Home prices will continue to decline through the end of the year and far into 2009.
Home sales will continue to decline because of buyer anxiety over the economy.
Home sales decline even more during the fall and winter.
Bank owned homes (foreclosures, short sales, REO’s) account for almost half of the current sales in California and are dragging prices down.
Mortgages are much harder to get as credit tightens among worried lenders.
Appraisals are coming in very low.
Lots of competition. Many homes for sale.
Interest rates (when you can get them) are extremely favorable for buyers.
Smart buyers, especially investors, know this is a great time to buy. It is a buyer’s market.
First time buyers, young buyers are able to get into the lower priced homes through special assistance programs.
The lowest priced homes are selling pretty well.
Real estate agents far prefer to show seller-owned homes (rather than bank-owned).