California Association of Realtors (CAR) is calling it a "Not ‘Soft Landing" stating they no longer feels comfortable with that mild label. Yikes, what is happening now.
A closer read into the article finds that for optimists "soft landing" is a notion that implied values would stay over all. The association reviewed its original 2006 sales prediction from a 2% slip to a 16.8% drop. Most professionals will not be surprised at this. Most of us have been seeing it very closely.
On a bizarre note, the state Department of Real Estate reported 500,000 agents in May bringing this new lofty heights to one agent for every 55 adults in the state. I’m telling you it will be a very interesting year full of surprises and readjustments.
