Without taking much time out of your day I would like to give an update of my local market here in Sunny Southern California. Buyers are off and running especially since prices were slashed last month. We went from $390,000 for a 3 bedroom 2 bath in March to $373,000 in April. With only 50 homes sold in March and 77 being sold in April, I guess you could say that inventory is getting bought up. I would also like to add that I am seeing more regular sales (not distress) and also less bank owned homes. That is not to say that some home owners are not facing foreclosure, we have buyers in the city of La Puente and we are seeing 80 short sales for every 20 bank owned properties. I expect to see more success on short sales= meaning banks are going to aid sellers in distress in getting their homes sold. So to keep it simple STEADY is more the kind of market we are in. It is definetly not going down and not going up just a steady tide till inventory is deplet
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