RTR3LDWQ_1/lead_large.jpg?1481574773' alt='Bubble Trouble Hacked Skip Levels' title='Bubble Trouble Hacked Skip Levels' />Housing Bubble 2 Gets Complicated Pending Home Sales Plunge in San Francisco Bay Area, Drop in all California. But upward pressure on already crazy home prices persists. Pending home sales in California fell 6 in September compared to a year ago, the third month in a row of year over year declines, after having dropped 3. August and 2. 6 in July. Entering the fall home buying season, the housing market momentum waned, the California Association of Realtors said in its report. Brokers reported slower open house traffic, and listing appointments and client presentations fell below positive territory in September. The report cited continued housing inventory issues and affordability constraints, as home prices have moved out of reach for many people, despite historically low mortgage rates. This may have pushed the market to a tipping point. Pending home sales are an indication of what actual sales might look like over the next few months. Theyre notoriously volatile. But in the San Francisco Bay Area, pending homes sales have been plunging in the double digits for months. And now Southern California is catching the cold. In the San Francisco Bay Area, pending home sales plunged 1. August, and 1. 1. July. It was the 1. US-Commercial-Property-Index-GreenStreet-2017-05.png' alt='Bubble Trouble Hacked Skip Levels' title='Bubble Trouble Hacked Skip Levels' />In the two counties that make up Silicon Valley, San Mateo and Santa Clara, pending sales plummeted respectively 2. In Southern California, pending home sales fell 7. August. In July, theyd still inched up 1. The counties with the sharpest declines were Los Angeles 8, San Diego 1. Riverside 1. 3. The Sequence Breaking trope as used in popular culture. When a games development team is designing a game, they often form some specific ideas as to the. San Bernardino 1. In the Central Valley region, pending home sales edged down 0. Home prices jump to new record amid surging supply and declining real wages. The government, opposition, central bank RBA, prudential regulator APRA, FIRE. Charlie Pierce on all this ESPN nonsense and newspapering and what not is so fantastic and Im bitter we didnt run it. Go check it out. SI. Sacramento County. Of the homes put under contract, 2. And after that 2. Already, sales growth is in trouble. Earlier, CAR reported that actual sales in September had inched up 1. California, but that sales of condos and townhouses had fallen 4. Bay Area had fallen 4. Los Angeles metro had fallen 2. The current pending home sales decline will continue to pressure actual sales downward over the next few months. But upward pressure on prices persists Home sales, though declining, are still outstripping new listings that are declining even faster as the supply of homes available for sale continued to drop. This has led to some crazy prices. In September, the median house price not including condos reached these levels No wonder that declining housing affordabilityinflated home prices was the biggest concern of 4. CAR survey, along with rising interest rates. At these prices, even slightly higher mortgage rates make a large difference for already over stretched buyers. The lack of homes for sale was cited by 3. How To Install A Hvac Capacitors. So, as they say, its complicated. In these expensive areas, sky high prices have moved homes out of reach for most homebuyers and thus strangle sales. At the same time, those sky high prices are locking homeowners into their current homes that they bought a few years ago at much lower prices because they cannot afford the mortgage payments that would result from buying an equivalent or larger home in the same area. And so the market is in a stage of slowing down, where many current homeowners cannot afford to move up or even sideways, where new buyers cannot afford the prices, and where prices are still propped up by a lack of supply because current homeowners are stuck and cannot put their homes on the market even if theyd like to move because they cannot afford the payments of that new home. Heres how our extraordinary asset price inflation is developing in all its beauty. Read The US Cities with the Biggest Housing Bubbles.