I spent the afternoon today at the C.A.R. tech show and meetings at the San Jose Convention Center, and came back with new information that will be helpful to me and my clients. A featured speaker today was Leslie Appleton Young. Her take on the market:
“With distressed properties accounting for nearly one-third of the sales in 2010, inventory will be relatively lean, under six months during the off-season months, and a roughly four-month supply during the peak season,” said C.A.R Vice President and Chief Economist, Leslie Appleton-Young. “We expect the median price to decrease slightly through the remainder of 2009 and into next year, then rise before leveling off next summer. For the year as a whole, home prices are forecast to reach $280,000. The wild cards for 2010 include foreclosures, loan resets, the labor market, and the California budget crisis, as well as the actions of the federal government.”
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