Hi Missy!  I think it is about time the media jumped off of that crazy bandwagon and took a look around.  Thanks for the heads up - I will check it out)

It is a good article. Headline is eye catching. Makes some good points but also says we have a ways to go.

Missy, I just don't know. I did read the article BUT the thing is real estate is sooo local. Now having said that I do believe we are getting close to the bottom in my market. Prices have dropped 43% from the peak which was mid 2006 for my area not mid 2005. Sold prices last month were back to 2003 prices!! That's 5 years worth of appreciation erased! So.....I hope by the end of the year things will start improving.

In late 2005 the lowest priced building LOT in Poinciana was $52,000. I know because I bought it and sold it the same day for $73,000!!! Today the lowest priced HOUSE in Poinciana is $50,000. The lowest priced lot is $5,000!!! Incredible.

I think just as the press reported the housing market was so bad -- it paints a picture with too broad a brush.  It certainly is a local situation.  Even in a given state, the market is different.  Prices have dropped very dramatically -- Appraisers are stating have dropped approximately 15% in the past 2 years in some parts of the state.

BB, our prices have come down to year 2000 level. Uggh for he sellers. I was encouraged to read something positive so maybe buyers will start to read the end is near. As the article said we will come up slower but hey neutral is good for me.

Joan, we came off the declining market status two weeks ago in Ann Arbor. Yea ! Appraisers were taking us down by 5%. So that is going to help so much.

Hi Missy - I read that article last week and said "HOORAY"!!!  FINALLY!  But as we all know, real estate is very local.  My market has been super busy for the last 4-6 weeks, like slammed busy, and properties are selling for sure.  Some parts of my area sell so quickly you can't get in before it's under agreement.

We've been getting some great positive PR here in my area from the media for a bit now, and I think that goes a long way toward carrying the message out there that there is no better time to buy.  Quit thinking about it and act - or someone else will certainly be acting on the home you wanted.

Ann

Missy, How nice to read some GOOD news about the housing market.  It's a well respected magazine, I do hope they're right!

Missy,

I totally agree with the article...the thrust of the entire article can be found in, "housing led us into this credit crisis and this recession. It is likely to lead us out. And that process is underway, right now." The recovery will vary from region to region which underlines the 'local' nature of real estate...in our region we saw 'bottom' about 4 months ago...and the 'recovery' is a 'process'...you're not in it one day and out of it the next day!!! Thanks,   Fran 

Missy- it is about time the media get a grip! We are rocking and rolling with multiple offers! Lovin' it! There is always a equal or greater benefit in every adversity! Good is going to come out of this and it is.

Missy, In the fall I would have told you that Texas had not been affected but the last few months have been a little on the slow side as we don't have as many buyers that can qualify.  The good news is that in the last few weeks I have been so busy I can't see straight.  Glad to hear that the media is finally reporting some good news.

Missy, I love the positive influence the article will have on the market.  We really need all the positive news we can get.  But, have we hit bottom?  I do not think so.  We still have a lot of mortgages in out there that will continue to reset, and, lead to more foreclosures.  In my market, the high end homes in areas with minimal free space are holding their value and in some cases, have even increased a percent or 2.  But, in some of the flat farm areas where builders could build homes as far as the eye can see, values are still drooping. AJ

Glad to hear the media's message is changing, I think we atill need to be cautious.

My market data has indicated that the values really didn't decline in Northern Michigan for the most part, but rather have remained stable during the past several years after about 15 years of substantial appreciation.  Some pockets have a slight slump but, without large tracts of housing found in the metropolitan areas, the sales volume isn't large enough to absolutely pinpoint a market decline.  The exception is manufactured homes which make up a large portion of the housing and have declined tremendously since the lenders decided to not finance them about 3 years ago.  While there's generally far more listings than sales, it appears that most of those are overpriced with sellers adding +/- 5% per year to the expected value during the past 3 years of stable, not rising values.  Unfortunately, many out-of-state lenders don't realize how large Michigan is and that there have been markets such as Northern Michigan where values have not fallen as they have in many downstate areas.  More unfortunate, is that many northern appraisers listen too much to the media and the complaining Realtors that the market has fallen apart and contribute to the problem.

