One of the reasons we had the housing market surging ahead was because of the low cost of borrowing money. With mortgage interests rates going up there is some concern some people will be priced out of the market, which in turn will reduce demand for housing ... That leads to lower prices.
More Quotes from Alan Gin:
I think it shows that the market here is softening a little bit. San Diego was advancing more rapidly than other places and we may be topping out first.Alan Gin
What I don't see is a collapse in pricing. To get a collapse ... there would have to be a big job loss where people are forced to put their houses on the market for distress sales.
Alan Gin
There might be some seasonal reasons for the construction losses, but the decline could be a sign that our overall employment growth is slowing.
Alan Gin
The number of home sales is down, price appreciation on most homes is not as great as it used to be, and it's taking longer to sell homes. That could mean less growth in construction work.
Alan Gin
Generally good news in terms of San Diego, we will outperform California and the rest of the nation.
Alan Gin
They took a sharper run up in prices, so it makes sense that there's a decrease there. Some people have been priced out of the housing market, but others are waiting.
Alan Gin
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