This article from Bloomberg has this title, “Housing Declared Bottoming in U.S. After Six-Year Slump.”
Here is a quote from the article, ““The crash is over,” Mark Zandi, chief economist for Moody’s Analytics Inc… “Home sales — both new and existing — and housing starts are now off the bottom.”
Here is the link to the article: http://www.bloomberg.com/news/2012-04-25/housing-declared-bottoming-in-u-s-.html
While this may be a blanket statement for the entire country, we don’t think it applies to the Napa Valley because we have already “bottomed” in some segments of our market. This blanket statement might not apply to areas of the country that have not yet hit bottom. There are also numerous price segments within the real estate market where you live that might be better than others. For instance, ask any agent in our office about the $500,000 home price and under market, and they will tell you that we don’t have enough inventory. In that segment of the housing market, we have multiple offers on properties, and properties selling for more than asking. Some of these properties are distressed properties and are priced aggressively to get multiple offers, however many are “traditional” sales.
We also have seen a steady decline in foreclosures (see prior blog post from April 25th), bank owned properties, properties in pre-foreclosure. This all points in the right direction for a positive housing recovery here in the Napa Valley.