Sonoma Housing Bubble

Pulling the cork out of Sonoma's bubbly housing foolishness

Friday, October 27, 2006

Declining Sales and Exploding Rats


"Sales of both new and existing homes have fallen steadily in Sonoma County in the past year after the market and prices reached a peak in August 2005. The median price for resale homes has dropped 7.7 percent over the past year, falling to $567,500 in September. Several forecasts predict the region's housing market will remain weak for at least the next two years."

"Housing starts also have declined because homes are taking longer to sell. Both Christopherson and Rivendale have cut production 25 percent, compared with a year ago."

"Sonoma County builders have cut prices approximately 10 percent, compared with a year ago, in response to the housing slowdown. The county's largest builder, Christopherson Homes, has reduced its prices 5 percent to 10 percent over the last year. Rivendale Homes, the second-largest builder, has cut its prices 10 percent in the past year."

By the way....

"Pest control experts say rat populations have been on the rise in the North Bay for three to four years."

"There is a major rodent explosion going on, from Sausalito to Cloverdale. It's major all through Marin. There is no area that doesn't have some level of it going on," said Ed Meehan, a specialist with the Marin/Sonoma Mosquito & Vector Control District.

"He said the cause of the rat boom isn't clear, but one theory is that raccoons, which prey on the rodents, had been dying off.Whatever the reason, he said, no one wants to talk about rats because they are associated with filth. But all income levels and homes can have a problem, he said, and normally it has nothing to do with garbage."

'"I've been in pretty fancy homes in Marin where rats are running across the living room," he said."A lot of time in neighborhoods, pet food is left out at night, or it's bird feeders," Meehan said of the attractions for the rodents."

"Roof rats bring the most trouble, say exterminators, because they are like squirrels in their ability to climb fences and branches and find their way into attics and other spots.But there are also problems with Norway rats, also known as a brown, sewer or wharf rat. In the fall and winter they have a tendency to look indoors for a nice, warm place to raise a family, he said."

6 Comments:

At 10/28/2006 08:16:00 AM , Anonymous trailer trash said...

"Sales of both new and existing homes have fallen steadily in Sonoma County in the past year after the market and prices reached a peak in August 2005. The median price for resale homes has dropped 7.7 percent over the past year, falling to $567,500 in September. Several forecasts predict the region's housing market will remain weak for at least the next two years."

There's no need to fear, Dr. Lereah is here!

Dr. David A. Lereah (pronounced La-ray-aah)obtained a Ph.D. in Economics. Dr. Lereah is Senior Vice President and Chief Economist of the National Ass. of Realtors (NAR) and he has repeatedly affirmed that the current real estate market is healthy -- even now, as the greatest Ponzi Scheme of all time is collapsing. His seemingly-impressive CREDENTIALS are repeatedly used to substantiate the validity of his increasingly-asinine statements. The title of Dr. Lereah's latest book, Why the Real Estate BOOM Will Not Bust is a perfect example of the propaganda this NAR pimp distributes.

Dr. Lereah's NAR duties include mixing lies and truth together and then spinning this sewage into press releases which will encourage "greater fools" to keep taking out risky loans to finance overpriced debt boxes. Like a sideshow geek, Dr. Lereah encourages skeptical people to jump onto the real estate bandwagon, so that Realtors everywhere can continue to fleece the gullible public.

It has become painfully-obvious that Dr. Lereah takes the truth and then reverses it. He has become a contrary indicator, because most of what he says is exactly the opposite of the truth. For example, Dr. Lereah recently said, "When consumers recognize that home sales are stabilizing, we’ll see the buyers who’ve been on the sidelines get back into the market, and sales will be at more normal levels in the wake of the unsustainable boom that we saw last year.” Notice that Dr. Lereah has deviated from the title of his 2006 book, Why the Real Estate BOOM Will Not Bust and is now referring to the original "boom" as an "unsustainable boom."

Therefore, it is possible to remove the positive spin from Dr. Lereah's latest false prophesy and obtain a very accurate statement of fact: "When consumers recognize that home sales are crashing, we’ll see the buyers who’ve been on the sidelines flee the market in terror, and sales will be at greatly reduced levels in the wake of the unsustainable boom that we saw last year.”

So there you go. When Dr. Lereah says "correction", he means "crash." When he says "soft landing", he means "crash." When he says "market stability", he means "crash." Dr. Lereah has become so notorious that he has earned himself the honor of having a DAVID LEREAH WATCH website devoted exclusively to reporting on his shady activities and absurd proclamations.

Now that's my definition of success!

 
At 10/30/2006 02:40:00 PM , Blogger sf jack said...

So our next Bay Area bubble is in rats!?

 
At 10/31/2006 10:17:00 AM , Blogger marin_explorer said...

Btw, did you see this PD article:

“The skyline of Santa Rosa is on the brink of a transformation brought by three high-rise buildings that promise big-city living in the heart of Sonoma County’s hub city.”

“But there are questions about whether there are enough buyers. Some planners, such as Santa Rosa’s Laura Hall, wonder if people will snap up the residential units in the 12- and 14-story buildings. ‘People are flocking downtown. I don’t know if it’s to high rises,’ she said.”

“‘I tend to think high rises are a bit inhumane,’ said Hall. ‘It’s great to have more people living downtown. I love all that. But we could be an awesome six-story town, like Paris.’


Paris?!
And the "New Sausalito" nextdoor?

 
At 11/11/2006 11:47:00 AM , Anonymous Anonymous said...

I've been following these post types for awhile now. It's funny to me that Cloverdale gets mentioned. I recently heard from a friend of mine who lives there, that they have a huge rat problem, and the city's trying to keep it quiet. I mean c'mon, Cloverdale doesn't have a lot gong for it anyway! ;) Just kidding. Anyway, I was talking to a person associated with the City of Santa Rosa, and he let it slip that the influx of rats in certain areas, might not be as random as it seems. It had something to do with how they moved things through storm drains. I won't pretend to know how the underground system worked, but it seemed like n interesting angle to me. Cheers!

 
At 11/11/2006 11:49:00 AM , Anonymous Speaker said...

I've been following these post types for awhile now. It's funny to me that Cloverdale gets mentioned. I recently heard from a friend of mine who lives there, that they have a huge rat problem, and the city's trying to keep it quiet. I mean c'mon, Cloverdale doesn't have a lot gong for it anyway! ;) Just kidding. Anyway, I was talking to a person associated with the City of Santa Rosa, and he let it slip that the influx of rats in certain areas, might not be as random as it seems. It had something to do with how they moved things through storm drains. I won't pretend to know how the underground system worked, but it seemed like n interesting angle to me. Cheers!

 
At 12/09/2007 11:36:00 PM , Anonymous Anonymous said...

Rats? OMG. Hopefully, they don't make it to Marin County. The market will probably continue to balance, but the new year is going to bring in more buyers. I can sense it in the air.

 

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