“Home prices continued to tumble in April, falling 18.1% from a year earlier — but the change from March narrowed sharply, indicating that housing markets may be starting to turn.” That little burst of sunshine is from CNNMoney.com.
But they’re also quick to warn you that summer is typically the portion of the
year the market is strongest. Here in the OC we’re slowly working our way down
in the home price decline ranking, the OC
Register reports, “California, which ranked No. 1 in price declines among states for 20 consecutive months, moved into third place in April. Home prices fell 22.7% in April.” However, it’s more realistic to wait until late Fall to see if this is just a seasonal trend or if the housing market really is turning around. Either way investors and first-time homebuyers should still keep their SoCal home searches going, so they can take advantage of the HUD $8,000 tax credit and other incentives being offered by the state before their deadlines arrive. And if you’re going to buy a house, why not buy a bargain real estate?
On a related note, Fox Business is reporting that the optimistic news about the housing market has given the stock market a small, but much needed bump.
Minda Reves is a freelance blogger for SHORTsense.com