This is from this a mortgage broker I work with and trust. Please check out the article from the Wall Street Journal!
I’ve got fabulous news!! Actually, the news is from the Wall Street Journal. Attached is a very interesting research based article opining that the housing crisis is over. It is based on national statistics, but there are points in this article that pertain to our market here in Southern California. It points to affordability, rather than actual prices. Indeed, homes have become affordable again such that when someone wants a $2200 payment, they can indeed buy a house—not true two years ago! I’m sure you’ve all seen multiple offer situations in the past four months, and this is a healthy sign as well that NOW is the time.
The article also compares the current down market with other historical down markets, and the dynamics that are present that cause the market to recover. Most of the general public think they know where the market is headed (downward) which is largely media driven. But I also think most folks don’t realize when the bottom has hit until it is past.
Please refer to WSJ.com and look for "The Housing Crisis is Over"
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