C.A.R 's 2009 Housing Market Forecast

Real Estate Sales Representative with Next Generation Real Estate Service

I have been watching the CAR Forecast for 2009 on CAR.org presented by Leslie Appleton Young, Chief Economist California Association of Realtors. (CAR).    It is quite informative with lots of charts and statistics.  It reports that  in September, the Ca. median home price fell 40.9 percent.  There is an emphasis on the government getting the credit institutions in line and that it is critical tho the housing industry so consumers can purchase.  Her big picture is about defining what housing is to our culture and where it fits in our society.  Finally, she ends with the burning question we all have, " What happened? ":

Personal financial accountability

Exotic loan products


She says not to expect a rebound anytime soon and that the credit markets need clear focus.  The first half of 2009 will bring slower growth as consumers focus on jobs. California housing sales are projected to increase about 12% over the next year.  A lot of areas have bottomed and now is the time to buy.  Statewide, 2009 will be the bottom of the market.  Remember, however, that each market is its own entity.

To close, as NAR celebrates its 100th year, she urges Realtors to reevaluate why they are in this business and how their clients rely on them and to really be aware of your local data.  Consumers polled, said that the most valuable website they used was their local Realtor's.



Comments (3)

Sabrina Kelley
ERA Herman Group Real Estate - Woodland Park, CO
Woodland Park Colorado Mountain Homes and Land

I have heard some rumors that there may be a boom in the industry in 2010. Has anyone else heard these rumors?

Nov 03, 2008 06:58 AM
Brian Belcher
RE/MAX Executive - Charlotte, NC
Charlotte Realtor

I haven't heard the rumors but this is an interesting post, thanks for the information.

Nov 03, 2008 06:59 AM
Nicholas Ellsworth
North American Title Co. - Burlingame, CA

I have heard many rumors of a refinance boom - sooner than 2010.  Interesting blog, though.  I strongly feel that after the election, and after the superbowl, 2009 will reflect numbers that will contradict a lot of the "doom and gloom" we're flooded with.


Nov 03, 2008 07:04 AM