By our wonderful headline we're sure you know what this post is going to be about. The Daily Bulletin reports that the party is over for the 909. Respected economist Jack Kyser puts the final kabosh on the market.
"The boom is over,'' Kyser said. "There really is not a lot to enjoy about the housing market right now.''While demand may still exist, buyers are less likely to buy homes at the unrealistic prices homes were getting just a year ago. Those mis-priced will likely face a long time on the market before the seller is forced to cut their asking price. The Inland Empire has also seen a surge in new listings, a 46 percent increase from a year ago while sales have fallen 12 percent. The realtors are worried.
"It's not like a year ago,'' said Joan Benson, of Century 21 Lois Lauer Realty in Redlands. "Sellers have more competition and buyers have less competition.''If the realtors are worried, we're worried.
That's creating concern among real estate agents.
"I'm torn between wondering if we are going to be all right or is this going to be a train wreck,'' said Ken Scott, sales manager for Real Estate by Spellacy & Associates in San Bernardino.
Scott is concerned about what will happen in the next couple of years as more and more adjustable-rate and interest-only mortgages begin converting.
"Will households find themselves in trouble?'' he asked.
· Housing market cools down [Daily Bulletin]