Let’s all don’t go poppin’ the cork on the champagne just yet, OK? But a spike of that magnitude, foreclosure sales or not, is too significant to be shrugged off.
It happened in the last month of the 3rd quarter of the year.
Don’t expect to see the same for the 4th quarter, as sales during this time of year for homes are historically low. Seems women get a tad balky when it comes to movin’ their families just before and during the holiday season. Go figure.
Let’s all keep a sharp eye out. Have a good one.
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About BawldGuy
Holy Cow. That is a whopper of an increase. Yes, lets watch that figure. I heard that the sales were up only 5% in the country from last year, but they considered that a good omen.
I think it is because allot of agents are getting their act together and becoming experts at Short sales. It took a while to figure out the ropes.
Our housemate is dealing with an increasing volumn of BPO’s for shortsales.
I’m reminded of a line in the movie, Pulp Fiction.
Suffice to say, let us not start the party just yet.
Don’t mistake gyration for trend.
I could expound for paragraphs ad nauseum with anecdote, antecedent and whatever but truth be told numbers like this only make sense in retrospect.
Robert — That’s EXACTLY why I said don’t pop any corks just yet. We’re on the same page.
We are certainly on the same page. I’m just reading the appetizers and you the desserts section.
Seriously, that analogy is not as flippant as may appear on the surface. Forego the appetizer? Possibly. Skip the dessert? Again, part of the panoply of picking, choosing and personal tastes.
I will reiterate that there’s almost no benefit in being late to the bottom as opposed to being early. Taxes, depreciation, revenue. etc. make the “waiting” profitable. That said, I won’t call the bottom here but understand that is an opinion not an investment strategy. Like I said for the term investor there’s little to no benefit to arriving to the property investment party late.
The real story as I see it, is the number of buyers jumpin’ off the fence on to the buyer side. What they’re buyin’ isn’t important, i.e. foreclosures etc. It’s THAT they’re buyin’.
There’s an unspoken underlying premise to that many sales. The buyers no longer consider the future of San Diego real estate threatening.
That’s no small change.
Nor to arriving a little early, Robert?
Please explain how market timing is not market timing, which never works well or at least admit to trying to market time. Robert, you are a very smart and experienced investor, but I just don’t get why being a little late is better than being a little early when no one can predict the absolute bottom except with 20/20 hindsight?
Dave — I’ve always thought Robert endorsed being a tad early.
Sorry Robert, I misread your post!