Californian enjoy a certain environmental awareness I see most other states seem to neglect. Most of us recycle and are more or less aware of our environment. After all, it’s hard not to be when it rarely rains.
This webpage on Public Radio was an interesting eye opener. It basically shows how many earths it would take to sustain our way of living. It basically shows your foot print on earth. Fascinating…
With a sub-title like: “Playing “Find the Buyer”, But Finding Few; Sellers Become More Realistic on Pricing”, it speaks for itself.
Noting unexpected, traffic down meaningfully in August, more homes on the market. My informal survey of our local Long Beach market was from Lakewood and Long Beach out of a total of 2682 homes on the market in September, only 120 have sold. Now that’s 1.8% of homes that sell in this market. I’ll write more about it tomorrow.
Bank of America’s traffic index fell to 18.6 in August from 21.8 in July. The downward price pressure continues as their price index fell to 21.2 in August, down from 24.7 in July. Below 50 means falling prices. They reported agents believe sellers need to lower asking prices given the competing inventory of homes for sale. Nothing earth shattering there. We all knew that.
BofA expects the price to continue to drop based on the excess inventory of homes for sale on the market. Prices fell to 12.2 in August from 16.0 in July.
Interestingly, in markets with significant new construction, some agents noted that appraisals on existing homes are now often being based on new home prices (which have been cut more than existing home prices) and is intensifying the troubles.
Source BofA.