Housing Bubble - July existing home sales report will be released Tuesday

[BlueStateBlue]

I wouldn't be surprised if we see a dip in existing home sales in July. Things seem to be cooling off a bit in my neck of the woods (north Jersey).

[skids]

1. Is there any meaning...

To the fact that mortgage rates peaked and then fell a bit, while home equity loans have been steadily rising all month?

[1932]

2. Anecdotal evidence from friends & relatives in RE business:

Chicago and Boston are very slow this summer. "Things are always slow in the summer," is the rationalization they both gave. Another realtor told me two years ago that summer is the busiest time.

[yankeeinlouisiana]

3. I always thought summer was a busy time for

real estate. The buying season starts in spring, continues through the summer and slows down in the fall. I've always heard people want to be settled in before kids go back to school.

:shrug:

[nadinbrzezinski]

4. I feel like a vulture

waiting for the crash, and houses are staying longer in the market

truth be told, if they don't drop (and I know they will) I won't be able to afford a house in this overheated market

Oh and for the record San Diego

[BlueStateBlue]

5. I'm in the same boat

I've been living in a shoebox in northern NJ for longer than I care to discuss, waiting for this thing to crash. From what I hear, San Diego is an even tougher market than mine - I'd only have to pay $375K for a starter home that's not falling down. That number's probably around $550K for you, right?

[newportdadde]

6. A friend just lost his housing related job.

He took folks on a walkthrough right before they would take ownership of their brand new McMansionish homes then would work with them to fix problems. Now these homes are around 250-300k but here in KC that will buy you a an upper teer house.

Not sure what that means, maybe that price range for new homes has gone soft here but just thought I would share.

[NewJeffCT]

7. It's been cooling off in parts of Connecticut

Though, the CT shoreline is still red hot & the Hartford Courant reported that new home starts in the Hartford area soared last month, to my surprise.

However, an existing home right up the street from us - 2 years old, lots of nice features - is still on the market, and it's price is in line with what sold in the neighborhood last year.