This article about the CA central valley housing markets caught my attention because they are calling it the way it is (how rare for mainstream media) -- a bubble that is just starting to burst. Of course, it won't start in Marin just yet as our stubbornness born out of our hubris will amplify the current standoff between buyer and seller. Who will win here? I don't know but I am taking bets.Some choice quotes:
The Valley housing boom is over, with home prices in some neighborhoods dropping $50,000 in just the past two months.
But when Action News broke down the numbers, we found that in the past couple months, the bubble appears to be bursting. To realtors, it's a market adjustment. But to some analysts, it's a full-on correction.
Local housing prices have come tumbling down over the last two months, erasing months of drastic increases.
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