The buyers are back. I am run off my feet. I have had 4 in town this week since Saturday and have 2 more for the weekend.

I looked and August 08 was considerable better than August of 07 for closed sales. 5705 properties sold in 2008, vs 4308 in 2007. This is all type of properties, single family homes, condos, multi family, et, etc. So we are up 1400 over last year. Things are looking good!

The number of properties pending currently is 7592. Not bad. This does not include 1092 properties active with contingencies.

Well I love short sales as much as the next guy. I mean they are pure....pain usually. I am sure a lot of the contingencies are short sales. So the market does seem to be picking up. Personally I give short sales as much attention as leprosy. A wide birth with little contact if possible. Why wait 6 weeks for a maybe? 

The market under 400k is moving well. The price over 400k is pretty slow. I only have one buyer over 500k right now. The average priced home market is moving. That is below 300k. It slows significantly over 400k. 

This market may move in two different directions over the next year, with the below 400k homes having inventory drop and price stabilization. While the over 400k homes slow down in sales farther and drop more in price while inventory increases. The bailout bill due out Oct 1 will only accentuate this. 

That means the bargains now are in the areas like N Scottsdale where you can still go in and throw out low ball offers all day. As one can in Paradise Valley also. 

The number of homes selling in California is moving up too. See the link below. Is this uptick a response to the gifting programs lighting a fire under buyers feet? 

Maybe partially. I think it has more to do with the prices of homes. They are just cheaper now. I am calling the bottom as the last quarter of 08 for the "average joe" market. Just like the pundits predicted last year. This is going sideways for a while though. I just don't see the bailout bill doing anything other than drying up short sale inventory (next quarters foreclosures) and with the buyers back, it can't drop much more in the last quarter if at all. I don't see prices dropping in home sales priced below 400k much beyond the next few weeks. I have had multi offers for every property I have put an offer on in the last month. Of course these are the nicer foreclosed and short sale homes. I am sure one can continue to low ball the ugly betties and project properties that are in rough shape or maybe the foreclosures in the far periphery.

Please share your thoughts with me!

http://www.breitbart.com/article.php?id=D939E5SO0&show_article=1