If you are like me, it helps to see a picture to help explain and understand complex concepts. An appraiser friend of mine does an excellent job of this on a consistent basis – check out Ryan’s most recent blog post HERE
Ten Years of Housing Inventory in Sacramento – from Ryan Lundquist
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Thanks for sharing Keith. I think you’re right about pictures. They can really help us see the market at times.
I read Mark Hansons Mortgage blog and he’s of the opinion that there are too many underwater “zombied” owners for this market to be sustained. Also, I see prices all over the map like shopping for car insurance. I just saw a REO fixer upper being offered by Homepath for $328sq ft!! Really, an REO fixer upper for $328 sq ft. I was looking back when the tax credit was being handed out and there was a spike and high demand and then guess what – prices came back down and much lower too. If it’s one thing we have alled learned of late it’s that YES home prices do go down, and perhaps more likey too as interest rates are most certainly going to rise. I’m a first time buyer and back on the sidelines until the next bounce down and better homes trickled onto the market. Most I see have been in bad hoods or on corners and busy streets, etc. Also, I can throw a rock and hit four vacant homes from where I live and have to wonder why they remain vacant for years, let alone all the folks living mortgage free daring the banks to take it back. It’s all kinda whack out there. High risk low reward.