well in any Market

2. Strategic Renter Follow Befriend 31 threads 98 comments

   2   9:17am Tue 16 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   Realtor and shills lies outed by the data. Facts are such a problem for them.

3. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   3   9:34am Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   David9 says High Priced Junk Doesn't Sell Well in any Market Haha. Define high price in CA. All I know is a 400K place around here is just plain POS. :)

4. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

   4   9:39am Tue 16 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   bubblesitter says Define high price in CA I have a perfect example for you, direct from our friend Fannie. http://www.redfin.com/CA/Van-Nuys/14232-Tiara-St-91401/home/4694560?utm_campaign=listings_update&utm_medium=email&utm_source=myredfin May I point out, it's also only a 1 bath property...

5. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

   5   9:55am Tue 16 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Barnum and Bailey is right, 'Sucker Born Every Minute' or in this case, 'The Greater Fool'.

6. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   6   10:35am Tue 16 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   David9 says bubblesitter says Define high price in CA I have a perfect example for you, direct from our friend Fannie. http://www.redfin.com/CA/Van-Nuys/14232-Tiara-St-91401/home/4694560?utm_campaign=listings_update&utm_medium=email&utm_source=myredfin May I point out, it's also only a 1 bath property... This is even smaller then my apartment and has only 1 bath as opposed to 2 bath in my apartment. I'll rent for life instead of buying this for that price.

7. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

   7   10:40am Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   bubblesitter says I'll rent for life instead of buying this for that price Agree. It's a matter of principle with me, not only is it overpriced, it's the junk inventory they don't want.

8. iwog Follow Befriend (48) 274 threads 12,577 comments 47 male Lafayette, CA Premium

   8   10:42am Tue 16 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   If sales drop when prices rise, it means lack of supply and not excess demand. This basic economic principle seems lost on some of you.

9. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   9   10:44am Tue 16 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   iwog says If sales drop when prices rise, it means lack of supply and not excess demand. This basic economic principle seems lost on some of you. Nope. It means underwater owners are putting off selling their shacks.

10. tatupu70 Follow Befriend (3) 15 threads 5,653 comments

    10   10:49am Tue 16 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   bubblesitter says Nope. It means underwater owners are putting off selling their shacks So, you agree that it means lack of supply? You are probably correct, but that means that further price declines are likely not going to happen. If underwater owners aren't selling, then supply will remain low until prices get to the owners' break even point.

11. rrweather Follow Befriend 1 comments

    11   10:52am Tue 16 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   The home sale decrease is partially due to the lack of inventory. With the short sale and foreclosure processes halted during robo-signing scandals, there is an abundance of home owners behind in payments that have yet to start the short sale process or get foreclosed on. The banks are just behind in the process of cleaning out the default properties. There are literally hundreds of home owners in our area that are way behind in payments and just waiting to be foreclosed on or forced in to a short sale. This lack of older home inventory is obviously going to cause overall sales to drop since there is nothing to buy. If the default homes flooded the market, prices would drop and sales would pick up as new buyers snatched up the homes.

12. edvard2 Follow Befriend 34 threads 2,116 comments

    12   2:09pm Tue 16 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   War says There are 25 MILLION excess empty houses in the US and there is a "lack of inventory". I thought this was about California.

13. edvard2 Follow Befriend 34 threads 2,116 comments

    13   2:20pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   War says And 5 million of them are empty in California. Not sure what that proves. But anyway, if you're so against buying houses, then don't buy one. As a disclosure I've been on various housing bubble blogs since 2003-2004 or so. I saved cash for well over a decade, rented houses with several other people, and held off buying for the entire previous bubble. Then I bought. Big deal. If there are those who can't afford to buy or simply don't want to, then fine- let it be.

14. Nobody Follow Befriend 10 threads 274 comments San Jose, CA

    14   2:23pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   Ah well, we have more fools with money coming over from China... I am not sure which one is more devastating? The tainted food from China or the idiots with money from China.

15. everything Follow Befriend (2) 3 threads 552 comments Madison, WI

    15   2:27pm Tue 16 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   School just started up a few weeks ago, only CA took a dip in sales? Also, with these low rates, and the market being pumped I see plenty for sale, especially the condo's.

16. edvard2 Follow Befriend 34 threads 2,116 comments

    16   2:29pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   War says Follow along here. Point still not made....

17. 37108605 Follow Befriend 1 threads 1,055 comments

    17   2:34pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   BANG! http://profitandentropy.com/Science%20of%20Economic%20Expansion.pdf

18. edvard2 Follow Befriend 34 threads 2,116 comments

    18   2:37pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   War says Corrected it for you. There was never a point to be made to start with.

19. edvard2 Follow Befriend 34 threads 2,116 comments

    19   2:40pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   War says Corrected for you. Uh- corrected what?

20. edvard2 Follow Befriend 34 threads 2,116 comments

    20   2:42pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   What's right? This is rather amusing.

21. CashWillCrash Follow Befriend 3 threads 164 comments

    21   3:16pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   I've been looking to buy in certain areas and the majority of homes on the market are under contract. The only stuff left for sale is the junk that noone wants. And rarely something new coming up for sale. I've been checking inventory in SoCal for the last 12 years and there has never been so few AVAILABLE homes on the market, even during the boom when they all sold within a week. Terrible time to buy....

22. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

    22   3:22pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   Exactly. I know most of the condo complexes in the San Fernando Valley and Los Angeles / Hollywood area. Some haven't had a listing for sale in years. Is this something normal that can be trusted? I agree with Patrick's book, it's best to buy when interest rates are high and prices are low. The risk of quickly going underwater and all that that entails, unable to sell, unable to refinance, is just not worth the risk.

