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If anyone could answerer that they would be rich. The answer is probably no but maybe yes. We have seen prices move up in the mid range category between $100K and $200K (multiple offers above list price). That is because we are actually seeing a reduction in supply (with an increase in demand). Banks are holding on to their REO's to get a better price on what is out there and then lots of people are trying to do loan modifications 9that after a six month trial period are failing). The reality is unemployment is over 14% out here. There is no loan modifications if you're not working. So more foreclosures. Also the FDIC is going broke, from taking over so many bad banks…slowly not quickly that would reduce cost. Banks will have to start dumping their REO products to increase liquidity so they can continue to loan. More banks will fail this next year and the FDIC will need help. Most likely from the government, who is also going broke? The next thing is that the dollar is taking a beating on the global market which could push us into an inflationary position, with interest to rise. The home buyer's credit might be extended BUT they are now finding out about massive fraud in the program that could put a stop on it for good. Which in turn will cut into demand sharply. If all this happens NO we have not seen the bottom in fact the housing market could crumble even more then it has. That said if you're thinking of buying do it now while rates are good. If home prices drop BUT rates go up, well you screwed either way. Bottom line it's better to buy on a declining market then one that is rising. Also no one knows for certain what is going to happen. The government CAN'T keep spending they way they are with out repercussions on the dollar. If China starts a sell off we are in some BIG trouble. Currently oil is ONLY traded in dollars. If it falls what will happen to the cost of oil? Its vicious circle with so may spokes that anything can go wrong, with not much that can go right. Sort of like a passing game in football, only three things can happen and two of them are bad. The biggest cards on the table? Our debt and unemployment. If you can afford buy now, if you wait it could be to late.
The answer for "when will this occur?", when you read on the news papers, which say on your area the median home prices dropped Year over Year around from -10% to -15% or on Zillow YoY is from -17% to -22%, that is bottom and good time to buy.
Many of So. California's cities home prices on Feb. 2009 was bottom, however the media's reported YoY dropped 16%, and the home prices rose 18% from Feb. 2009 to Sep. 2009, the media reports the home prices of Sep. 2009 is at Sep. 2008 level.
http://www.dailynews.com/ ... _13622453
Not realy see below .....
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Has Moreno Valley hit bottom yet? if not, when will this occur?
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