The long wait is over.
The next phase of the great xcession is about to begin and someone needs to track it and let people comment.
The last phase started like this. Stutter stops in housing price increases. THe latest Dataquick report:
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California November Home Sales
The median price paid for a home last month was $244,000, up 1.7 percent from $240,000 in October, and down 4.3 percent from $255,000 for November a year ago.
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The breakdown in Southern California is even worse:
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Only San Bernardino saw a yoy uptick. The expensive counties are way down.
4 comments:
Did the jumbo loan limits survive? Guessing those limits are still the cap on prices in SoCal, not counting the trophy properties that actors and pro athletes trade for cash.
Interesting to see that the volume of sales remains so low, even this many years after the crash.
The jumbo loans are being phased out. Technically they are still acceptable as assets against borrowing but in practice the margin says no.
Jumbo loans preserved middle class equity for the prudent. There is no reason to maintain such supports.
We might be seeing the beginning of acceleration due to demographic shifts. If you're 60 years old, sitting on $0.5MM-$1.5MM worth of house in SoCal and not much else, Sparks, NV gets more attractive all the time.
It's not like these Boomers have a whole lot of options.
Down the street a neighbor did one better. Bought a $150k motorhome pocketed the rest for gas money.
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