The flurry of cancellations isn’t isolated to San Diego County. It appears that it’s an overall strategy being employed by lenders across the state:
It’s probably a signal that lenders are hoping loan mods and short sales will get us home. It’s definitely a strategy that’ll kick the can down the road, with an occasional house getting foreclosed after all other options have been exhausted.
Will it be the final straw, causing frustrated buyers quit waiting and buy a house now, just to get it over with? Or will the frustration further cement the buyers’ resolve to wait it out?
During the double dip talk, we said that sales would have to decline Y-O-Y. The late-reporters are scurrying, and the SD County detached sales count for June, 2010, just equaled last year’s count, at 1,949, with about a 12% increase in cost-per-sf ($255/sf vs. $227/sf).
At what point do you give up hope as a buyer? If you saw that the second half of 2010 was fairly benign, and similar to what we’ve been seeing with low inventory, rare foreclosures, and detached sales around 2,000 per month – would you change anything about your buying strategy?