Raw Data vs. Economists' Opinions
July 9, 2008
Two headlines in this mornings Press Enterprise Newspaper caught my attention. The L A Times also had similar headlines. One headline stated "Home sales likely weak into 2010". The second, smaller headline, stated "House sales up in the state". The articles that followed the headlines quote the opinions of several respected economists. For all the potential home buyers and home sellers who are waiting for the signal that the real estate market has "bottomed out", the commentary of respected economists can be a guide. Since, I am not an economist and do not have the expertise or tools that an economist has, I can only watch the raw data. I also have been in the trenches during three other downturns. In this blog, I shall continue to post the monthly and quarterly data for the Riverside/San Bernardino real estate market place in the belief that the data will point to a change, however slight the change might be, in the real estate market.
I do think that Robert Kleinhenz, the California Association of Realtors deputy chief economist, did offer an explanation as to why the volume of sales is increasing. The decline in prices has been five times greater than the rest of the nation, according to Kleinhenz. Riverside and San Bernardino counties median price was down almost 38% from its peak in June 2007. Later this week I shall post the median prices for June 2008, 2007 and 2003. You can draw your own conclusions.
Two headlines in this mornings Press Enterprise Newspaper caught my attention. The L A Times also had similar headlines. One headline stated "Home sales likely weak into 2010". The second, smaller headline, stated "House sales up in the state". The articles that followed the headlines quote the opinions of several respected economists. For all the potential home buyers and home sellers who are waiting for the signal that the real estate market has "bottomed out", the commentary of respected economists can be a guide. Since, I am not an economist and do not have the expertise or tools that an economist has, I can only watch the raw data. I also have been in the trenches during three other downturns. In this blog, I shall continue to post the monthly and quarterly data for the Riverside/San Bernardino real estate market place in the belief that the data will point to a change, however slight the change might be, in the real estate market.
I do think that Robert Kleinhenz, the California Association of Realtors deputy chief economist, did offer an explanation as to why the volume of sales is increasing. The decline in prices has been five times greater than the rest of the nation, according to Kleinhenz. Riverside and San Bernardino counties median price was down almost 38% from its peak in June 2007. Later this week I shall post the median prices for June 2008, 2007 and 2003. You can draw your own conclusions.
posted by shirley harry at 8:20 AM
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