Stability predicted for local housing market
Join the discussion below, or Read more at Redlands Daily Facts.
#1 Jul 8, 2010
Really??? "The Loma Linda housing market looks even better, with close to 100 percent of available homes in escrow."
Of 127 properties on the market in Loma Linda, 62 are ACTIVE and available of these 127 total that are Active, Back up and Pending. This is data I just got from the the MLS at 8:38 am 07/08/10....Looks to me like about 50% are available, but I only have a degree in finance, so I am probably wrong.
Maybe the Daily Facts should check their "Facts", but I know that is asking too much.(and perhaps use more than one source)
As a note, I agree that there is stability in Redlands and that this stability is because Redlands is Redlands. Where Yucaipa has lost about 50% of their values from the highs, the 92373 zip code of Redlands has only suffered about 25% on average. When you combine the low interest rates and the prices of "some" homes in Redlands, this is a good time to buy and hold. We probably will hit another bump, but if you can get your dream home now, why wait for rates to go up.
Plus, with the expiration of the tax credit for home purchases, now is actually a better time to buy. People were paying too much for an $8000 tax credit. You can save much more than $8000 and not feel the pressure to make a hasty decision.
#2 Jul 9, 2010
Real estate prices in this area are at 2002 levels and will likely fall to 1999 prices, or below. Banks are holding onto much shadow inventory through the use of negotiation and ignoring slow and non-payment. Extend and pretend is the name of the game right now to not have to foreclose. They don't want regulators to see what crappy shape their loans are like. Arrowhead closure is a lesson.
Mortgage rates are at an all time low because the market thinks things will get worse. Real estate prices are projected to continue falling for another couple of years in this area.
Beware of realtors and real estate promoters. They just want their up front fees and commissions.
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