Alternative headline: "Four areas so affluent that home prices and incomes are completely disconnected." Comparing the median sale price to house-buying power in all top 50 markets reveals that 4 markets are considered "overvalued". "Overvalued" is defined by a market...
Real estate practices have been evolving with the frenzy. The market used to be lively seven days a week, but that's gone away. Looking at homes during the week is futile now, because the new listings tend to hit the MLS on Thursday or Friday with NO SHOWINGS UNTIL...
Even though we are racing towards mortgage rates in the 5s (should be there by summer), there won't be much adjustment by sellers because they aren't going to give it away! “We learned house prices are... ‘downside sticky’ which means sellers would rather withdraw...
Will the Ukraine war have an impact the real estate frenzy? It's likely to have the same effect as rising mortgage rates - it will make buyers want to hurry up and buy something so they can hunker down. But the less-motivated buyers have to be getting to the point...
We know that media types are looking to sell newspapers, and if it bleeds, it leads. The article in the UT this morning about the San Diego Case-Shiller Index starts with this: San Diego continued to slide down in rankings of the nation’s hottest real estate markets...
In San Diego County, the excessive frenzy conditions have been driven by newcomers who don't have a house here yet, and who figure that they just have to pay what it takes to get one. It is those buyers that out-bid the locals. As those numbers dwindle, the frenzy...
A reader on Twitter wondered how rising rates will affect the 2022 frenzy. Here's what is expected today: Under Chair Jerome Powell, the Federal Reserve is poised this week to execute a sharp turn toward tighter interest-rate policies with inflation accelerating and...
More ivory-tower musings here, and it's hard to believe that they could be so blind. How can analysts read these statistics and decide that the frenzy will come to a complete halt, which is what a 2.5% YoY gain will feel like if it were to happen? Because of a break...
During the inspection of the fixer in Olde Carlsbad, it was determined that further investigation was warranted due to the slope in the floor. A geologic engineer came out with his fancy altimeter and found that there was a 5-inch difference between the foundation...
There have been more new pendings than new listings for four weeks in a row. This week's 54 new pendings is the highest weekly amount since the end of August! There are more pendings than actives today (232 vs. 229) and it's the week of Thanksgiving! At this time last...
