The real estate recovery was in full bloom last year & headed for a banner year up until July. Once again, we were devastated by forces that were beyond the power of the consumer. Washington debated whether to pay our nations bills. This self serving fight lead to our nations first ever credit downgrade and put a halt on home sales through the end of the year. The other disaster that this caused is the spiraling downhill of home values and sales prices. You see, in a market with millions of home upside down and foreclosure being released, inventory continues to grow. Not only does the inventory grow but the seller of this inventory was extremely motivated to unload foreclosures. To do so prices needed to be lowered.
We are now in the midst of the next great hope! Home affordability is at the highest in decades and interest rates are at or near historic lows. Now add to this that weekly more and more people are going back to work. This has lead to a resurgence of consumer confidence. The only way to halt this once again is a new release of bad news. Oh yeah, gas prices are supposed to reach $5.00 per gallon and Israel may bomb bomb bomb Iran. Oh well, as they say in baseball, "wait 'til next year!"
Your Friend & Realtor,
Tony Lewis * RE/MAX of Valencia www.TonyLewis.com tonyglewis@yahoo.com 661-702-4720
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