patrick.net

It appeared to here in the Inland empire. For several months before the tax credit was supposed to end the first time and when it did end this last time April 30th, bidding wars commenced on the homes I was interested in. Most houses sold for 5-10K over what the asking price was and since the banks trickled the houses onto the market, homes were snatched up quickly. Right now, all you hear are crickets as houses once again sit waiting for new owners. The house I am in escrow on (short sale), I offered asking price with the seller paying the closing costs and my offer was accepted. There were several other bids but mine was the highest. Other houses are having to drop the asking price to get bids and even that isn't helping some.

I don't think people really understood that the $8,000 that they stood to get from the government was already factored into their purchase price. All they saw was free money and rushed to get it, no matter the cost.

Consumers are rational

Pull the other one, Larry.

I dont think the surge was purely from the tax credit. There was a lot of pent up demand everybody decided at the same time that it's safe to buy.

so the bounce stronger than usual this spring.

Yun? Why not just quote Mickey Mouse's take on the housing market? Or a log. Given Yun's track record, the log would probably be just as accurate. Maybe more so.

Q: How do you know when Lawrence Yun is lying?

A: His lips are moving.