Robert Kleinhenz , Dep. Chief Economist for C.A.R.What good is a Jumbo loan if you CANNOT afford a $500K+ house in the first place? These idiots think that putting more money into the hands of consumers is the answer. That is what created the Housing Bubble--too much money given to people that didn't have the income to cover the loans.
Probably -and- Pretty Much -- I feel confident in his analysis, don't you?
The suffering in Ventura County is OVER!! HURRAY!! Thank you CAR! (see 6-26-08)
(hat tip, Michael)
2007-12-21: Median home price in L.A. County, state off 12%
Article Last Updated: 12/21/2007 08:58:23 PM PST
Robert Kleinhenz, the association's deputy chief economist, attributed the price declines to potential buyers having trouble obtaining jumbo loans. These are typically used to buy houses costing more than $417,000, the amount that will be purchased by mortgage giants Fannie Mae and Freddie Mac.
However, Kleinhenz expects prices to level off soon, both locally and statewide.
And when the credit issue is resolved, he said, the state's median should again rise above $500,000.
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2008-05-24: Home sales offer hope to some
The last time Ventura County saw a year-over-year improvement in home sales was in September 2005, said Robert Kleinhenz, deputy chief economist for CAR.
It was a very slight improvement — 0.5 percent — but an improvement nonetheless.
The median price decline from $691,710 a year ago to $496,530 in April was the sharpest drop on record, Kleinhenz said.
Things just might be headed back toward a normal market as homes become more affordable and sales start to reflect the typical ramping up toward the summer months, Kleinhenz said.
"We probably have pretty much dug out of the worst of what we have seen in the market during the worst of the credit crunch," he said.
2008-06-26: Home slump near bottom, CAR says
The darkest days of home sales and credit crunch are behind Ventura County, said Robert Kleinhenz, an economist with the California Association of Realtors.
"I think we're very close to the bottom," Kleinhenz said.
"Fortunately, despite these kind of adjustments in price and sales, we've still got a fairly sound economy," Kleinhenz said.
1 comment:
Hi There.
Today, when I opened my copy of the Ventura County Star and flipped to the D section (Business) I nearly threw up !
"Home slump near bottom, CAR says"
http://www.venturacountystar.com/news/2008/jun/26/home-slump-near-bottom-car-says/
I mean, really !!
Where did this "economist" Kleinhenz get his degree, Sears ?
California is hardly near the bottom, nor the nation.
I almost feel it is criminal to have a headline like this at the top of the business section !
I mean, if what he is saying is "hey, look, homes are selling again, there is no slump!" well, sheesh - they are selling for 1/2 what the person bought it for last year!
People are holding on to pipe dreams if they think the value of their homes are going to move upward - headlines like that are cruel.
The CAR report -- wishful thinking written down by delusional Realtors ?
Perhaps he might read this article for perspective !
http://latimesblogs.latimes.com/laland/2008/06/freefall-califo.html
This would be like calling the Tomato growers and asking how their outlook is during that salmonella scare !
I will check back with you every three months and see if I am right or wrong - I pray that I am wrong !
Michael Jahn
michaelejahn@gmail.com
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