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So are we at the bottom? What is your opinion?

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SCOTT BERGLUND, "pvhomes"
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SCOTT BERGLUND, "pvhomes"

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Close. Inventory is edging up, but interest rates are good.

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Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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Maybe, Maybe Not. At least that's what my Magic 8 ball sez.

The next wave of foreclosures, now expected to be from prime as opposed to sub prime mortgages, most likely will continue to dampen the market.

But one thing I noticed about alot of the sub prime foreclosures in my area is that upwards of 1/3 of them in the worst part of Minneapolis needed to be torn down (that's the opinion of a respected non-profit group). It seems that many of these folks were sold sub-standard properties and had no money to make repairs. Guess what? Those homes are in even worse shape than ever.

I am hoping that the homes taken in the next wave of foreclosures will be in more habitable condition, which will at least slow down the siphoning of property values of the homes that aren't foreclosed. But it's just a guess.

Time for another Magic 8 ball question.

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May 01

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