FWIW, **ALL** of the homes in our area (So. CBD) have sold within the past few weeks. Some looked like cash deals because the escrows were so short.
We do see this pattern (spring bounce, of some sort) every year, but this year was indeed reminiscient of 2004/2005 with all the activity — though it did take longer to sell than in ’04/’05.
We even wanted to try a lowball in Escondido on an REO, but they had at least one full-price offer on it. (Too bad, because we really liked the house.)
Definitely a “hot” spring in the RE market from what I’ve seen. Everybody’s getting excited about the drops (including me!), but if you look at the historical prices of these homes, you’ll see they’re still too high…IMHO. 🙂
