Thursday, September 28, 2006

The "Bubble" Won't be Popping - It's Just an Adjustment

No worries. Ventura won't be experiencing a crash anytime soon. At least that's the opinion of economic experts that have the credentials to back it up!

Mark Schniepp, director of the California Forecast at UC Santa Barbara presented his opinions at the 2006 Ventura County Real Estate and Economic Outlook Conference on 9/7/2006 at the Hyatt Westlake Plaza. He was joined by G.U. Krueger, Senior VP with IHP Capital Partners' Market Research Department, and Tapan Munroe, Consulting Chief Economist for Capital Corp of the West.

Schniepp acknowledged a slow down in the housing market in California, and Ventura County. He added, however, that very few markets have experienced price declines and most of California is still seeing rising values.

Schniepp added that most sellers are able, but not willing, to sell their homes for less than they perceive their home to be worth. Until they are distressed, he said, housing values will not adjust to what buyers are willing to pay. He said sellers are not likely to become distressed anytime soon because there is no major slow down in the economy and people still have job's and they are able to make their mortgage payments.

"Buyers still possess the desire and financial ability to purchase real estate - they're only waiting for the right opportunities to present themselves. Those opportunities appear to be lower prices. Hence, the current stalemate," Schniepp said.

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