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San Diego County home values in April soared 19.7% from the year earlier, according to a report from Zillow.com today (May 21). Of the largest 30 metro areas, only five (San Francisco, Phoenix, Sacramento, San Jose and Columbus, Ohio did better -- three of them above 25%.) The national increase was 5.2%. Between March and April, San Diego values rose 2.2% -- matched by Seattle and topped by only Los Angeles, San Francisco, Riverside, Sacramento, Las Vegas and San Jose. San Diego rents rose only 0.1% month over month and 1.7% over the year. Zillow believes that nationally, these kinds of home price increases are unsustainable.

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Comments

EverNewEcoN May 21, 2013 @ 7:39 a.m.

Key Component/Patient Explanation, How Price Averages Are Misleading http://www.ritholtz.com/blog/2012/08/ understanding-price-dispersions

http://www.truthdig.com/eartotheground/item/the_housing_shell_game_20130503/

http://pages.citebite.com/v1i5c9f0h7akf

http://www.businessinsider.com/keith-jurow-us-housing-recovery-mirage-2013-4?page=1

Page 2 as to how C-S happens putting a good face on the policies: "You buy our bubble," "Hand-It-Over."

Page 3 on purported Long Island Real Estate shadow inventory vs. Alice in Wonderland banking and monetary policy.

“Where

http://www.doctorhousingbubble.com/housing-inventory-back-to-2001-levels-real-estate-inventory-for-sale/

did all the housing inventory go? Listed inventory down over 20 percent from last year and at lowest levels since January of 2001." DrHousingBubble ,2/1/2013 In the latest piece of data we find that listed inventory is now at levels last seen in January of 2001. That is right, today we have the same number of homes listed for sale that we did 12 years ago. This continues to be the biggest underreported story in the housing market. A large part of this has to do with the external forces interacting with housing. One has to do with banks holding on selectively to distressed properties while another is the dragging out of the foreclosure process. Next, you still have roughly 10 million Americans that are underwater on their mortgages. Think of that when you realize that only about 1.8 million homes are listed for sale.

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Don Bauder May 21, 2013 @ 10:22 a.m.

EverNewEcoN: Barry Ritholtz does a good job piercing many government statistics. The housing inventory question is a big one. Best, Don Bauder

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Don Bauder May 23, 2013 @ 6:25 a.m.

UNDERWATER SAN DIEGO HOMEOWNERS PERCENTAGE SAME AS NATIONAL RATE. According to new information (May 23) from Zillow.com, 24.7 of San Diego County homeowners are underwater on their mortgages -- that is, they owe more on their mortgage than their home is worth. Nationally, the figure is 25.4%. Zillow also figured the percentage of homeowners who are not technically underwater, but effectively have negative equity because they don't have enough money to move. That rate is 43.5% in San Diego, almost exactly the national rate of 43.6%. Best, Don Bauder

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