Thursday, December 19, 2013
DataQuick November '13 Misc
The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,418, up from $1,395 the month before and up from $1,026 a year earlier. Adjusted for inflation, last month's payment was 38.4 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 50.1 percent below the current cycle's peak in June 2006. It was 54.5 percent above the February 2012 bottom of the current cycle.
That's a pretty fast increase in mortgage burden. Even more telling:
Sales down 10.8 percent from 37,481 sales in November 2012, ...Last month's sales were 15.1 percent below the average of 39,357 sales for all the months of November since 1988.
The Ice Queen senses a chill in the market.