Sorry doom and gloomers. The real estate market is hot in California.

I note - that the observation I made came out in the lagging indicators... although a few of you thought I was nuts.

I expect December to be slower in the west as well. Reading demand is an art but I have about 30 listings San Diego and Orange county and I did profitably daytrade for a living for about 6 years. You can't do that unless you are good at figuring out what is real and what is CNBC.

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The PHSI in the Northeast dropped 25.7 percent to 74.4 in November but is 14.7 percent above a year ago. In the Midwest the index fell 25.7 percent to 82.0 but is 9.2 percent higher than November 2008. Pending home sales in the South fell 15.0 percent to an index of 97.8, but are 14.7 percent higher than a year ago. In the West the index declined 2.7 percent to 124.6 but is 21.4 percent above November 2008.

http://www.realtor.org/press_room/news_releases/2010/01/pending_surge
 
Quote from xxxskier:

its a matter of three things: location....location...location.

one home on my block in SF recently sold for 15% above asking price after 2 weeks on the market. another is in the midst of a bidding war right now.

i lol when i read articles about "SF Bay Area" real estate woes. The problem is that the writers fail to look at the City of SF vs the rest of the Bay Area. Moreover, within the City, specific 'hoods are doing much better then others. e.g. people working for various SV companies (goog, appl, former dna, etc) have cash from RSUs (restricted stock units - the new "stock option" ) and often pay 50% cash or more when they buy, and if they want a certain property, they are willing to pay up and outbid others.

yeah, we do have foreclosures in SF (city), but they are clumped into just a few 'hoods, and there are no foreclosures at all in my zip code (although had one or two this summer).

its all relative.
More...

very valid point.

The few areas like these, not only see what sold, but what the mortgage obtained was on it...if a lot are paying higher downs in cash as indicated above (IMO I would like to see @ least 35%), then this will keep that market "hot" for at least a short time...unless ALL the buyers are like that :D
 
I live in Canada and I really don't understand why we are having a housing boom across the nation. House prices are either at the same level they were before the crisis or in some markets, above. There is clearly something wrong with that when you think the unemployment rate is much higher and we still have a tough economic recovery ahead.

Canada also suffered a tough housing crash in the early 90s and it took the whole decade to really go through that and see price appreciation. The RE market isn't for those who want quick flips.
 
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