I read some great news from the Wall Street Journal (which by the way coincides with my blog that we've hit bottom about 3 months ago).
California's median price for an existing single-family house rose for the third straight month, a sign that the state's battered real-estate market may be bottoming out.
The median sales price increased to $267,570 in May for a California home, an increase of 4.2% from April, according to a report released Thursday by the California Association of Realtors. The inventory of unsold houses continued to drop, to 4.2 months' supply in May compared with 4.6 months in April and 8.7 months in May 2008. Prices were still well below their year-ago levels, down 30.4% compared with May 2008.
One explanation for the increase in housing prices is that fewer foreclosed properties are among those being sold. Banks currently tend to sell foreclosed houses at lower prices than do people selling their own homes.
556,590 California houses were sold in May, up 35.2% from a year earlier. Sales may increase in coming months because prospective buyers believe the market is at a bottom.
Once again people, nobody rings a bell when we've hit bottom.
If you're waiting for that bell, then chances are you're too late...............
