Each market is separate, but most of the areas are developments that are at the low end of the cost scale. These are mostly entry-level houses. If you look at the last seven years in the Inland Empire, the entry-level market has been playing catch up. The appreciation cycle starts at the high end and then moves down to the middle market.
More Quotes from John Karevoll:
We expect prices to continue to go up but at a slower pace. We expect the (annual) appreciation rate by summer to come down to below 10 percent.John Karevoll
It appears that today's market is probably as close to what we would call normal as we've had in a long time.
John Karevoll
That part of the market is pretty stable, it's just that there's been across-the-board appreciation.
John Karevoll
There are an awful lot of analysts and think tanks out there telling everybody in the world the sky is falling, and they have been consistently wrong.
John Karevoll
Only if we have very short memories can we say there's a downturn in sales, or at least that sales are significantly low. This is actually as close to a normal market that we've had in seven to eight years.
John Karevoll
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