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Today I went to an Economic Forecast regarding the housing market in Bakersfield and Kern County. It was given by Leslie Appleton-Young who is the resident economist for the California Association of Realtors. I will go into the forecast latter, when I receive the PowerPoint from her presentation, but for now, I would like to show you some charts I made for Bakersfield zip codes 93312 and 93307. These two zip codes are the two zip codes that have the most activity right now. 93307 because it is also the zip code with the most foreclosures, which is where a lot of the action is coming from. What these 4 charts show is the Supply versus the Demand and the Months Supply of Inventory, AKA the Absorbtion Rate. What that means is, how long, at the present rate of sales, would it take to burn through the glut of inventory? You take the number of sales and divide it into the number of houses on the market. As Jethro Clampett would say, 'the goes into's". 93312 is doing pretty...
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