As a follow-on to yesterday’s post about the local housing market, I was watching the late news last night and one of the main stories was on the housing market & foreclosures. All things being equal, it was a pretty balanced piece, but the rep for the local realtor’s association was trying to put a positive spin on things, notably stating that in his opinion ‘We really are at a point where the bottom, if that’s the right word, has just about been reached.’
I’m willing to believe that some of the numbers are getting better, but as the story notes, that may be due to frustrated sellers yanking their homes off the market or deciding not to sell in the first place. I have trouble believing that the bottom is close to being hit, since foreclosure rates are still rising and the subprime ARM reset wave isn’t supposed to reach it’s crescendo until sometime early next year. Time will tell, right?