Weekly Review

Two new listings this past week, one on Meadow Glen Way East and one on Welk View, each identified on the list with “Market Time” fewer than seven days. Two homes went into Pending, one at 28215 Glenmeade Way, listed at $409,000, and one on Legend Rock, listed at $469,900. Two homes closed escrow, 10088 Boulder Knolls closed at $389,000 and 10616 Aspen Glen closed at $513,000.

DataQuick, a San Diego based corporation that is expert in housing analysis, has produced its statistics for September, and they are grim – down from even September of last year for the County, and down even 3+% from August.

The September county totals were the lowest in three years.

The San Diego Union quotes Larry Rosenthal, head of the University of California Program on Housing and Urban Policy as saying, “The fact that we’re seeing this longer-standing kind of weakness – almost paralysis – in the demand for new sales indicates that we have a long row to hoe when it comes to recovery.”

That is certainly true, and one indicator of the long-lasting effects of the housing problem is that the number of licensees in real estate continue to slide, as the cost of license, fees, memberships and marketing continue with lower and lower income potential from sales. Thousands of San Diego County real estate agents have not renewed their licenses, and that trend is likely to continue.

The real estate market has yet to face the enormity of the looming commercial real estate problem, which in many ways is more long-term and intractable than even the residential housing market because people will always need a place to live but the internet is encroaching rapidly on commercial sales.

While it will be a few days before the official month figures are reported, Gallup reported that mid-October jobless rate nationally hit 10% and the housing market will not turn around until those numbers are considerably better – but right now they are going in the wrong direction.

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