{"id":10341,"date":"2009-10-23T20:49:03","date_gmt":"2009-10-23T20:49:03","guid":{"rendered":""},"modified":"2009-10-23T20:49:03","modified_gmt":"2009-10-23T20:49:03","slug":"home-sales-up-but-will-it-last","status":"publish","type":"post","link":"https:\/\/calitics.com\/index.php\/2009\/10\/23\/home-sales-up-but-will-it-last\/","title":{"rendered":"Home Sales Up, But Will It Last?"},"content":{"rendered":"

All over the media, you can find breathless stories about housing sales being up<\/a>. It’s true, and the sales prices aren’t even shockingly low.  But there’s a Cash For Clunkers Effect here. <\/p>\n

Namely, the $8,000 first time homebuyer’s tax credit that expires at the end of November is driving sales. It’s pushing people who wouldn’t be rushing to move into their own home into moving on one of the many foreclosures on the market.<\/p>\n

Nationwide sales are up nearly 24 percent from their bottom in January, but are still down 23 percent from four years ago.<\/p>\n

Prices, however, continued to be dragged down by foreclosures and short sales, where the mortgage exceeds the sales price. The median price last month was $174,900, down almost 9 percent from $191,200 a year earlier, and slightly lower than August’s median of $177,300. (AP<\/a>)<\/p><\/blockquote>\n

And then you’ll get the breathless quotes about the housing market being back, with somebody saying we’re in a mini-boom. Look I’m all for optimism, but let’s keep it rational people. The market still has some very strong underlying weakness, especially here in California. Like cvash for clunkers brought forward demand for new cars, so is this program for moderately priced homes. It’s even creating a little bit of bidding up on some of the prices in stable markets.<\/p>\n

There is a ways to go before this market is anywhere near healthy, but it’s good to see some improvement. Hopefully this time around we get a little more common sense in the market.<\/p>\n","protected":false},"excerpt":{"rendered":"

All over the media, you can find breathless stories about housing sales being up<\/a>. It’s true, and the sales prices aren’t even shockingly low.  But there’s a Cash For Clunkers Effect here. <\/p>\n

Namely, the $8,000 first time homebuyer’s tax credit that expires at the end of November is driving sales. It’s pushing people who wouldn’t be rushing to move into their own home into moving on one of the many foreclosures on the market.<\/p>\n

Nationwide sales are up nearly 24 percent from their bottom in January, but are still down 23 percent from four years ago.<\/p>\n

Prices, however, continued to be dragged down by foreclosures and short sales, where the mortgage exceeds the sales price. The median price last month was $174,900, down almost 9 percent from $191,200 a year earlier, and slightly lower than August’s median of $177,300. (AP<\/a>)<\/p><\/blockquote>\n

And then you’ll get the breathless quotes about the housing market being back, with somebody saying we’re in a mini-boom. Look I’m all for optimism, but let’s keep it rational people. The market still has some very strong underlying weakness, especially here in California. Like cvash for clunkers brought forward demand for new cars, so is this program for moderately priced homes. It’s even creating a little bit of bidding up on some of the prices in stable markets.<\/p>\n

There is a ways to go before this market is anywhere near healthy, but it’s good to see some improvement. Hopefully this time around we get a little more common sense in the market.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[],"tags":[130],"class_list":["post-10341","post","type-post","status-publish","format-standard","hentry","tag-130"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack-related-posts":[],"jetpack_shortlink":"https:\/\/wp.me\/p6Pvhz-2GN","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/posts\/10341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/comments?post=10341"}],"version-history":[{"count":0,"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/posts\/10341\/revisions"}],"wp:attachment":[{"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/media?parent=10341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/categories?post=10341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/tags?post=10341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}