Pricing under pressure
Some of the challenges facing the housing market are easing as the economy adds jobs, boosting demand and reducing mortgage delinquencies. But tight credit, lost equity, and weak confidence have put prices under pressure. Buyers are demanding big discounts and sellers are unable or unwilling to chop prices. — 4/25/11 Wall Street Journal
Valuation graphs
Click the link above for the Journal’s great interactive page showing graphs of delinquent loans and home valuations for specific cities. I added Seattle to the mix so it should show up for you (dark blue line).
The article calculates our general metropolitan area at about a 10% delinquency rate with an overall 7.1 month supply of home inventory. A six-months supply is considered a balanced market between sellers and buyers.
San Francisco has 4.7 months supply of homes for sale, and San Diego has 5.8 months - putting both cities technically in a seller’s market.
