It is of my opinion there are many signs indicative of the housing market having bottomed out and slowly turning around. More people are looking and interest climbing on our local level. Inventories nationwide, as well as locally, are greatly reduced (The major portion of increased activity is showing itself in ‘entry’ to ‘low/medium’ market prices) After 6 weeks of record breaking low interest rates they have begun to edge higher.
It must also be noted that factors still exist that are keeping many people in the wait and see mode. Foremost I would guess on everyone’s mind is the economy. Low interest rates are great but you still need a job to afford a mortgage payment, whether it be $100 or $2,000. Both foreclosed homes and reported upside down mortgage holders are at all time highs.
Both sides considered if you have been thinking about a new home now is a good time to purchase. Low interest rates and low home prices.
The article below is from Realtor Magazine. Interesting figures and comparisons.