Here are the sales for Ventura County January 2011. Based on me taking statistics a bit later than usual and adjusting for recent changes in the underlying data sources I think the Dataquick number will be around 540 for December. That would be the second worst showing for January since I've been keeping records. Some of that is due to Decembers stronger showing which was a pulling forward of demand due to the spike in interest rates. I don't watch the broader market quite as close as I used to since buying a house but I still look at a narrow segment within Ventura County. My general sense is that the low end if falling away and the mid-market houses are just stagnating, with little inventory to chose from and intense competition for any "deals" that pop up. With rates knocking on 5.25% area that puts intense pressure on the market compared to just a month and a half ago where buyers could get a 4% mortgage rate.
2 comments:
The current U.S. housing market and national financial crisis has caused untold stress and heartache for plenty of American families. Foreclosure is one of the most devastating financial challenges that a relatives can face and one that plenty of times can be avoided.
“Not for the faint of heart” is right!
Ultimately, like all investments, it comes down to a risk vs. reward analysis. Buying foreclosed homes is on the whole extremely risky, and that risk should be reflected in the discount you are getting as compared to normal market prices. The discount should be such that even if every conceivable worst case scenario were to take place, you would still be getting a good deal. If you accept anything less than that, you’re essentially gambling.
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