The housing market might have slowed because of the tax credit but levels of sales are still above last year for this time and the interest rates have fallen to all time lows!!!!! You can get a 30 year fixed with NO POINTS for 4.25%!
If you are looking for a home, now is a great time to buy. The market doesn’t seem to be going anywhere anytime soon however who knows how long mortgage rates will be this low.
Foreclosures are falling, however there is always this “shadow inventory” question looming over everyones head. There are supposedly a lot of foreclosures “right around the corner”, but more and more people are doubting this huge wave of foreclosures will ever hit. Banks are becoming more and more willing to work with short sales before they foreclose. There are more and more standard sales entering the market, atleast in the Inland Empire. I remember last summer it seemed as if a “standard sale” was a major rarity, and the market was FLOODED with short sales. I am very interested to see what comes in the future, however i think the inland empire has started on a very slow recovery.