Prices have rebounded significantly here in CA with interest rates still at all time lows.

I once had a loan with PMI, though I had not paid down 20% of the purchase price, I had remodeled the interior and the market had rebounded.

If that happens, then property owners will end up doing really well if they have strong cash flow and long term financing.I think the risk is for those who have shorter term or variable rate financing.End of the day I think there is still money to be made in real estate, if you buy something 10-20% below market and we get a 15-20% correction followed by a rebound 5-10 years later, its not catastrophic.

We moved here when the market crashed, knowing so cal would be the first to rebound, and we were right.

I had 250k got my first 1 million dollar line and within 4 years I had it up to 30 million 6 in cash and 24 million in lines of credit ... that I used to lend HM.. and it was great until the world came to an end in 08... but we are rebounding I am about half way back to that peak I was at and things are great once again.. also look at new construction I have been doing that for 4 years now.. and with your credit score and epxiernce you might do better there. 

I'd like to see the numbers myself as I "feel" the foreclosure market is slowly rebounding in auction #s and REOs rising, from what I see.

It will rebound after you get the permanent financing and payoff HELOC 

I have briefly looked at the 2014 CAFR report and it seems like the economic condition is on a nice rebound with decreasing employment rates, increasing population and income.

The only reason I like the refinancing aspect is that it can be done quickly, and buy me some time for the market to rebound allowing me to enjoy a more favorable profit when it sells and to acquire some much-needed cash within my IRA quickly for other investment purposes.

Its a long game and not as profitable as a lot of these investors but I can ride out dips, cut my rent to keep good tenants if need be and continue buying in a lousy market, so on the rebound I come out way ahead.