No way. The news is way off and way early. We are not even close to reverting to a normal housing market yet. This will take years.
On 1/12/07 I posted some foreclosure data for san diego. Here it is Pre-foreclosures: 1714 Auction: 334 Bank owned: 1153 Now look at today: Pre-foreclosures: 2097 Auction: 547 Bank owned: 1796 The numbers get worse every single month! Bottom? HA! The trend is getting stronger.
Bank owned properties went up 56% here in 2 months. Prices still trending down. No panic in sight yet. This will grind down for years I think unless something really changes. All these headlines could cause a panic though and then we might see a downward spike.
Yea were at a bottom, the housing market touched a bottom 3 months ago when the talking heads said everything was fine. We have only seen a subprime mortgage fall out in the last 2 weeks and foreclosures jumping to new highs. EVERYTHING IS PERFECT!!!
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