From: hamachi@adobe.com (Gordon Hamachi)
Subject: Real Estate News Summary, Part 132
Organization: Adobe Systems Incorporated
Distribution: usa
Date: Wed, 23 Dec 1992 18:39:04 GMT

Real Estate News Summary, Part 132, October 1992

1042.Homes in California increasingly sell for less than they were bought for.
     Here are percentages of sales at a loss for May, June & July in 3
     successive years: [San Francisco Examiner]

                                   1990  1991  1992 Median loss
          Los Angeles              2.3%  8.6% 17.6% $16,000
          Orange                   5.3% 15.3% 26.0% $19,000
          San Diego                3.2%  8.8% 15.6% $14,500
          Riverside                3.5%  7.6% 13.2% $10,000
          San Bernardino           2.0%  5.7% 10.4% $10,000
          Ventura                  5.6% 10.5% 19.4% $24,500
          All Southern California  3.2%  9.4% 17.5% $15,500

          San Francisco            1.8% 10.5% 16.2% $20,000
          Alameda                  1.5%  7.7% 11.1% $13,500
          Contra Costa             1.1%  9.3% 11.7% $15,000
          Santa Clara              3.5% 10.4% 16.9% $16,500
          San Mateo                2.6% 13.4% 21.4% $18,250
          Marin                    0.5% 12.5% 17.2% $18,000
          Solano                   5.8%  3.7% 13.1% $ 9,000
          Sonoma                   0.9%  6.2% 17.8% $ 9,500
          Napa                     1.6%  3.0% 10.0% $ 7,500
          Bay Area Total           2.2%  9.5% 15.0% $15,391

1043.A real estate market with falling home prices is hell for sellers and
     their agents.  Nearly 600,000 existing homes sold in California in 1988,
     but in 1992 we'll probably sell just 430,000.  If a property doesn't draw
     any offers after 6 weeks of intensive marketing, good agents recommend an
     immediate, significant price reduction.  Those who delay in a falling
     market are just increasing the pain. [San Francisco Examiner]

1044.A new survey by Fitch Investors' Service shows that even if the state's
     economy continues to deteriorate, and unemployment rises by 50%, housing
     prices in San Francisco should only fall another 8%.  In Los Angeles
     prices could fall by as much as 18%. [San Francisco Chronicle]

1045.Existing single-family home sales slipped 1% in September for the second
     month in a row, while rising interest rates and persistent consumer
     uncertainty in October have wiped out chances that the fall selling season
     will end with a bang.  The August rate was also revised downward, to a 4%
     decline from July.  The median national sales price in September was
     $103,200, down 1.3% from August.  Recent increases in mortgage rates have
     slowed sales over the past few weeks. [Wall Street Journal]

1046.California home sales in September fell 3.6% compared with a year earlier
     but increased 0.5% over August.  The statewide median price stood at
     $196,500, up 0.6% from August but down from $197,800 a year earlier.
     [San Jose Mercury News]

1047.Spurred by lower prices and lower interest rates, Bay Area home sales rose
     a strong 11.5% year-over-year in September.  Experts warn it may not be
     sustainable because sales a year earlier were particularly weak.  Sales
     volume slipped 0.1% from August, and the median price fell 0.9%.  Consumer
     confidence in the Bay Area is about as weak as it was in January 1991.
     [San Francisco Chronicle]