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Bad times? It depends upon where you’re at

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POSTED November 19, 2010 2:58 a.m.
Every 13 hours plus a few odd minutes for the past 34 months in Manteca an existing home has closed escrow.

That is 3,384 homes.

Last week the running total for 2010 reached 1,008 closed deals. The market is on pace to reach 1,157 by year’s end. There were 1,211 existing homes that sold in Manteca in 2009 and 1,165 in 2008.

Bad housing market?, well it depends upon where you are at. Obviously it isn’t fun times if you lost a house to foreclosure or are the bank left holding the bag. But if you’re buying - or even if you’re selling a home you’ve been in for a long time and are ready to move up - these aren’t bad times at all in terms of housing.

When things started moving in the early part of 2008, Manteca Realtors that were surveyed noted more than 90 percent of the buyers were people who were going to live in the home as opposed to investors. And almost every one of those buyers planning to live in the home were from Manteca or the Central Valley. That was the flip of two years prior when practically no one in Manteca or nearby communities could afford to buy a home if they were here already.

As the foreclosure deals started picking up speed more and more investors jumped in. At one point, there were agents who said close to 70 percent of their sales volume involved investors.

Just like now doesn’t qualify as good times for many when it comes to housing the good old days when prices were skyrocketing obviously weren’t that good for everyone, specifically those squeezed out of the market.
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