Sand Creek Plaza

While sales of new homes recorded an unexpected increase in October as median home prices dropped to the lowest level in four years, the sales of new single-family homes rose by 2.7 percent last month to a seasonally adjusted annual rate of 464,000 homes. Economists had expected sales would drop from the September level. But what exactly does this mean for you? Well, if you’re a small business paying high rent or lease, and your landlord is not willing to negotiate, then it’s time to move on! At the SCP we have heard all kinds of horror stories due to the recent foreclosures. It’s time to break the chain and secure a location that will stand the test of time. The Sand Creek Plaza is centrally located in the city of Brentwood, CA and is here to work with you to better fit your budget.

Analysts are not convinced that the sales increases are signaling a bottom for the housing market. They note that the September gains came before the latest upheavals in financial markets which have raised new worries about the overall state of the economy. Many analysts believe the country has already entered a recession. The forecast is significant increases in job losses, which will make it even harder to secure locations. Builders have been sharply cutting back on production, trying to get inventories more in line with sales. The inventory of unsold existing homes is also remaining near historic highs as that market is being increased by a record wave of home foreclosures.

I always like to look at the Los Angeles housing market to see how the other half of California is surviving… According to the LA Times, homes sales are booming, but prices are down 33 percent from a year ago. From what I read it sounds like people are buying, which is a good indication money is changing hands. Agents I’ve spoken to here in the Bay Area tell me the only thing really selling these days is foreclosures, short sales and all cash deals. The rest of us will benefit from cheap rental or leases popping up across the board.

Tags: Bay Area, Real Estate

This entry was posted on Monday, October 27th, 2008 at 10:29 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.