[quote author="IrvineRenter" date=1223636821][quote author="ipoplaya" date=1223626970]Looks like the stock market declines are finally having an effect on escrow activity in Irvine. I just found 7 escrows that fell through since last week. These were all within the 17-day contingency period so it would appear 7 buyers got cold feet all in the same week... Has to be the market/economy that put the freeze on them. That ratio of cancels is exorbitantly high compared to historical measures of cold feet on Irvine buyers.</blockquote>
I have been watching your emotional gyrations over the last year. You pay a heavy price for watching the moment-to-moment activity of the market. I am glad that you watch so closely, as you provide valuable information to everyone here, but the ups and downs must be hard on you at times. Even though I profile properties each day, I don't pay too much attention to what happens to the day-to-day transactions. If I did, I would probably second guess myself a lot and take a ride on the emotional roller coaster as well. I keep my eye on the macro, and until I quit finding properties that confirm the poor market conditions and overall trend, I will not worry about what knife catchers do. The market psychology changes slowly, and those active in the market today clearly are living in 2006. By 2010, the psychology will have changed, and I may start paying more attention to the transactions as I get ready to buy.</blockquote>
It does wear at times, peering into almost practically every single transaction in the city. The lack of downward movement over the past six months, especially the last couple since I sold my place, is frustrating to me. I am indeed constantly on the lookout for signs of further erosion. Last year at this time, nothing was moving. That preceded some chunky Fall/Winter price declines that I would really love to see again...
I don't know if I can keep my wife out of an owned home for more than our one-year lease. She is dying to get into our semi-permanent place and may not be willing to term up for another year. My oldest starts kindegarten next year and my wife really would like to be settled by then somewhere. Frankly, I don't know if even I'd be willing to uproot our kids again and move to another rental house for one more year.
If our landlord doesn't want to re-lease our house to us, I expect I've got pretty much no chance of not buying something come late Spring / early Summer. I want our efforts with regards to my sale, move, etc. to produce some economic gain at least. So far, it has just meant more spend and some extra square footage. If the overall market or even my old neighborhood had come down even 5%, I'd feel a whole lot better about the energy I poured into the effort. Hopefully that time comes sooner rather than later so I can rest a little easier about it...
