In some areas like Stockton, or even Modesto, prices have fallen so much that many think they are beginning to show a bottom for home
prices. However, we will probably not see much improvement in the actual housing market until the number of homes on the market
begin to decrease a bit more. With record amounts of foreclosures in California and the rest of the country, that could be
awhile.
Some realtors are reporting that they are beginning to see more activity, even in the usual real estate slow months, than they have in years. Some listings
are receiving multiple offers, which can be an indicator that prices in that area are beginning to bottom. But until we begin to see a
decline in current inventories, it will be hard to see through the fog.
Foreclosures are now being delayed in most areas in California, with the hope that President-elect Barack Obama will make some significant
changes to help ease the housing market suffering. Some experts are predicting that if the future President does not make
enough changes, there will be yet another massive wave of foreclosures in the first and second quarter of 2009.
A recent survey conducted by the National Association of Realtors shows that first-time buyers make up for a lot of the activity in the market. But it is not
just the first-time buyers creating the activity; investors (making up twenty percent) are getting back into the California real estate market to cash in on what would have
once been thought of as bargain prices for the state.
|
