Leslie Appleton-Young predicts an 8% to 12% drop in existing home sales next year, and that’s just statewide…
"…I think Sacramento, in terms of the sales activity, may see a bit more severe of a contraction."
Appleton-Young says the drops come because buyers can chose between existing homes and brand new ones.
"The areas of the state that are having the most challenge right now are those where you had the biggest increase in supply of new construction."
And if you’re looking to buy a home and are waiting for the market to bottom out…
"Nobody rings a bell at the bottom of the market and it’s only six to eight months out that you look back out and say ‘oh, I should have gotten in’."
Leslie Appleton-Young says we may not see the market rebound until after 2009