Bottomed Out?

[Account Closed]

I'm starting to hear from various places, all over the country, that property is starting to sell again.

I suspect that means that the banks are once again lending to qualified borrowers. We may never see sub-prime mortgages again, but houses are closing esrow, so someone is getting loans.

I also think it means that the buyers who waited to see what prices were going to do are tired of waiting and ready to take advantage of lower prices and excellent mortgage rates.

I'm thinking that unless the Fed does something very unexpected, that many places have hit the bottom.

It's unlikely that we will see the huge price increases, again. At least not until amatuer investors forget what happened this time (and how soon they forget!)

Time on market in my town has been cut just about in half, and each month, more escrows close.

About 90% of my callers on vacancies are looking to rent for only a couple of months while they find something to buy.--- Whether they can actually get a loan or not, I don't know, but they have the mind set that it is time to buy.

Roll call: who is seeing property start to sell again in their area?