The largest sales gain during the third quarter was in Arizona, up 28.3 percent from the second quarter, followed by California which rose 28.1 percent and Nevada, up 26.2 percent.-From NAR Friday
We are not in a market crisis anymore. Granted 38% of our home sales are from distressed or bank-owned properties but our home prices in certain zip codes and price points are stabilizing.
If you attended my presentation at Glendale Community College you heard me say that a market correction is a good thing. On my radio show almost 5 years ago I predicted that the mortgage meltdown would be more devastating and widespread than any real estate value bubble. Here is why I feel we needed this value correction in a nutshell because I need to leave for a lunch meeting: as a service-driven economy our median income was not in line with our median home price...not even close and a 9% drop in value just starts to correct that disparity. I will expound on this idea later, I just wanted to through this out to all my twitter peeps (HeatherWags if you want to follow) and website followers in addition to all of the loyal blog fans www.hqrealestateandinvestment.com .
Ciao for NOW!!!
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