California Housing Market Turns Corner, Realtors Say (Update2) - Bloomberg.com: "Single-family home prices in California rose for the eighth consecutive month in October. The median cost of an existing, detached house gained 0.3 percent from the previous month to $297,500. Prices dropped about 3.2 percent from a year earlier, compared with annual declines of 7.3 percent in September and 17 percent in August.
“California has hit and passed the bottom of this real estate cycle,” Leslie Appleton-Young, vice president and chief economist of the Los Angeles-based Realtors group, said in a statement today."
Why is so easy for the press to find Realtor representatives willing to make fools of themselves. First we had the national association of Realtor economist embarrassing Realtors on the way down, now they are starting to make predictions about turning the corner.
Why not just say that market may be putting in a base right now. Whether the market recovers on there will depend in part on jobs and the availability of cheap money currently provided by the fed who is buying approximately 85% of the home loans being made.
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