The real estate market was supposed to never come back. here we are one year later and the market is hot with bidding wars raising prices over list price. http://www.youtube.com/watch?v=0R2FYggYGeQ&feature=sub
I guess if you have selective interpretation it is. I'm the first one to concede that the market has rebounded to a degree in prime locations (i.e. on or near the ocean; Hollywood Hills). But for every market in Cali that's rebounded, 3 or 4 are stuck in the mud or declining. IN FACT, regarding my 2nd paragraph, even mid-high end homes that were selling for 7 million three years ago are being bough for 50% or less. Not to resort to a pop culture source, but if you watch any of the new editions of 'Flipping Out,' the very fabulous Jeff Lewis is being bombarded with properties he can purchase for 1.5 to 2 million that SOLD for 5-8 million in 2005 to 2007.
when your average shopper has to bid up prices to get a home the market is hot. listen to the video. multiple cash offers for million dollar homes.
When you go back to the prices paid in 2005 through 2007, and find that the prices are remotely approaching 50% to 70% of what they were then, I'll buy into your apparent definition of "hot."
it's not hot... it's just never crashed. people in LA have cash. but this is nothing more than a dead cat bounce. the housing market is largely comprised of 1% deep pockets, 29% smartly invested, and 70% overlevered idiots...
Your substantive posts bring so much information to the table. Aren't you in fucking Canada, by the way?
Lol you haven't been to fla. i bought a home a few months ago that sold for $1.57 mil in 2006 for $508k.yes i had 4 other bidders i was up against. it was a short sale and i bid full price . the other bidders bid 5-10k under and lost. BUT OUT OF 46 HOMES IN THE NEIGHBORHOOD THERE ARE 8 FORECLOSURES RIGHT NOW AND NONE HAVE SOLD YET.so it depends were you live. also look at the housing #'s the last 3 months. 250k price range and above total sales are still crashing nationwide.ALSO DON'T GET TOO EXCITED TOTAL HOME SALES ARE DOWN 70% FROM THE PEAK
And speaking of "substantive posts." LOL...that's the best you can do? What no lame assed Bloomberg article about how "we are all dead so therefore stop trying?" LOL!