A number of blogs are linking to this slide deck by David Lereah, the Chief Economist for the National Association of REALTORS. I found the link through this blog: Paper Money – A US Real Estate Bubble Blog: Lereah Mea Culpa?
Here are some key slides that you may be interested in:
Go download the deck to see all 60 slides!
Fortunately for us, none of these things will apply – Silicon Valley is special 
MLSlistings Property Detail for MLS number 633865
156 ROCKY MOUNTAIN DR
San Jose, CA 95127
(East Valley)
$599,950
This Single Family Residence has the following features:
MLS#: 633865 Approx Age: 46 Years Approx Sq Ft: 1040
Detached Single Family 1 Story Ranch
3 Bedrooms 2 Bathrooms 1 Stall Shower
1 Tub Eat in Kitchen Wall to Wall Carpeting
Why do those cars have chocks keeping them back?
213 S KING RD, San Jose Property Details – San Jose Real Estate – San Jose Homes for Sale – Movoto
213 S KING RD, San Jose 95116
Bedroom: 2 Bathroom: 1 Square Footage: 680 $569,000
Status:
Active
Year Built: N/A List Date: 8/22/2005 Lot Size: 7405
Parking Spaces: 0 MLS#: 548530
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DESCRIPTION -
213 S KING RD, San Jose
IDEAL FOR INVESTOR OR DEVELOPER PROPERTY USE TO BE 2BR,1BA,NOW A VACANT LOT BUILD YOUR OWN HOME,OR COMMERCIAL BLDG.WHAT EVER THE CITY ALLOWS YOU 213 S. KNIG RD. IS A VACANT LOT NEXT TO THE GOLF COURSE,SELLER WANTS QUICK COE
Maybe I’m missing something… but this doesn’t seem very vacant to me.
David S noticed this in the window of a Saratoga Real Estate agent office:
Nice find David!
I wonder if this is $1 or $2 million…
This is a pretty interesting story – now granted, it’s in Northern Virginia which is not special like the Bay Area, but still… an interesting story:
WSJ.com – Housing Slump Proves Painful For Some Owners and Builders
Joan Guth is one homeowner who was taken by surprise. Last September, she put her stately five-bedroom home in Herndon, Va., on the market for about $1.1 million. She was confident she would get something near that price, and planned to use the proceeds to buy a retirement home in Florida. But her home in the Washington suburbs attracted few serious lookers, and in March, she cut her asking price to $899,900. Still there were no takers. Finally, on the advice of her broker, she called in an auction firm, beginning a process that would eventually reveal to her just how weak the Northern Virginia market had become.[snip]
Ms. Guth, whose home in Herndon, Va., had failed to attract a buyer after months on the market, eventually turned to Tranzon Fox, an auction firm based in Burke, Va. Ms. Guth had based her initial $1.1 million asking price on a 2005 appraisal of her home, which now appeared far off the mark. She and her family decided they would accept the highest bid of at least $675,000.
Kristin Eddy, a 35-year-old pediatric occupational therapist living in a town home in Reston, Va., had noticed Ms. Guth’s dark-green turreted home with its wraparound verandas while riding her bike along a nearby trail. “I’ve had my eye on that house for a long time — as a dream,” Ms. Eddy says. When it first went on the market, it was far beyond her price range. Then she noticed the sign announcing the auction.
[snip]
Ms. Eddy figured her chances of winning were near zero. When the auction began, it became clear that there were only two serious bidders. Although Mr. Karbelk tried to stir excitement, the bidding petered out within minutes. Ms. Eddy was the high bidder, at $475,000.
Looking stricken, Ms. Guth and one of her sons huddled with their broker for a few minutes. Then they told the auctioneer they wouldn’t accept the bid, which fell below the stipulated minimum that hadn’t been revealed to bidders. The auction was over.
Ms. Guth said she would move and leave the house empty until she could sell it at a reasonable price. Late that afternoon, Ms. Eddy raised her offer to $525,000. The Guths wavered for two days before agreeing to accept about $530,000. Ms. Eddy is getting a home with five bedrooms, four full bathrooms, a half-acre lot and a three-car garage for about what some people had been paying until recently for town houses in the area.
Ms. Guth has revised her retirement plan. The disappointing auction result made it difficult for her to afford the kind of home she wanted in Florida. She has decided to buy a home in South Hill, a rural area of south-central Virginia where home prices are cheaper than they are in either Florida or the Washington suburbs. She thinks she can find a home there for $175,000 or less.
This is a good starter home I guess…
Bedroom: 2 Bathroom: 1 Square Footage: 1050 $489,000
Status:
Pending Show
Year Built: 1934 List Date: 6/27/2006 Lot Size: 5760
Parking Spaces: 2 MLS#: 640002
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DESCRIPTION -
786 5TH AV, Redwood City
Fixer Upper – To be Sold “AS IS”. Please use North Am Title – Burlingame. Subject to U. S. Bankruptcy Crt Approval & Overbid-Crt requires any Agt repre- senting buyer be other than CB. Disc. packs @ LO or on-line @ www.mynatescrow
If you want to start some mold…
Update: Here are some more photos:
So last week I featured a house on Poplar Ave in East Palo Alto that dropped 5.6% in the last month. Here’s a house that has gone up by 6.7% up since February!
2239 Poplar Ave, East Palo Alto Property Details – East Palo Alto Real Estate – East Palo Alto Homes for Sale – Movoto
2239 Poplar Ave, East Palo Alto 94303
Does this house look familiar? It should! It was one of the first few houses featured on Burbed.com back in February (despite the list date that says 7/28):
$506,000 for a 2br/1ba house in East Palo Alto. — Burbed.com: Your Silicon Valley Home and Mortgage Insanity Blog
$506,000 for a 2br/1ba house in East Palo Alto.Note: This is in East Palo Alto
Congratulations 2239 Poplar Ave! The boom is back!
… please do share!
2Q 06 First-time Buyer HAI
The percentage of first-time buyers in California able to afford a median-priced home stood at 23 percent in the second quarter of 2006, compared with 30 percent for the same period a year ago, according to a newly developed index released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).C.A.R.’s First-time Buyer Housing Affordability Index (FTB-HAI) measures the percentage of first-time buyer households that can afford to purchase a home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state.
The minimum household income first-time buyers needed to purchase a home at $482,000 in California in the second quarter of 2006 was $98,720, based on an adjustable interest rate of 6.48 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $3,290 for the second quarter of 2006.
Congrats California! Let’s try to aim for 10%!
I noticed this on Movoto:
Holy cow that’s a lot of houses!
Like this one:
Does this look familiar? It should! It was featured on Burbed last month:
$529,000 for 480 sqft house in East Palo Alto — Burbed.com: Your Silicon Valley Home and Mortgage Insanity Blog
MLSlistings Property Detail for MLS number 638455
2164 POPLAR AV
East Palo Alto, CA 94303
5.7% reduction! 5 other houses on the same street for sale! No bars on the windows! What will happen next?
Location, location, location! Burbed is everywhere you click.
