Another beautiful day in paradise. Just sitting here with my dog and enjoying a nice merlot and enjoying the comments of other Active Rain participants and thought I might join in. In my little corner of the world the market it not so good. At present our absorption rate is about 23 months but that is positive, in December it was 24 months. So for all of those who are complaining about 9 , 10 or 11 months of inventory count your blessings. We have about 150,000 people in the county and at present approximately 4200 homes for sale. The scarier part of this is that according to the MLS approx. 45 % are vacant houses. Our prices have dropped about 26% since Dec 2006. We expect futher declines. Oh yeah, we have 1342 homes in some state of foreclosure. But this is all good because the sooner we get to the bottom the sooner things will turn around for us.
One of the major problems we have is in pricing, those that bought in say 2004+ are going to lose money in most cases. Those who have been long time home owners can't believe that they can't get the same price that their neighbor got in 2005. But, these are problems that you are probably having all across the country. So no complaints just enjoying my merlot and appreciate that I have a forum such as this and that generally I'm working with a great group of people in a tough business.
Hey, I almost forgot, I got an offer of $140.000 on a $190,000 house, that was originally purchased for $235,000. I guess according to some people business is picking up. As I said it's a great day in paradise.