Comments on: OC – Sacrosanct Home Prices Fall

By: IrvineRenter

IrvineRenter — Fri, 02 Mar 2007 15:55:07 +0000

It is unlikely they are actually sold out. They are probably lying to create a sense of urgency in buyers. Even if they actually have contracts on these lots (which is doubtful) with cancellation rates running over 30%, about 1/3 of those sales will fall through.

Don’t buy now. Three years from now you will be able to get the same home for about half price.

By: Nate

Nate — Fri, 02 Mar 2007 03:11:51 +0000

In the business section of the Inland Valley Daily Bulletin a few days ago an article claimed that the average sale price in Rancho Cucamonga is up a percent or two but sales are down more than a third in Jan year over year. I hope the IE catches up with the other areas you all comment on. I visited a Lennar group of model homes up in North Rancho and almost every house has a sold button under the little glass case in the lobby. With the nationwide data showing home builder earnings in the tank, what gives with them almost selling out the phase. Anyone out there think the builders might be lying about the properties they have sold? I would like your comments.

By: LAEF2

LAEF2 — Thu, 01 Mar 2007 17:56:22 +0000

Just looking at the BMIT site.

Inventory levels are already well ahead of last years. We are end of April inventory at the end of Feb. Both LA and Orange.

In my area there doesn’t seem to be anything on the market. A lot more high priced home rentals are appearing though. The rental rates are out of whack. You can go to rent.com look for a 3/2 in Torrance in a good area. Prices are in the 1750$ range. The rental houses are in the 2500+ range.

I guess they will sit for a while.

By: Markus Arelius

Markus Arelius — Thu, 01 Mar 2007 16:48:01 +0000

Great post.
Finally some evidence that backs up the housing crash claims may indeed apply to “sacrosanct” Orange County California! I was beginning to think that the unsustainable OC housing prices were protected by a thick layer of industrial grade teflon. Oh, what will the local real estate agents tell their prospects now?

“Well, buy now because OC housing prices “almost” never go down!” ?