Missy - this is twice now I have found this article through those I read, it's a nice read finally. I will be forwarding it to my buyers and sellers! Thanks for sharing it.

Missy,

I hadn't read the article, but I funded two purchases yesterday, and Tucson real estate is on the move again.  Thanks for the link.

Mike in Tucson

Real Estate in Knox County Ohio has been getting busier every day in May with increased activity and sales.  I believe the market here will be hot again this summer.

Here in Westchester County we are seeing houses snapped up, multiple offers on certain condos and one of my co-ops listings sold in one day.  There is pent up demand which is lifting prices a bit.  This article was published on May6th and has been chewed up a bit and has been a bit controversial.  You are busy!

IMO, Mr. CYRIL MOULLE-BERTEAUX is seriously confused.  Since he's with one of the hedge funds that benefits from MBSs, he could be part of the cause of the mortgage mess and lives in a dream world. 

I think we are getting close in my market. I still see more price reductions weekly than any other activity, but market times are slowing inching down. Equilibrium is coming, hopefully soon.

Good to see a perspective like this.

It is not a simple thing, but this writer puts it together so it makes some sense.

this is really great news! Finally something positive from the media!

You could only bottom out so much and eventually have to start rising to the top.  The market always seems to correct itself and im sure we are all seeing it.

I have been slammed all month. I hope it keeps up. Q1 was painful.

Missy- Here in Flint, I mow lawns for a local credit union and I picked up 6 foreclosures just this week, I get them just after the realtor. The market is still down, and foreclosure is still up, hopefully it will turn around soon though (although I do like that bank check lol)

we are busier but could use more activity

Whoo hoo glad the Wall Street Journel finally got there crystal ball repaired!

Good Morning, I had been preparing an article about this when I read in the WSJ the article you also found for my own blog with our new housing affordability factor just released showing the HAF increasing from the low of 23 in the first quarter of 2007 to 41 for the first quarter of this year. Buyers are beginning to buzz here in San Diego and I would predict by the end of this year, we will have seen the bottom. I would guess they have made a corporate decision to report the news instead of trying to make it and that pleases me so much. Perhaps we have a source to quote that isn't based strictly on bad news.

Amended: I am paying very close attention to Lenn's comment. The Hedge fund operators have likely had a greater hand in the mortgage mess than anyone seems to realize or report on. I would like to know more about the relationship of author to the Hedge Funds. 

Missy~My Broker was just going over the files this year as compared to last years sales between January thru July and we're up 50% and this is only the end of May. I've linked to your article from one that I just posted hope that's ok?

Missy..thanks for the blog. Please forward to the Ann Arbor News and Detroit Free Press. Don't worry though...they won't print it unless their is some doom and gloom in the article.

Missy it was nice to read positive press.  I hope this article plays out to be true for Michigan as well.  Our problems are for different reasons than the rest of the country.

Good news is always worth reading.  We have noticed a significant increase of buyers in Detroit but I believe we are headed for a shaky couple of years.  With IndyMac going under and the fear that it put into common consumers, I don't see us pulling out right now.

It's going to take innovation, change, and drive from real estate professionals and investors for this market and the next couple of years but there is more opportunity than there has ever been and even more opportunity is coming up with banks like IndyMac going under.

Jared

Detroit Investment Properties - Our website for wholesale deals and information
Detroit Real Estate - Our Blog on Detroit Real Estate
Detroit Investment Secrets - Secrets for Successful Investing

I have to agree with Jared.  With yesterday's announcement of foreclosures up 121% and today's news of 2 more banks taken over by FDIC, the storm is not over.  Hopefully, with Michigan falling from the top spot it so dubiously held for so long in the national foreclosure list, we can keep the momentum going.  It'll take much hard work and even more positive attitude on the part of the real estate industry to maintain the positive momentum.  One answer may be to steer the borrowers to some of the locally owned banks and lenders who have been the bedrock of the community for so many years and are still able to make the loans in a timely manner to the buyers who, even with good credit, are finding financing difficult from the large lenders.