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
Leverage
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.
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