In Hemet, a “vicious, vicious” housing decline

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Inman News took the pulse of a number of housing markets around the country, and the reading in Hemet -- 90 miles east of L.A. -- shows a market in distress. Lowlights:
--Realtor John Occhi says the market collapsed in March and estimates the number of sales has dropped 80% from last year’’s levels. ‘Since then we have been a seeing a decline, decline, decline.’
--Occhi says the loss of Alt-A funding has hit the region harder than the disappearance of sub-prime loans.
--’I wish I could tell you about the buyers,’ he told Inman News. ‘I haven’t met one yet.’
--Occhi says prices have backed up to 2002 levels. ‘It’s a vicious, vicious place we’re in now.’

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