Home price is still spiraling downward. Why people are buying?

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They aren't buying much, especially at the high end.



Here's my shocking statistic from Malibu. August (last month with data available, cyberhomes), 3 sales. A more typical August is 40. Most years there are 250-320 home sales. This year, maybe 80, and most of that was in the first half of the year.



It's not going to be pretty. I am considering making offers far below list, at the prices I believe things will sell at mid 2009. The average Malibu home will sell for about 1/3 off of its initial list price, if it sells at all.
 
[quote author="MalibuRenter" date=1224673156]

It's not going to be pretty. I am considering making offers far below list, at the prices I believe things will sell at mid 2009. The average Malibu home will sell for about 1/3 off of its initial list price, if it sells at all.</blockquote>


Irvine will suffer the same fate, IMO.
 
[quote author="no_vaseline" date=1224673773][quote author="MalibuRenter" date=1224673156]

It's not going to be pretty. I am considering making offers far below list, at the prices I believe things will sell at mid 2009. The average Malibu home will sell for about 1/3 off of its initial list price, if it sells at all.</blockquote>


Irvine will suffer the same fate, IMO.</blockquote>


uh, except look at the sales numbers for this year?
 
[quote author="25w100k+" date=1224732063][quote author="no_vaseline" date=1224673773][quote author="MalibuRenter" date=1224673156]

It's not going to be pretty. I am considering making offers far below list, at the prices I believe things will sell at mid 2009. The average Malibu home will sell for about 1/3 off of its initial list price, if it sells at all.</blockquote>


Irvine will suffer the same fate, IMO.</blockquote>


uh, except look at the sales numbers for this year?</blockquote>


It ain't over yet, kid.
 
[quote author="25w100k+" date=1224732063][quote author="no_vaseline" date=1224673773][quote author="MalibuRenter" date=1224673156]

It's not going to be pretty. I am considering making offers far below list, at the prices I believe things will sell at mid 2009. The average Malibu home will sell for about 1/3 off of its initial list price, if it sells at all.</blockquote>


Irvine will suffer the same fate, IMO.</blockquote>


uh, except look at the sales numbers for this year?</blockquote>
And believe me, I couldn't be any happier to have bailed out when I did.
 
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