Thursday, April 30, 2009

Crocus Sighting

March existing home sales fall by 3% nationally
Ventura County’s median price for existing homes also increased, growing 1.5 percent from February to $364,920. But it is down 27.6 percent from $504,210 in March 2008.

The last time the county had a month-to-month increase was in August, when it grew by 0.7 percent. The last time it had a year-over-year increase was in May 2007, when it ticked up 1.6 percent to $699,481.
At 1.5% per month we can erase this last year of price declines in less than 2 1/2 years getting back to all time highs by 2015. Then again it might snow here this month.



Jean ValJean said...

If you're going to put up a post FIRST thing in the morning, make sure you have your link right

Rob Dawg said...

You Americans are so demanding. Fixed, thanks.

Lou Minatti said...

A $365k median is still insanely high unless everyone in Ventura County is wealthy, and I suspect that is not the case.

Rob Dawg said...

May 2007: $699,481.

Now that's insane. -$500 per day every day for two years.

Here's an example of the common perception from that time:
"Now I get it! Now I know why EN commenters and housing bubbleistas hate me. I’m too positive. I don’t think housing is going to crash. I believe in the American economy. I believe in the power of capitalism and of the ability of markets to define themselves. I believe that one should never, ever give up. The haters hate my optimism. They hate that I’ve managed to work myself through very difficult times, personally hanging on the edge of insolvency. They hate that I encourage Casey in his self made conundrum and help him with advice. They hate Casey for not giving up already. The haters hate baby kittens! Now I understand. Nigel Swaby 03/30/07

Lou Minatti said...

Nigel was blinded because he worked in the industry. He believed his own bullcrap. There are so many people now who are so deep in debt that even with Nigel's Power Of Positive Thinking, they can never get out of it w/o bankruptcy. I bet that many of them don't even have the money for an attorney to lead them through the process.

Mr. Outspoken said...

Sadly some (many) people are too stupid to have credit. Many people need to be on a cash only economy. Casey was obviously one of them. Sadly it took this crisis to get us back to that ideal. It cuts right at the heart of the conservative capitalistic optimistic philosophy, but there it is.

Jean ValJean said...

Back at work yesterday after my ceremony, I walked around the hallways with my chest out, telling people to move out of my way, and bring me things NOW.

When one of my co-workers asked me what was up with me, I said,

"I'm an American now. I'm practicing my sense of entitlement."

Jean ValJean said...

and about the Swine Flu:

Fort Worth ISD closed today. I believe that's the biggest ISD closure so far in the state of Texas. Previously it had been only individual schools that had closed.

Aaron said...

Am I going to get credit finally for calling the bottom at 6500? I think even we pessimists can see that the support of the almighty taxpayer has put a bottom in place. so please kudos can be sent to the following:

Jean ValJean said...

I thought it was

but I digress.

congrats! I remember calling the bottom at something in the 9000's.

was I ever the optimist! I hope y'all don't hate my optimism now!

Oh, and Goodbye, Chrysler!

w said...

A new bottom is coming. Right now the short players are getting raped by the true professionals.

Mike said...

w, so true. The non-pro-investors will never collectively come out ahead. Ever. I am 100% out of the market right now. It makes for tough times when things are doing well though. I just dont like to play games that are fixed against me. If I found out that a casino had rigged the games, I wouldnt play there either.

Anyway, we will see what happens to the median price when the mid-upper end homes actually start selling. How is the individual home value calculated that goes into the median price number? Last sale price? Current list prices? Some weird combo?

Based on the number of people that still think they own $1M homes, I think that median number could be a little off.

Rob Dawg said...

5860 this summer. Woof.

Northern Renter said...

You will travel back in time when you reach Montreal, according to the headline today:

It's all about how house prices continue to climb here although they are dropping nearly everywhere else in the country.