In fact I see some alarming trends in the city I track and live, Charleston,SC, right now such as:
* Inventory continues to rise in spite of low interest rates.
* Foreclosures are increasing at a rapid pace.
* Unemployment is increasing.
* Home prices are still declining in many areas.
* We have a large shaddow inventory of distressed real estate the banks are holding on their books that nobody can see in order to properly evaluate real estate values.
* Existing home sales are at all time low volumes. In February 2009 we had 381 total sales out of a total of 9889 homes listed for sale.
* Home sales in February 2008 were 698 compared to 381 in 2009, which is a decline of 54% year over year.
* Approximately 85-90% of the homes listed for sale in the local MLS are overpriced!
There are some excellent buying opportunities in Charleston right now but you have to be very careful and use a Realtor who understands the dynamics of both the retail and distressed markets to guide you through difficult housing market conditions.
Disclaimer:This is a personal web site, reflecting the opinions of its author. It is not a production of my employer, and it is unaffiliated with any NASD broker/dealer. Statements on this site do not represent the views or policies of anyone other than myself. The information on this site is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities.
