We just updated our Realty Times market conditions and we do see a slowing in the downward spiral in prices. Whether this is a pause or a floor is any one’s guess, but as I have mentioned before we won’t know where the bottom of the market is until we are a couple of months past it. In Livermore the bottom is starting to take shape, due to the fact that over half of the pending and sold properties in August are either Bank owned or short sales. The bottom feeders (and we need them) are setting the prices at the bottom. This will inform the rest of the market where prices should be. However because only 30% of properties in Livermore are currently in this situation, there could be an upward pressure on prices. We’ll see. But with the Fed’s takeover action of Freddie Mac and Fannie Mae, mortgage rates have dropped in the last couple of days. Who knows if the rates will hold steady, but if you are ready to buy, this might be the window of opportunity that you have been waiting for. CALL YOUR LOAN BROKER OR LENDER NOW!
Filed under: Livermore Real Estate
