Check out what I found in The Register’s real estate blog today. After all the doom and gloom we’ve been hearing lately about the housing market, we may finally be getting some good news:
O.C. home shoppers are slowly returning to the market after the summertime credit crunch […] As of last Thursday, the number of homes placed into escrow within the past month has increased by 182 homes in six weeks to 1,295. ThatÂ’s an 11% increase since inventory hit the lowest level of the year on Oct. 4.
However, this news isn’t really all that good. After all, the number of homes in escrow is still 35% lower than a year ago and 51% below the same time two years ago, when the market was around its peak. So are we seeing the beginning of a recovery? Or is this just a temporary bounce before we approach an even bigger crash? What do YOU think about OC’s housing market today?
How quickly are homes selling in your neighborhood? How many foreclosure signs are popping up in town? And are houses in your area selling today for the same price they were two years ago?
I want to hear what you have to say about the housing market today. Are you feeling as good about it today as you were in the past? Do you think a recovery is near? Or do you feel the market will only sink more before we hit rock bottom.
Go ahead. Make my day. Have your say.
Home sales always increase at this time of year. You can’t compare one month to the next. Instead you need to look at the same period against previous years.
We are at the very beginning of a 2-3 year downturn.
Anon 10:12-
And you may prove to be quite true. This may just be a temporary bounce. We may be very well in for some more “correction”. People just can’t afford to borrow as much as they used to. After all, look at all the foreclosure signs popping up all over the place.
I’d like to think this were a sign of recovery to come, but I fear you may be right and we may be in for more pain and suffering in the housing market.
And not just the housing market…the dive in the stock market coupled with a pathetically weak dollar eliminate retirement or retirement abroad for the “boomers” who were on autopilot. Thanks all to George and the REDS!