Evidence of a bottomThere are some signs that the relentless foreclosures and price erosion are easing. We may be hitting bottom.
1. Escrow index. Last week, pending home sales, as measured by the National Association of Realtors pending home sales index, were up unexpectedly to 89, the highest since October of last year. A leading indicator of sales, it shows buyers may be coming off the sidelines.
2. Sellers market in lower price ranges? While overall U.S. months-of-inventory remains over 11, the figure appears to be dropping at the lower price ranges. In the Sacramento market, for instance, a previously overheated market, homes under $500,000 are seeing months of inventory between three to four vs. 12 or 13 for higher price ranges... [read more] Yahoo! Finance, Jennifer Openshaw 8/18/08
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We have headed lower and maybe we can try to base here. The very speculative areas are selling well now at low prices. If the government money going into the mortgage market makes a difference, which I think it will we should see a good late spring. People want to do things, they need some confidence and financing.
I hope they find both.
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