There are some critical signs that indicate Southern California housing prices may have reached the bottom. Many potential homebuyers may not realize that new listings (especially bank owned) are coming on the market at a much slower rate than just a few months back. This has created a domino effect of significantly reduced inventory, price stabilization, and even increased property values in certain areas. Prior to the end of last year there has been a purported government imposed moratorium on the release of bank owned houses for sale. As of this writing, there hasn’t been a relaxing of these restrictions with no noticeable increase in the housing inventory. For those buyers who have been waiting on the sidelines for their opportunity to purchase a home, now is their time to act. If the current market trend of depleted inventory remains I’m quite certain that housing prices are going to continue to escalate which will price many potential homebuyers out of the current market.
CARPE DIEM
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