Furthermore, and to back him up, I have seen the beginnings of housing starts (not many) for the first time in a few years. I'm even seeing yellow re-zoning notices around the area where developers are starting the process of going before the zoning commissioners to have vacant property zoned for single family homes.
That's what's going on here. I hope these are indications that we are coming out of this. Maybe banks sitting on inventory won't have as great an effect as we thought (at least here).
If you checked lately what your dollar buys and how your saving is doing perhaps it is time to see that not only does real estate makes sense but how long before you will not be able to afford to buy it?
It will really depend on the "Black Swan" events which are worldly events unforseen and uncontrollable that will dictate whether we are near the bottom or not. The oil prices rising could erode much of the progress made over the past 24 months and I believe we still live in a tumultous time that is hard to predict. Best in 2011
The auctions in our area are seeing high levels of postponements, showing the banks are either A) going to foreclose, or B) still working with the seller on Loan Mod's (ain't going to happen!!)
:Prices are one issue...........the tougher down %'S for FHA in April will complicate the situation a bit. Unemployment & trust in the economy is the biggest issue in my opinion.
Real Estate is always an up and down industry.....maybe we'll be down in prices or qualified buyers, but it will level out.