Subprime Woes – II

On “Nightly Business News” today, the NRA (National Realtor Association) revealed (corrected) some predicted figures they made earlier this year: the national new home sale will drop from 14% to 12%, the foreclosure rate will drop from 11% to 9% due to the subprime ripples. And the prediction is for the first half of 2007.

Ok, we heard enough of weak predictions of housing market this year. Again, I have to repeat it again for those who concern so much – that’s National Figures – We have exceptions in the Valley.

We need inventories: It’s April, we have not seen much listings yet. Northwest Corner (area of Highway 17 North, 101 North of Santa Clara County), total inventories only rose 4 for the week of April 9. Only 4 houses were put on market for NWC of the entire week!  Q1, 07 sales of the SCC were only up 100 transactions compare to the same period last year.

For crying out loud, the market is still very robust. We don’t have National figures, in fact, we have, still multiple offers and rising prices. 

The average sale date of SCC is about 30 days for condos and 56 days for single family homes. – This is a good, healthy, normal market, not average National figures.

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