Sonoma Housing Bubble

Pulling the cork out of Sonoma's bubbly housing foolishness

Wednesday, December 27, 2006

Some Have Gotten the Memo...


Seems the San Diego housing market has gotten the memo. Sometimes a good ass-kicking realigns people's value systems. ;-)

“San Diego proved an extreme version of what was happening in markets across the country, as inflated markets started to cool. "

“The popularity of creative financing options worries analysts. Some buyers got into homes even though they could only afford the introductory payment on the loan. Those watching the market fear an avalanche of foreclosures from those who can’t afford their loans anymore.”

'“Many in the real estate industry blamed the media for the negative mindset of their formerly enthusiastic clients. Agents, builders and brokers lambasted those reporters, blaming the media for perpetuating a perception of doom for the housing market. But the numbers didn’t lie.”'

'“In these circumstances, convincing buyers to get into the market just for the sake of doing so will be a tough sell, said Peter Dennehy, VP of the Sullivan Group. ‘The market as a whole has gotten the memo,’ Dennehy said."

“‘Before that, it was just experts saying, ‘This is not sustainable,’ he said. ‘Now, the data actually showed a change.’”

"‘It is very hard to convince someone that it’s a good time to buy right now. That ‘let’s just get something,’ ‘gotta get in on the market’ — I think that perception is gone.’”

'"Job losses in the real-estate related sector, including agents, mortgage brokers and construction workers, will have lasting, significant effects on the local economy."'

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