Ah yes sensationalist headlines. Not just for USA Today anymore! You’ll only know the bottom once we’ve passed but in most areas we aren’t yet close. TG I actually believe your analysis, (assuming gas stays reasonable) Temecula is at the bottom.
With mortgage rates rising, and employment falling, no way are we at a bottom in SD, not even close. Take a look at Karls post on this Watch the Birdie!
NAR reports whatever number sounds most positive, be it Y-O-Y, M-O-M, or fabricated from whole cloth. A lot of those deals signed won’t be closing as financing costs more this week than last. Consumer confidence is a circle jerk of the Dow mostly. When the Dow goes up consumer confidence goes up. Never mind that this has relatively little to do with the broader health of the market or economy. Lastly the 800lb gorilla in the room is the onslaught of resets in the Alt A wave. Coming soon to a formerly upscale neighborhood near you!
