OC Median price on houses down 9%

Dec 13th, 2011  
by IrvineRenter  in Library News

Astute Observations

Astute Observation by HydroCabron
2011-12-13 09:38 AM

Maybe there were scheduling glitches at Beijing and Shanghai airports, which, together with a few random visa hassles, have temporarily stanched the flow of foreign cash buyers.

In all seriousness, for a change: I am not surprised by the lower prices, but the continuing low sales volumes surprise even me, and I’m well to the bear side of the spectrum.

The bottom half of the market must be near its final low point, yet sales volumes aren’t increasing. Hmm.

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Astute Observation by Strategic Renter
2011-12-13 10:12 AM

The bottom half will continue to fall until it reaches 3x median income plus 20%

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Astute Observation by Ben
2011-12-13 11:35 AM

The problem is that there will be millions like YOU waiting to buy a home if/when prices do reach 3x median incomes.  And there will be a hard rebound off the bottom…

Not only that, but once homes reach 3x median incomes what’s to keep the top 1% from swooping in and buying up entire towns to rent out!

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Astute Observation by Strategic Renter
2011-12-13 01:36 PM

Not only that, but once homes reach 3x median incomes what’s to keep the top 1% from swooping in and buying up entire towns to rent out!

Bacause that would produce a huge glut of rentals causing rents to tank and destroying investors numbers. Just won’t happen. Investors need to buy below 250k to make the numbers work.

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Astute Observation by Chris
2011-12-14 02:22 AM

Did anyone beat me in posting this?

http://money.cnn.com/2011/12/13/real_estate/home_sales_revision/index.htm?iid=Lead

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