As noted in this blog over the last several months prices are starting to creep upward. Nothing dynamic but the prices are solidifying the base that has been in effect since November, 2008.
There will be some sideways but the worse is over. In fact it has been reported recently that appreciation in Ventura County stands at 5.8% since the beginning of the year. You will note on the chart above that one should expect an 8.7% increase for 2009. In 2010 the appreciation will increase to 17.9%.
The two things needed for the real estate market to really explode upward are new job creation and a significant decrease in unemployment (neither of will happen for a few months). Why? Taxes and added government cost to employers via health care coverage.
There needs to be another element in play before real estate gets it legs and that is consumer confidence which at this time appears to be getting positive.
For complete article go to: www.venturacountyretalk.com