If you follow my monthly market blog you know that January was an incredible month and the market is beginning to percolate. February fell off and I speculated that it was due to a slow down in buying.
Well the numbers for March are still off, but something is getting ready to happen. As of today (4-8-08) there are 2993 homes on the market in East Contra Costa County, this is down a little; 1117 of those are bank owned and 906 of them are short sales. In March in East Contra Costa County there were 224 home sales, of which 175 were bank owned and only 10 were short sales. This is still over a one year supply of homes, although even this is down from the 18 to 24 months it used to be.
So you ask me, "Where is the up surge?" The up surge is showing in the pending. Right now there are 804 pending sales in East Contra Costa County. Of those pending 583 are bank owned homes and 91 are short sales. This is equal to ¼ of the active market. Spring and into summer is traditionally a time of up surge in the market.
I believe the market turn around is coming based on these numbers and the fact that the government and the lenders know that the foreclosure crises cannot be allowed to continue. I do not believe we will go into a recession, but I think there is a real potential for hyper inflation almost as bad, if not worse than the 70's that will make any buy now seem like a wise move.
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