Whoa Nellie!

For a more national perspective on the housing market, take a look at these two quick-hitters from the Times. The first one indicates what we feel is a disturbing trend. New homes sales are up and so are housing starts. Given the not-soon-be-over foreclosure crisis, it's distressing to think that developers are starting to build new homes when so many existing homes will soon be flooding the market at already discounted prices. The second op-ed piece dovetails nicely with the first, noting that a look at the supply side of the housing equation casts doubt on whether recent home price inceases will last.

New Wave

If you've talked to us recently, you've heard us say that we're not out of this mess yet. The shadow inventory of bank-owned properties yet to be released to the market, and mortgage delinquencies that will result in additional waves of foreclosures are harbingers of further erosion in statewide real estate values. As usual, our local neighborhoods appear to be in better shape than most, but the damage is wide spread. Today's Chron spells out the ugly truth. The market will continue to be friendly to buyers for the foreseeable future. And if your were thinking of selling but thought you'd be better off waiting a year until things pick up, you may want to rethink that strategy.

It's Heeeeere!

We've been saying it for a few months. SF and Marin ran, but they couldn't hide. How long will it last, maybe not as long as feared. Read today's Chron article for details.