Walls Street came out with the article below that spells out the national status of the current and future real estate market.
The Housing Crisis Is Over By CYRIL MOULLE-BERTEAUX
May 6, 2008
The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now. For more info click Wall Street Journal
Being a Real Estate broker for County Properties and home owner in San Diego, Riverside and Orange counties since 1983 I have experienced 3 real estate cycles. This current market price dropped well below the average drops in the past cycles due to over appreciation from demand and very liberal banking guide lines since the start of the new millennium (1999). A lot of the demand is backup even greater at this time, especially with low housing starts, population growth on a steady incline. We have the best weather in the country in these three counties with west coast shore lines within a short drive or ocean front locations.
There are finally better banking guidelines to make sure buyers can afford to make payments, and now better government programs including VA,FHA and CaHfa, etc. to help buyers get in with very little down payment. We are seeing seller paying most of the buyers closing costs. We are seeing multiple offers on many of the bank owned properties because they are now at affordable prices for buyers and low interest rates.
Potential indications for the trend to follow in the rest of the country. San Diego and Riverside counties in California are next. Prepare yourself for the changing market that is happening now. Call for counseling on for investing or a buying a home to live in now, while the market prices and interest rates are still low. Click Go to my website