Seems like everyone has an opinion about the current state of the residential real estate market.
Or do they?
Newspaper headlines of late proclaim: “Home Values Jump In January” (L.A. Times 2/17/10); “Fewer Falling Behind on Their Home Loans” (L.A. Times 2/20/10); Banks Resistance to Short sales Softening” (L.A. Times 2/18/10).
On the other hand there is no shortage of purported experts claiming residential values will continue to slip in 2010.
When you look at the numbers and break them down it looks like both sides are correct. On a national basis home values have continued to experience declines, yet when you look at specific regions or by city/county the numbers are considerably more positive. Geographically the west is showing marked improvement with areas in Southern Cal showing single digit appreciation levels with Multiple Offers on reasonably priced homes. Different story altogether though in Nevada where the building boom in Las Vegas is leading the nation on negative side of the Boom/Bust cycle.
Call them green shoots or label it turning the corner, but the consensus of opinion is tings ARE getting better in the residential real estate market and as it goes the overall economy is also getting back on its feet.
Yes we have a long way to go, but progress is being made. Money will not get any cheaper based upon the Fed’s recent anouncement and assuming values have nowhere to go but up over the next 10 years now looks like an excellent time to be considering the purchase (or sale to move up) of a home especially here in SoCal.
More to come…