Experts Expect Home Sales to Continue to Fall

Still on vacation, so thanks to Mike McMahon for passing along this story from the Sacramento Bee. The headline is: "Economist expects California existing-home sales to fall in 2010"

The article is penned by Jim Wasserman

Sales of existing homes will fall slightly next year in
California as people lose more jobs and cheap foreclosed homes become a smaller
part of the market, California Association of Realtors economists predicted
Wednesday.

Fewer sales of foreclosed homes may also push median
prices a little higher than this year, the group said.

Article:
http://www.sacbee.com/business/story/2238800.html

I think for us in Alameda we will continue to see a sluggish market, a small inventory base, mix of homes for sale and desirable location we keep declines smaller than the State. The article points out that the economist expect the high end of the market to continue to struggle. That is bad news who bought at the top of the market and are now trying to get out.

Happy reading and regular blog posts next week.