Here Comes the Slowdown
"SAN DIEGO/SAN FRANCISCO (Reuters) - On a rolling San Diego street, where home prices have doubled in three years, real estate agent Shawn Ommid kept a quiet vigil, chocolate chip cookies at the ready, waiting for buyers.
By Sunday afternoon, the cookies remained plentiful and prospects were scarce, with few turning up to tour a two-story tract house in a neighborhood known for its striking canyon views and equally stunning home prices of around $800,000.
"It's a shame because it's better to be a buyer now," said Ommid, citing a rise in San Diego home listings.
It is a scene that is playing out across some of the hottest property markets from California to Florida.
Inventories of unsold homes are rising, buyers are turning cautious, and, in some cases, prices are slipping after a period of explosive gains, analysts and real estate agents said."
More...
By Sunday afternoon, the cookies remained plentiful and prospects were scarce, with few turning up to tour a two-story tract house in a neighborhood known for its striking canyon views and equally stunning home prices of around $800,000.
"It's a shame because it's better to be a buyer now," said Ommid, citing a rise in San Diego home listings.
It is a scene that is playing out across some of the hottest property markets from California to Florida.
Inventories of unsold homes are rising, buyers are turning cautious, and, in some cases, prices are slipping after a period of explosive gains, analysts and real estate agents said."
More...
posted by Little_Silvered at 6:10 PM
1 Comments:
The real estate market is in meltdown.
Watch the mess unravel over next 2 years.
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