Posted by Truth Teller on March 26, 2008 at 07:06:06:
Looks like $98-114 per squarefoot is a price pattern that will move inventory in Northern California..Near Sacramento
http://biz.yahoo.com/cbsm/080324/de50df42206a457f87818ce3b496c5d3.html?.v=1&.pf=real-estate
Interestingly enough this falls in line with the statements about affordability that many have beem making on this board!
When Homes become affordable to T-shirt wearing families they will start to sell again..
Looks like some areas in CA are going to have to drop a bit more before they Start to clear their inventory...
Sad thing is that the banks are likely going to get FED help/Tax Help on their huge losses and so they are going to start Dumping inventory...as seen by Bank of America over-allocating for the loss which means to clear the loss they expect the impact to widen or ( they will get less for their REO Homes) and that is just one bank.
Fact is that once one bank begins to drop prices like Houvanian the home builder did, then it will impact all the other homes on the market.
Get you cash ready! I smell Money!
- Re: New Market Bottom Northen CA Mark 23:57:42 03/26/08 (0)
- Re: New Market Bottom Northen CA Mo 12:34:52 03/26/08 (0)