My Iron Man Uniform

[Joe Mammy]

Ok, I have donned my kevlar jacket. I have my new full face modern catcher's mask on. I'm ready to deflect flying tomatos with ninja-like quickness. Here goes nothing:

"We've found bottom!"

My latest Market Pulse shows a very slight gain in inventory while the number of short sales has leveled off. I'm sticking to my theory that the short sale ratio to all active listings is the key to finding the proverbial bottom.

And I don't seem to be alone in my findings, check this WSJ article -

"The Housing Crisis is Over"

To paraphrase-

"How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won't happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor."

Woo Hoo!!!!!

 

[scooterbug44]

Based on what I am hearing/witnessing we may be at or close to bottom, but still a long way from improvement/heading back up.

It is getting cleared out, but there are still a lot of folks w/ monetary and foreclosure issues that are being compounded by tighter lending restrictions.

 

[chrisv]

Based on what I am hearing/witnessing we may be at or close to bottom, but still a long way from improvement/heading back up.

It is getting cleared out, but there are still a lot of folks w/ monetary and foreclosure issues that are being compounded by tighter lending restrictions.

This is the part that makes me think we still have a long way to go.

 

[Will B]

This is the part that makes me think we still have a long way to go.

Agreed...90% of the reason we got into this mess was due to lenders easing their criteria for loans, zero down loans, ARM's to people who had no business getting loans in the first place...the list goes on. People may be buying or may be close to buying again, but it will be at a slower pace IMHO....

 

[Suma]

Joe,
You will get no tomatoes from me. I will just bask in the knowledge that someone I respect as a "smarter than the average bear" realtor has predicted the bottom! Now, can you sell my 30A real estate??? LOL! Thanks for your prediction. I willl keep my fingers crossed.

 

[Joe Mammy]

hmmm...smart realtor? Can't spell tomatoes. Or is it potatoes? Where's Quail when you need him.

It's all about price, Suma. Overpriced properties will still be reducing. There are deals out there and the short sales will soon be selling or foreclosed and consequently relisted as REO at attractive prices.

 

[30A Skunkape]

Joe-The bottom is here only when Shelly proclaims it and he/she is still talking Ramen, not a rebound

 

[Suma]

hmmm...smart realtor? Can't spell tomatoes. Or is it potatoes? Where's Quail when you need him.

Oh. I thought you were going to say smart realtor is an oxymoron. But I suppose if you get right down to it, any realtor who is still making a living at it must have something going on...

 

[30A Skunkape]

Oh. I thought you were going to say smart realtor is an oxymoron. But I suppose if you get right down to it, any realtor who is still making a living at it must have something going on...

Level 17 on the MLM pyramid

 

[Pirate]

Ok, I have donned my kevlar jacket. I have my new full face modern catcher's mask on. I'm ready to deflect flying tomatos with ninja-like quickness. Here goes nothing:

"We've found bottom!"

My latest Market Pulse shows a very slight gain in inventory while the number of short sales has leveled off. I'm sticking to my theory that the short sale ratio to all active listings is the key to finding the proverbial bottom.

And I don't seem to be alone in my findings, check this WSJ article -

"The Housing Crisis is Over"

To paraphrase-

"How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won't happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor."

Woo Hoo!!!!!

So you feel sold prices won't drop anymore? I'd have to wager you a shrimp Po-Boy you are way off. There is far too much inventory. It's simple supply and demand.