Here in South Orange County, CA where I live we are seeing some serious signs that a market bottom may be starting to form. A friend of mine is searching for an entry level condominium for a client with a budget of about $350k. They have decided not to entertain short sales without a firm agreement in place with the bank. Among the remaining listings, most are bank owned. Almost all of the inventory are drawing multiple offers and many are ending up selling above the listing price.
I think it says something that these bank owned properties are not listed at "pennies on the dollar" as some predicted, and are now selling above list
I understand that this is just one segment of just one market. For some strange reason I am not hearing this good news from the media. I am curious if you are seeing anything like this in your market.
Regards,
Bill
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