23. Call it Crazy Follow Befriend 229 threads 2,790 comments

    23   3:51pm Tue 16 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   CashWillCrash says I've been looking to buy in certain areas and the majority of homes on the market are under contract. The only stuff left for sale is the junk that noone wants. And rarely something new coming up for sale. I see the same thing on the east coast.. Houses that were overpriced are under contract and what's left is junk. Plus, the new listings are totally overpriced... These realtors are trying to take advantage of the lower inventory and are jacking up the list prices unrealistically... Problem is, the income situation and ability to qualify for a mortgage hasn't changed... I would love to be a fly on the wall when these realtors have to go back and tell the sellers to drop their prices 10% because they haven't had any showings....

24. CashWillCrash Follow Befriend 3 threads 164 comments

    24   3:55pm Tue 16 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   If we could only jack up interest rates to where it makes sense...

25. edvard2 Follow Befriend 34 threads 2,116 comments

    25   3:57pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   The reason for less inventory is simple: Money got cheap again. Interest rates are low

26. CashWillCrash Follow Befriend 3 threads 164 comments

    26   4:05pm Tue 16 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Check the MLS: out of these "5 million empty homes" only a few hundred of them are on the market for sale! That's the problem!

27. Call it Crazy Follow Befriend 229 threads 2,790 comments

    27   5:47pm Tue 16 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   CashWillCrash says Check the MLS: out of these "5 million empty homes" only a few hundred of them are on the market for sale! That's the problem! Wait, hold on there!! I've been told many times on this forum that there isn't any shadow inventory...... Could someone have lied to me????

28. Call it Crazy Follow Befriend 229 threads 2,790 comments

    28   5:49pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   Yup says When there is no credit and your bank account is empty (most Americans) you stop buying shit. Demand destruction. You fools, err I mean bulls, probably don't even realize that it has already happened throughout the global economy. Fuel use down, Air traffic down, Car sales down, Home sales down, home building down........ Ahhh, but you're wrong.... housing is a GREAT investment because it always goes up in value... you HAVE to buy a house even if you don't buy all that other crap!

29. Mark D Follow Befriend 64 threads 490 comments Simi Valley, CA

    29   8:43pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   there goes another "recovery."

30. thomaswong.1986 Follow Befriend 15 threads 2,857 comments

    30   8:55pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   David9 says I agree with Patrick's book, it's best to buy when interest rates are high and prices are low. Oddly enough there isnt much of a connection between interest rates and prices. Be it early 90s or the past few years ... its the same. Even as interest rates have declined, so have prices. One does not negotiate monthly payments but prices with the seller. Overall, a typical buyer should negotiate on price, not what interests rates go. And you should negotiate really hard to get the best value based on sound fundamentals. there are people here on Pnet, who do a great job on driving price negotiation ( down back into late 90s prices plus inflation)... not to mention covering mortgage payment with rent.

31. Goran_K Follow Befriend (4) 25 threads 1,523 comments Laguna Beach, CA Premium

    31   10:13pm Tue 16 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   You don't need to look at the drop in sales or inventory to know that people aren't buying homes. Just look at the Mortgage Bankers origination index: Since owner occupied homes are overwhelming bought through loan products, there can only be one option left: SPECULATION NATION!!!

32. anon12366 Follow Befriend (2) 61 comments Palo Alto, CA

    32   10:50pm Tue 16 Oct 2012   Share   Quote   Permalink   Like   Dislike   David9 says bubblesitter says Define high price in CA I have a perfect example for you, direct from our friend Fannie. http://www.redfin.com/CA/Van-Nuys/14232-Tiara-St-91401/home/4694560?utm_campaign=listings_update&utm_medium=email&utm_source=myredfin May I point out, it's also only a 1 bath property... That's classy. For a quarter mil, does it come with the boards on the windows?

33. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 171 threads 4,223 comments Premium

    33   3:33am Wed 17 Oct 2012   Share   Quote   Permalink   Like (6)   Dislike   Protected   Wait until next month when gay, billionaire Chindians show up and drop 100x the offering price on condos in Stockton and sell them to Saudi Prices for another 100x increase. There is no reason a condo in Stockton should not be priced like the 50 million dollar condo in Manhattan. Ask any Realtor®.

34. 37108605 Follow Befriend 1 threads 1,055 comments

    34   4:17am Wed 17 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   CashWillCrash says I've been checking inventory in SoCal for the last 12 years and there has never been so few AVAILABLE homes on the market, even during the boom when they all sold within a week. Yes, that is why so many are For Sale throughout the region? Did it ever occur to you that you may be the sucker in the game?

35. 37108605 Follow Befriend 1 threads 1,055 comments

    35   4:19am Wed 17 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   anon12366 says That's classy. People who use the term "classy" in public to high social circles (meaning real money not real estate dreamers) means they have none.

36. marco Follow Befriend 78 comments Black Mountain, NC

    36   5:18am Wed 17 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Anybody just wakin' up in California? ... singin' in the shower? "It's time to play the music It's time to light the lights It's time to meet the muppets On the the muppet show tonight It's time to put on makeup It's time to dress up right It's time to raise the curtain On the muppet show tonight"

37. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

    37   8:44am Wed 17 Oct 2012   Share   Quote   Permalink   Like   Dislike   anon12366 says That's classy. Isn't it though? I can't believe what shows up in my email. Today, all the sellers added 50k + to their prices..

38. 37108605 Follow Befriend 1 threads 1,055 comments

    38   10:41am Wed 17 Oct 2012   Share   Quote   Permalink   Like (3)   Dislike   David9 says Today, all the sellers added 50k + to their prices. Yes, they all must on the P.T. Barnum bus.

39. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

    39   10:48am Wed 17 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Reader says Yes, they all must on the P.T. Barnum bus. LOL! Thanks