This is probably the strongest “spring bounce” I’ve seen since 2004/2005, but we have to consider why.
Ever since 1996/1997, people have watched housing prices soar out of their reach. For the first time in over 10 years, people are seeing prices drop — in many cases, by 30-50%. This will naturally bring more people into the market.
If you look at the sales histories of a number of houses, you’ll see multiple foreclosures on the same homes during downturns. This is just the first wave of knife-catchers.
You’ll know we’re near the bottom when you **don’t** see multiple families looking at an over-priced 1970s tract shack that’s “on sale” for $450K.
