John Karevoll
John Karevoll
buffer equity people prices year
But when prices don't go up as fast, you don't have that built-up equity like you did before. People won't have that buffer the way they did a year or two ago.
appreciation definitely entry happening knew later less markets middle strong
We knew this would happen, and it's happening later than we thought. We thought appreciation was going to come down. We definitely thought the entry and middle markets would be less strong than they are today.
abnormal comparing fairly market normal year
I think we are in a fairly normal market here. The market we are comparing to a year ago was an abnormal market.
broader closer cycle level markets plays smash wall watching ways whether
It's part of a broader trend. Nationwide there are markets that have a ways to go, especially in the Midwest. But we're much closer to the end of the cycle than the peak. Now we're watching how it plays out -- whether it's going to smash into a wall or just level off for a while.
activity condo include increased last numbers pull since
These numbers include condo conversions and (that) activity increased sharply last year. Since they are lower-cost homes, they pull down the median.
behind boom cycle gains question time
The boom part of the cycle is over. Most of the gains this time around are behind us. Now the question is how much of those gains do we get to keep.
affordable cycle happen include itself played
The million-dollar cycle hasn't completely played itself out in the more affordable areas, which include the Inland Empire. There is more to happen there.
fast half year
It's still going up, not as fast as it was a half year or a year ago.
clearly expensive fast homes market mix selling
It's clearly a market mix issue. Expensive homes are not selling as fast as inexpensive homes.
doubling four last prices
We've had a doubling of prices in the last four years.
activity clearly default determined downs percent prices ups whether worth
The ups and downs of default activity are clearly determined by whether prices are going up by 4 percent, or 14 percent or 25 percent annually. If it's worth more, you have more options.
active category homes rate rise
It's not that it's a particularly active market. It's just that more homes are in that category because of that rise in the rate of appreciation.
buyers felt stretch urgency
There isn't a sense of urgency in the market. Buyers don't feel they need to stretch (finances) the way they felt before.
county decline diego furthest happen prices question san uncharted wondering
San Diego is the county that is kind of the furthest off into this uncharted statistical territory, so everybody's wondering what is going to happen locally. The big question there is will prices decline significantly or will they flatten out.