[quote=SD Realtor]AK the one thing I can confirm for you is that it is SHEER LUNACY in the market right now. It is so far from where it was just 6 months ago that it is laughable. I am seeing no look offers, multiple offers, offers above bid. It makes no sense. [/quote]

I think its the foreclosure moratoriums constricting supply coinciding with sub-5% rates. Then with the rate spike of the last 2 weeks a lot of people are panicking that they will be priced out (through interest rate spikes) and are making offers on any marginal property they can instead of waiting. If rates keep around 5.75% there will be a lot of short sale contingents coming back to market and loan mods that won’t be able to be done. Rates are really driving peoples purchasing decisions right now.