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It looks like the bottom has been reached in our real estate market. Now it's just a matter of how fast things will pick up speed. Given the current inventory levels and the daily dose of doom & gloom media brainwashing, I suspect that things will start showing real good signs of movement in the Spring.
Ok, I read the article. Before you get too excited, note that foreclosures are STILL higher than they were one year ago. Also, the dweebs on CNBC have repeatedly noted that the reason foreclosure actions are dropping is because banks are *behind* on processing them! There are still growing numbers of houses that need foreclosing, they just don't have the personnel to get the paperwork done. The CNBC people tend to be relentlessly, even mindlessly, optimistic, so I tend to think they wouldn't just make this up since it goes against their worldview.
Here's an article for you which gives even another reason for the temporary slowdown in filings:
How did you get out of this article that the bottom of the housing market has been reached? I realize that it's not as bad here as in most places of the country, but I highly doubt that the "bottom" has been reached yet. I see foreclosures at higher levels at least until 2010.
No way has the bottom hit. People all over this nation are being negatively effected by the financial/economic crisis. They don't suddenly have more money or more confidence. Nor are the banks suddenly lending like before. It's not even close to over.
To illustrate what the other posters are talking about, from the original article (which had no mention of a bottom in local real estate, by the way) :
Quote:
RealtyTrac, however, reported foreclosure filings in September were actually down 12 percent from August. But much of that decline was the result of new state laws that delay the foreclosure process. In California, for example, lenders are now required to contact borrowers at least 30 days before filing a default notice. A similar law in North Carolina gives borrowers an extra 45 days.
This law is just pushing foreclosures out another month and a half, not reducing them.
Anyway, foreclosures aren't high enough in this area (yet) to have a significant effect on the RE market. The bigger problem is the huge amount of stagnant inventory and vastly lower sales. Both of those measurements of the market are moving in the "not better, probably worse" direction.
How did you get out of this article that the bottom of the housing market has been reached? I realize that it's not as bad here as in most places of the country, but I highly doubt that the "bottom" has been reached yet. I see foreclosures at higher levels at least until 2010.
I agree with you! September was only a step toward the bottom, the next one unfortunately falls lower. To early to see a bottom. The credit crisis we are experiencing has not even started to ripple through the local economy.
The other things slowing foreclosures is that banks are working with people behind on their payments trying to work out 'deals' so one can keep their homes and banks don't become landlords of sorts.
well i had been suspicious for quite a while...especially after the delightfully nutty PM I got a while ago. But they hadn't been making so many sweepingly sugar-coated generalizations and still hadn't followed me into the NY forum...so I was giving him the benefit of the doubt. Until now.
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