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To Be (at bottom) or Not To Be
Who hasn't heard, "I'm waiting for prices to reach bottom."? I hear it all the time, and even if it drives you crazy, you understand what they are saying. Nobody wants to be the home buyer from early 2007 who buys the last bubble-priced house in an already crashing market. Mostly we can talk about how our local areas seem to be picking up steam or how one portion of the market is doing better than expected.
Well, I've been doing some number crunching, and in some areas near me, it's possible to look at the data and conclude that some portions of the market have possibly been at their bottom levels for a few months.
The chart to the right shows median price for the lower two quartiles (bottom 25% and the 25% above that) for the Santa Rosa, CA zip code 95404. I chose the lower quartiles since this is where the primary activity in terms of REO sales is taking place, Anyone selling their home into this market has to price competitively with the Santa Rosa foreclosed homes listings. I am showing both a 7 day average (the spikier orange and black lines) and 90 day averages. Both the blue ... more
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