San Diego California Real Estate shop 2011 Outlook

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Is 2011 going to see a real estate shop lowest or will San Diego home values continue to erode?

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How is San Diego California Real Estate shop 2011 Outlook

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Yes, from 2000 to 2005 San Diego California had home appreciation of almost 100%! San Diego was one of the nation's top cities for real estate appreciation. But, nearby the summer of 2005 that all changed. From 2005 to today, with just one puny blip in 2010, San Diego home values have gone down by about 30%. Plus, a amount of San Diego condominium communities have seen value drops of 50% from their 2005 highs.

Naturally, I'd like to join this optimistic, self-promoting crowd, but sorry, I have to tell it like I see it.

After the ,000, Federal and California home buyer credits expired, the local real estate shop entered into a double-dip prolonged erosion of home values.

After the home-buyer credits concluded, home values saw modest price appreciation. Now even this modest appreciation has disappeared. Even more troubling is that the resale home sales volume has been dropping at double digit rates for the last few months. Just from April to May the western states sales dropped a reported 20.9%. Huge double-digit declines in home sales are a major red flag that cannot be ignored.

When will the government learn that you cannot artificially originate chronic demand? I believe the best thing the government can do is to stay out of the housing shop and let the open shop clean up the mess.

Foreclosure moratoriums are beginning to expire. I believe the banks will push to clean up their portfolios straight through increased foreclosures.

As far as real estate pent-up buyer quiz, goes, the gurus again have it backwards. It's not buyer pent-up demand, but seeder pent-up quiz, to unload their homes.

The depth and longevity of this housing value depression has been imbedded into the consciousness of the usual first wave of home buyers in their late 20's and early 30's. The high cost of living in San Diego has been added stressed with prolonged manifold raises in utilities, increased state taxes/fees, higher instruction costs and .00+ per gallon gas prices. This all equates to over-priced homes in the current world of qualifying for a home mortgage.

For the San Diego and California real estate shop we have to speak with our own Cap & Tax laws going into consequent in 2011 that will growth utility costs by 20% over the next five and speeding up the loss of manufacturing jobs. We also have a new, old governor who was against proposition 13 which sets a maximum cap on asset taxes and will likely recommend new weighty state taxes to deal with a .4 billion budget deficit.

Thanks for bearing with me on this prediction. Let me close by saying I don't think there will be any strong base building in the San Diego real estate shop until 2012. I'd like to see an early jump in the home appreciation in early 2011 and be wrong with the above prediction. However, remember my 2005 report that foretold of this national housing bust! Would you bet against my opinion?

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