Read an interesting report today on the state of the housing market in California today. As credit tightens and jumbo loans start to become more expensive they are anticipating a massive drop in housing prices of around 200K for typical houses requiring a jumbo loan to purchase, ie. 599K becomes 399K. Overall a drop in the California housing market measuring in the trillions is being predicted. Read the report here,
CA Real Estate Report.
So I figured I would do a little sanity check and see how things are doing in Santa Cruz. We sold our place there 3 1/2 years ago for $594K. Maybe with the soaring loony and the crashing US housing markets it's time to go and buy back the old homestead! Interestingly the houses I found online suggest that, if anything, Santa Cruz real estate is higher than it ever was. I still believe a major correction is underway but it still doesn't mean that CA beach housing is going to become affordable anytime soon.
Our own housing surge continues unabated. First snow was today - wonder if all of the new arrivals will be feeling bullish when February and The Long Grey Suck rolls around.
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