Open Forum (8/11-8/17)Posted on Monday, August 11th, 2008 at 7:10pm.
We begin with some statistics helpfully placed in the Easy Reader (current edition) by way of a paid ad by a major local realty concern:
ALL BEACH CITIES (MB, HB, RB + El Seg.)
June 2008 home sales: 116 (-36.3% YOY)
Inventory: 720 homes (12-month high)
Months' supply: 6.2 (up from 3.2 in June 2007 – based on closed sales in each month)
A lot of people will call 6 months' worth of inventory "normal" or even a buyers' market.
Against those downbeat notes, there was this silver lining: median price for all beach cities was down 1.1% YOY, at a time when LA County was down 23.9% for the same period. The advertorial speculates that this fact has something to do with greater relative demand for higher-priced properties.
Are we weathering the storm, or are the clouds just now gathering?
Also, this bit of intriguing information – Fannie Mae, which is getting pummeled again, now has a stock value ($8.40 at close Monday) last seen in early 1991. It's now 10% of the peak value from earlier this century – i.e., a few years ago. That grim comparison is before we adjust for inflation, which wouldn't be pretty.
And Fannie is supposed to help rescue everyone else.
As always, please use the "Open Forum" thread for news clips, off-topic questions & discussions of any nature. And keep it clean.
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