What I wonder is how long this can go on. Obviously nearly every house currently listed in MM is a short, REO or other type of “distressed” sale. Houses have offers in Days, if not DAY and alot of the “for sale” listings have multiple offers.
No one else is listing. This cant go on forever. Add in that defaults (atleast on a national level) are still rising as is unemplyment and this isnt a healthy or even normal market. I am less and less sure we can apply any historical president to this submarket right now. Does anyone else remember a time when the government was activly trying to get people to buy a house, the only people selling were banks, the economy was going to hell but money to buy morgages was flooding the market even as unemployment is shooting up?
I have to only assume we are gonna see some really weird behavior in this market in the next year or so. I, thankfully, am not personally ready to buy a house just yet or I think id be pulling my hair out like ib is. (my personal theory is mid to late 2010 when all this “stimulus” of house buying by the GOV goes away (I HOPE!!!) and the people holding out for a brighter day finally concede that they cant do that forever.)
