The end of inventory (until September)

So, tomorrow turns into another day and another and another, the next thing you know...it is a week later. Fortunately for me...today just happens to be the same day that the new housing report came out. What better day to finish the post on inventory than today? Here is the gist of the housing report...

"Sales of U.S. previously owned homes plunged 27 percent in July, twice as much as forecast...at the current sales pace, it would take 12.5 months to sell [the current inventory]."

Where does that leave us in our neck of the woods? Well, inventory is down...way down...unfortunately, so is demand. It is very hard to believe that demand would be low because of the expired tax credits. You wouldn't think that $8,000 would have that big of an impact on the market but it does. Having said that, the sales data for July being way down is a little misleading. This is because SO many people did everything they could to close by June 30, 2010, in order to get the tax credit that it inflated June's numbers a little, thus making July's numbers seem that much worse.

Here is the current inventory for Corona broken down by Zip Code.

92879 - 10,755 homes. 166 (1.5%) for sale. 29 standard sales. 98 short sales. 25 REOs.

92880 - 3,729 homes. 231 (6.2%) for sale. 55 standard sales. 136 short sales. 17 REOs.

92881 - 7,510 homes. 118 (1.6%) for sale. 47 standard sales. 45 short sales. 15 REOs.

92882 - 16,310 homes. 235 (1.4%) for sale. 53 standard sales. 122 short sales. 33 REOs.

92883 - 2,015 homes. 220 (10.9%) for sale. 51 standard sales. 120 short sales. 28 REOs.

There are 40,319 homes in Corona, with a total of 970 homes on the market. This means that 2.4% of the homes in Corona are for sale. At the height of the foreclosure market (2007-2008), we were averaging 3,500 homes on the market, which is 8.7%.