Looking Up!

Bad news sells, so, as usual, it has been the primary focus of late.

At the beginning of the week, the buzz consisted of the fact that foreclosures in September were up significantly year over year. However, foreclosures were actually down in September when compared to August. (Source: CNBC and Fox News)

Now, while normally it is appropriate to compare months or quarters from year to year, given the data and current market conditions, I believe the August to September analysis is more telling. The question is whether this is merely a blip, or a trend toward a housing recovery. Although inventories remain at unhealthy levels in this area, I believe that the future is not as bleak as the media would have us believe.

On a micro level, I am seeing buyers finally stepping up to the plate to take advantage of the low prices and interest rates. In fact, a few buyers are heeding my advice and exploring the purchase of rental properties.

For you buyers out there, remember, it is virtually impossible to time the bottom of the market. Do you want to risk a rise in interest rates in the hopes that prices may dip slightly in the next year or so?

Food for thought...