State Economist Says It Has....But HAS IT?

Below is a link to today's Sarasota Herald Tribune and an article by Michael Pollick quoting economist Hank Fishkind and saying that the market bottomed out in October/November.

I believe that we ARE seeing more activity, certainly there was more buyer activity over these Holidays then in the last few years BUT I also feel that pricing is NOT done coming down. Even with the activity level picking up I believe we still have a large number of bank short sales and foreclosures in the pipeline and that they, and the associated lower appraisals that they will drive, need to work their way through the system before appraisals and then prices can stabilize.

Remember that most homes purchased DO have a mortgage on them and mortgage money is tied ot what homes appraise at, lower appraisals do drive lower sale prices around them.

Additional activity WILL though get us to the point the article states we are at and that can only be goodness.

http://www.heraldtribune.com/article/20080108/REALESTATE/801080350

- Mike W.