Thursday, April 13, 2006

San Ramon Valley Times: Headlines


The housing market in California has fallen into a visible slump, and the downturn could erode economic expansion in fast-growing regions such as the East Bay, economists warned Wednesday.

Existing home sales have skidded, houses now languish on the market for longer periods, and the rate of home building has slowed

"California housing market conditions have noticeably deteriorated since September," Scott Anderson, Wells Fargo senior economist.

"Buyers stepped to the sidelines in the middle of 2005 and they have remained on the sidelines ever since," Atkins said.

Atkins also pointed out that a scenario where it takes three to four months for a house to be sold in the Tri-Valley is akin to the lag time seen in 2003.

The East Bay could be particularly jostled by the ripple effects of a housing slowdown, the Wells Fargo report warned. That's because construction jobs in the last year have become an especially crucial part of the economy in the Alameda-Contra Costa region.

"It doesn't really stop with construction," Schlossberg said. "You have other industries tied to housing, such as mortgage financing, title insurance, real estate sales. You have big-ticket purchases associated with buying a new home."

6 Comments:

Blogger Tom said...

What in your view was the reason/cause for the decline California real estate values in the early 1990's? Can you refer me to some well written articles on this ocurrence? I have invested in Calif. R.E. since the mid 70's and that (to date, anyway)is the only time I recall such a downturn. The market had flattened before, but not downturned.

Thanks,
Tom

9:43 PM  
Blogger Joe Berenguer said...

Hi, Fellow!I like your blog!
I just came across your blog and wanted to
drop you a note telling you how impressed I was with
the information you have posted here.
I have a loans center
site. It pretty much covers loans center related subjects.
Come and check it out if you get time :-)
Best regards!

9:02 PM  
Blogger James Baker said...

I just came across your blog and wanted to
drop you a note telling you, Friend, how impressed I was with it.
I give you my best wishes for your future endeavors.
If you have a moment, please visit my site:
loans center
It covers loans center related contents.
All the best!

4:48 AM  
Blogger Paul Adams said...

I was just searching blogs,and I found your site, Friend! I like it!
Please accept my compliments and wishes for your happiness and success.
If you have a moment, please take a look at my site:
loans center
It pretty much covers loans center related issues.
All the best!

10:46 AM  
Anonymous philippine real estate said...

Great blog this is. Looks like a daily newspaper. Thanks for the great read.

Paula M

11:26 PM  
Anonymous license course real estate said...

I have read several excellent stuff here. Definitely value bookmarking for revisiting. I wonder how much attempt you put to create this kind of magnificent informative site.

10:15 PM  

Post a Comment

<< Home