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odds are that prices will fall this year. nobody knows by how much.
only retards are predicting price increases this year, then again retards have been predicting price increases for the last 5 years so that's nothing new.
gregpfielding
@
2012 Feb 27, 2:38am
The inventory is half of what it used to be last year and it seems like the inventory that comes onto the market is quickly bought up.
That's exactly the reason why we haven't had authentic price discovery yet. All of the folks who would be for sale (as either short sales or reos) are stuck in loan-mod limbo.
If the extend-and-pretend shenanigans ever stop, expect supply to rise and prices to fall again. Of course, they might never stop and we're just going to be stuck in neutral for another decade.
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Like many of you here I have been waiting for the prices in the bay area to come falling back to earth. Over the past year, the things that I'm seeing make me believe that a huge correction will no longer happen and the prices in most area's have already corrected themselves.
The main reason why the Bay Area was spared from the large housing crash seems to come from the fact that the great recession didn't hit us as hard as other places. This let people keep their jobs and save money. Now as the U.S. is coming out of this recession, the stock market is rising, and people in the Bay Area didn't get scared of investing in housing because there was no major housing crash. We might get a good rise in housing prices. The last example that turned my opinion around is the amount of homes for sale in santa clara county. The inventory is half of what it used to be last year and it seems like the inventory that comes onto the market is quickly bought up. What do you guys think?
#housing