• Are prices stable or trending up or down?

• What are the conditions for your particular price range (in some areas the low end market is doing very well, while the mid range is much slower)?

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You've heard me mention this before, and perhaps you are already not paying much attention to the media, but the negative headlines have continued, with perhaps a few positive notes here and there. I attended a very well done training session today for agents, mortgage/title/escrow professionals (about a hundred folks) and the consensus remains that the media is NOT doing a good job of reporting the reality of what the market is doing, at least in general. Negative reports sell papers, and draw people's attention.

Is everything wrong? Absolutely not. And there have been a few positive reports (see top of this page)

It is true that the overall volume of sales has dropped way off, but given we had a couple of record years the number of sales is really pretty good. It is also true that compared to a year ago or so that many communities have seen prices drop a percentage or so ( in some case a few points). But again, given where prices had gone this is not a bad thing...and good for buyers. Plus in many areas they are not dropping month after month as has been predicted.

Other good news - interest rates are the best they have been in a very long time. The inventory is substantial, giving buyers some of the best choices they have had in over 7 years (at least here in Southern California). And while sellers now cannot expect their homes to sell quickly at full price (although we have seen perhaps 5-10% of  the new listings in the last 2 months in a number of towns sell within a couple of weeks of being listed), when you consider what houses cost in our area on average 5 years ago, the typical home has gone up 80 - 90% - not a bad return (sme tpowns have seen even greater appreciation, and some less of course).

My advice - if you read the media reports do so with a very cautious eye. Better yet, if you are serious about buying or selling, hook up with a knowledgeable REALTOR who knows the statistics and true market conditons to get the low down, and learn about the trends to get a better feel for what is really happening. You'll be a wiser consumer.