Bay Area

[manch]

http://www.calculatedriskblog.com/2012/02/housing-bottom-is-here.html

"And it now appears we can look for the bottom in prices. My guess is that nominal house prices, using the national repeat sales indexes and not seasonally adjusted, will bottom in March 2012."

He did say that nominal prices will mostly go sideway for a long while, and adjusted for inflation, real price will likely still have some room to fall. 

Perma bears: attack!

[CrazyMan]

I'm pretty sure most everyone reading the article understands it has nothing to do with Bay Area housing.

[Sonal_Basu]

Crazyman...you said it.  

I think the bottom in Bay Area has passed.  The inventory is low in most areas.  We, the buyer's agents, prefer a 3 month inventory in our area to comfortably service our clients.  At this time, some of the areas bearly have 1 month inventory.  The upward price trend has started in many areas out here.  We are getting in multiple offer wars with over asking price results!  If the inventory does not correct itself soon, I am afraid we may even see seller's market in some areas this summer.  It will be interesting to see what happens over the next couple of weeks as the sellers should be getting ready list their homes in time from Spring.

[CrazyMan]

I think for the low-end (<300k) the bottom has probably came and went. I believe for the mid to high, we're not quite there yet.

Summertime will indeed be interesting. At a bottom for those 2 tiers? nah.

http://www.mercurynews.com/bay-area-news/ci_19899224?source=rss

[Andiamo]

Perhaps if the State Attorney Generals across the country agreed to a resolution with the banks, the REO's would increase or inundate (depending on the area) the scene and prevent a seller's market as Sonal mentioned. The question is, when will this agreement come?....