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Murrieta California January 2011 Market Conditons
Appraiser Adjustment Matrix
Area                                      Murrieta                                 Date 1/5/2011
Not only are fewer homes selling and prices declining - I am also seeing the months of inventory grow (based on the current number of listings vs. 1-month of pending sales) - which is most recently at 5+ months, while just back to April 29, 2010 the months of inventory was at 2 and 1/2 months. 
Often in prior years the number of homes listed for sale drops between Thanksgiving and the early part of the next year (I believe because occupants don't want potential home buyers coming into their homes during holidays).  And as the new year comes along - new and older home sellers put their properties back on the market -- growing the inventory.  Unless, buyers come back soon - 2011 will not get off to a good start.  Prices might continue to drop as the inventory grows.  And if interest rates go up, lenders remain cautious, and heaven forbid they try to take away the mortgage interest IRS deduction -- things could be very bad. 
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