California housing market outlook – latimes.com
When will housing come back in California? Five experts offer their views
Foreclosures in the state are still high. Sales of new homes are at historic lows. And millions of homeowners are underwater on their mortgages. So what’s the outlook for 2011 and beyond?
In Mission Crest, 373 homes — nearly 40% of those in the housing development — had been lost at one point to foreclosure, the San Bernardino County assessor’s office said. About 100 lots had been left graded and bare. (Katie Falkenberg, For The Times / May 18, 2010)As housing recoveries go, this one is in need of a cure.
Homeownership — and the buying and selling of residences — is an economic keystone that carries overwhelming weight in Californians’ personal sense of financial well-being.
But the momentum of the state’s housing rebound has faltered, with sales falling and prices softening despite bargain-basement interest rates. Foreclosures in California are still high. Sales of new homes are at historic lows. The construction sector is in the doldrums. And millions of the state’s homeowners owe more on their mortgages than their properties are worth.
This is an interesting article on California Real Estate. Worth reading. I think the predictions are fair. I’m inclined to believe Bruce Norris because throughout the entire California Real Estate downturn, and even before it began, he successfully predicted what was going to happen through intensive research and analysis.