The pace of the market has seemingly picked back up the last few months due to the great propoganda for the 1st time homebuyer credit of $8,000. Everyone sees a turn around now in a few months...but that is what the optomist have been saying since the meltdown in Feb of 2007. I try to be a realist....and my first questions is where is the inventory that the banks are holding back on? And my fellow agents..do you know why we're having multiple offers on properties and why it seems we're increasing in value in some areas? THIS IS NOT APPRECIATION. Its a combination of a lack of good inventory with the great tax credit incentive. That's it.

Don't get me wrong...

I think it's good that buyers are back buying and inventory is being cleared..I just can't even begin to think how the banks are going to clear their massive inventories everyone...including the news media and agents have stopped talking about...if they're holding their inventory and having it trickle into the market..that means there is a huge backlog people! I just wonder how they're going to clear well over 4 million properties when the stats show defaults up with the current REO/short sale inventory on hold.

Is a lease back program going to solve the mess?

http://www.latimes.com/business/la-fi-fannie6-2009nov06,0,4259740.story?track=rss

I hope someone is thinking about all this...