Homes for Sale
Its our view that volume precedes price. Its simply supply vs demand. These charts show supply on a significant increase and we expect that price will continue to soften. There are strong reasons to suspect more supply.
1. Foreclosure continue to rise and put supply on the market at a cut rate price.
2. Mortgage rates are on the rise as the Fed signals its now more concerned about inflation than housing. Costs of money makes it more difficult to buy.
3. The new Jumbo FHA loans are set to expire unless they are reinstated and they are difficult to get anyway.
4. ARMs will continue to re-set through 2010 and they will increase monthly payments by as much as 3 times or more.
The best hope is that the tech industry continues to thrive and this reverse commute brings well paid people who might otherwise live in Mt. View to the city. I believe there is a merge taking place between Silicon Valley and San Francisco.
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