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5 Comments on The Elephant Is Moving.....
Yes, according to the Fed the bottom was in January but depending on the area some hit bottom sooner and some later, that is probably an average. I'm glad we are nearly out of the woods.
I remain positive and expect modest gains for the next few years. .
Now if only we could get the media and general public to believe these numbers. Here in the Phoenix area we still have disbelieving buyers that think they can low ball everything only to get beat out by serious buyers. Some buyers are starting to intimate that they may wait for the market to cool off a bit. What they'll be waiting for are increased prices. But, this is why we have the boom and bust cycles in our markets. Joe Six Packs always get in late, run up the prices just before the crash, then get burned when the smart money starts to sell off. The guys on Wall St. know this and that's why they win. Best of luck to you.
I personally believe we need to get this information to the media....those reacals started this slide anyway. I wish I could hand feed them the good information so they don't major on the negative. I think it is called "making news".
It will be nice if we are coming out of this problem. There are rumors that Alt-A's are starting to default. That with short sales and foreclosures--could keep us in this mess for a bit longer. I hope the rumors are not true.