Last Thursday the California Association of Realtors met in Sacramento, CA. CAR
Executive Vice President, Joel Singer, rallied his downtrodden troops, “In a sense, what has occurred is probably in our best interest.” The California house price median drop from nearly $600,000 to a statewide median of $256,700 may have realtors cringing, but not Singer, “That affordability, in itself, will help cure this problem in the future… It makes California, in my book, a more competitive place, something we all need in terms of long-term growth.” California Realtors had better get with the change before they become the GM of the Real Estate Industry. The reality is that there are clear signs that distressed and short sale properties are the new trend in the housing market. Realtors will simply need to increase the volume of their sales to make up the difference in decreased home prices. Over at SoCalBubble.com Chuck Ponzi, believes a decrease in home prices is an issue that goes beyond affordability, “Long-term, the higher percentage of income spent on housing translates into lower consumption and inevitably fewer jobs.” Hmm… sounds a lot like the current state of California’s economy, doesn’t it?
Whatever the case may be, visit www.SHORTsense.com when you are ready to talk to short sale experts.
Minda Reves is a freelance blogger for SHORTsense.com