Housing Doom Housing Bubble Blog

In reviewing the AZ Republic’s home sales this week, the four principal zip codes in Gilbert, AZ were considered.  Total sales, 94 properties, was down from last week’s 144– the decrease is not encouraging.  Then the "rosy" news– while the median home price dropped in 85233, it was up in 85234, 85296, and 85297.  The median home price this week in 85234 was $529,900– that’s up 30% from the past four weeks average of $370,500.  Median prices are skyrocketing(!), right?

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Slogging through articles touting “soft” landings and “the market fundamentals are still there.” - can be a little wearing.  (I may not provide links to that stuff, but I do read it.) Every now and then though, I find a comment that’s so, so… You be the judge.

In yesterday’s San Jose Mercury News, they were discussing the YOY price decline in San Diego.  It’s a good article for the most part- the link is in the sidebar.  Then there is the investment advice offered by Raphael Bostic:

“One factor that has slowed the market was the exodus of speculators, said Raphael Bostic, a professor at the Lusk Center for Real Estate at the University of Southern California.”

“For investors … This is almost (emphasis mine) a sign that maybe you should get out of the market, Bostic said.”

Almost?  Maybe some insightful comment went where the  ”…”  was in the quote- I hope so.  Otherwise, at least I’m grateful for a LOL moment during my day.