Jonathan Bowman wrote a post called "Don't Drink the Doom and Gloom Kool-aid" in which he talks about his local news reports that are predicting more foreclosures and implying that there is going to be another failure of the real estate market resulting, and his well-written disagreement with that report.
There's NO doom OR gloom in the Sacramento CA real estate market!
It's too bad that many of those articles aren't written by real estate professionals in the trenches, because "doom and gloom" is the last term I would use to describe the market here, and in most parts of the country right now. My experience the last month or so has been that every agent has a number of willing and able buyers, but there are very few homes for them to buy.
Since several major banks have been prevented from foreclosing for some time due to the robo-signing scandal, and homes on which they did foreclose have been kept in limbo, I would welcome the release of some of those into the market.
I don't mean I want people to be foreclosed on I guess, but I have heard of some folks who haven't made a payment in 2 years and there has been no foreclosure.
Meanwhile, with the historically low interest rates and prices starting to inch up due to the competition for the existing inventory, buyers are realizing that they had better get busy if they want to buy something. As more inventory comes onto the market and the higher prices are reflected in the comps, I think we will have the beginning of a healthy market.
Introducing some foreclosures into the market will stimulate - not depress - the real estate market. The only thing we have to beware of is having the prices zoom up like they did during the last big boom and then waiting for the bubble to burst.
I don't see that happening in my lifetime. Oh, there will be ups and downs as real estate cycles have always done, but hopefully the mistakes of the last boom will not soon be forgotten.
I am no pollyanna, but I do feel excited about the market as it is evolving these days! I definitely see NO gloom OR doom in the Sacramento area real estate market!
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