Here’s to 2012: a first tuesday realty forecast
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This article looks back on the big topics reported on the first tuesday journal in 2011 and forecasts the state of California’s real estate market and economy for 2012 and the years ahead.
Glancing back, looking onward
A new year summons nostalgia, remembrance. Simultaneously, it beckons prospects and projections. While we glance back at 2011 in real estate, look ahead to 2012. Expect a younger version of the last year coming your way again. [For more information about the economic future of California real estate, see first tuesday’s Economic Historical and Recovery Timeline.]
California brokers and agents, here are first tuesday’s pointers for 2012 and ahead:
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About The Author
ft Editorial Staff
is the writing staff comprised of legal editor Fred Crane, In-House Broker Consultant Fernando Nunez and writer-editors Connor P. Wallmark, Giang Hoang-Burdette, Jeffery Marino, Carrie B. Reyes, Sarah Cantino, Matthew Taylor and Matthew Shade.
![featNov11_011[1]](http://firsttuesdayjournal.com/wp-content/uploads/featNov11_0111-106x75.jpg)
I see a gradual increase in buyer interest (confidence) in both residential, land and agricultural investments here in north San Diego County. We are struggling with a lack of inventory right now and to me this is the first really strong indication that the buyer realizes the market is at or near the bottom.
This said we need the banks to realize this and begin to open there coffers enabling growth in sales into this new frontier.
Once the ball starts rolling Im sure we will all be suprised as to the pent up desire of buyers to get into this perfect storm of a buyers market. The best prices ever, with the absolute lowest rates for barrowing.
All we need is a little more help, even with more difficult terms from the banking institutions. Im sure that if the public feels this the banks are feeling it to and their attitude will soon begin to turn around.
This doesn’t say the market will be jetting up anytime soon but first we need some serious movement then the market will take care of itself.
I don’t see this market staying stagnant for 5 to 10 years more. Things will change and change fast in the next 18 to 24 months
Ralph B Foster
Sunshine Properties Real Estate
my cell 760-802-4272
My office 760-72808855
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Excellent article on the state of the real estate market in California. I agree with your analysis. In the greater Los Angeles area we are struggling with lack of inventory at present. The result is multiple offers on property that is priced right. Still, half of our transactions are still short sales. I anticipate this will continue for a good long time.
Biggest problems we have ire unemployment and lack of homeowner equity. I don’t see this changing near term. The real estate downturn in the 1990′s required 10 years to recover to peak. This one will take much longer. I think the terrain has changed, perhaps forever.
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I think the biggest problems we have now are the larger Banks trying to sell their REO homes as is to First Time Buyers who need the FHA loan to purchase these homes. Missing stoves, missing heating units, roofs that need replacing. Since the First Time Buyer can not use an FHA loan on these types of homes the homes are being sold to investors who do a 2nd rate job of fixing up the homes to be sold down the road. Now I see the new owners having big problems on the homes they are buying from the investor who just covered up the REO problems. Are we going to have these new homeowners walking away from homes that purchased but now need thousands of dollars of repairs that were never addressed after months and even years of neglect. I believe this is another area Banks will have to address.
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