There’s so much good news in the real estate market today you’d think there was gold bullion falling from the heavens.
Read my new article "Is the Housing Recovery a Farce?" to see exactly why YOU should be a bit suspicious or confused too...
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It is called a dead cat bounce! No free market falls or rises in either direction kike the supposed housing recovery.
In a word, yes.
Here's what I see. The banks are in control of the inventory. They stand to lose big money, so they have decided to withhold inventory and stall short sales until spring. This is driving up the prices. I live in S CA and short sales are 155 or greater DOM. Most are listed in MLS as contingent backup, which means, current owner has signed off but not the lenders. The loan mods are far and few between and do not benefit the owners, but they do get to stay in the home. People will sign their life away not to move. The homes that come to market have multiple bids. I bid on a fixer last week. In the end the seller had 22 offers. Sold for over 50K over market.