The reports are in and CNNMoney.com has this to say about the first quarter of 2009’s housing market, “the
S&P/Case-Shiller National Home Price index, a bellwether of real-estate market direction, plunged a record 19.1% during the quarter compared with the first three months of 2008.” Los Angeles and San Diego are among the 20-cities tracked in the Case-Shiller Index and both were down about 22%. Mike Larson, a
real estate analyst for Weiss Research, said this was not the news he expected, “[Foreclosures] used to be anomalies,” said Larson. “Now, when sales are dominated by foreclosures, where they represent 50% or more of [transactions], they are the market.” The real estate game has shifted drastically. The recent increases in home sales directly reflect homebuyer’s taking advantage of bank-owned properties and short sales, so even though buying is up, home prices
are still staying low. www.shortsense.com is great place to get started if you’re interested in snapping up one of the bargains available in the current housing market.
Minda Reves is a freelance writer for SHORTsense.com