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 January 18, 2009

Housing Bidding Wars Reappearing in San Diego
A report came out the other day stating that there are certain markets that are beginning to see a lot of activity and even seeing buyers beginning to compete with one another for a home. One of the markets detailed in the report was, you guessed it, the San Diego housing market.
Most of this can be attributed to the falling prices and excessive amount of foreclosures that hit the market. It is logical for San Diego to be on the forefront of housing recovery because it was one of the first real estate markets to be hit.

Inventories have diminished at a fast enough rate that even the discounted homes are beginning to be less common as the supply decreases. Prices in San Diego are also beginning to steady, however, they have fallen enough for buyers and they are actually causing some demand in the market.

Prices are at historic lows and the days of the old fashioned bidding war may be on its way back. In San Diego many buyers have been waiting to see how far prices were going to fall, but apparently the prices have fallen enough and at a fast enough rate, that buyers can no longer wait. They are not only finding good deals, but are able to afford their mortgage payment at the same time.