Which means you should be too. California Association of Realtors chief economist, Leslie Appleton-Young, is no longer using the term "soft landing" to describe the market's future. The Association is dropping its sale forecast from a 2% decline in sales this year to a 16.8% decline. The new term: "a fairly significant shakeout".
Of course, irrational exuberance still rules for those hoping to get into the market. The Department of Real Estate reports that in May the number of agents in the state broke 500,000 for the first time, leaving one agent for every 55 adults. Full LA Times story
Of course, for those of us looking to break into the market, it will take some pretty significant price declines to cancel out the comparatively higher interest rates.
In related news, a Diamond Bar man was found guilty in the November 1st shooting of a real estate agent going door to door to drum up business. The shooter claimed he confused the agent with a man he had had a previous altercation with, thinking this justified the use of his shotgun. Full SGV Tribune story
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