I am involved in the San Diego real estate market, particularly in the housing sector.
It has been in a Depression for 2 years, with both prices and number of transactions taking radical hits.
But I have observed and am participating in what appears to be a bottoming process taking place in the market this year.
Buyers are suddenly crawling out from the caves in which they've hidden for the last 24 months as price levels have dropped to a point where "deals" are out there to be had by shrewd people. The availability of bank-owned, foreclosed properties has swollen; and this swollen inventory is priced to sell. Also, more homeowners facing foreclosure are listing their homes for sale at very attractive prices in an attempt to avoid the stigma of a foreclosure on their credit record.
This dynamic hurts "regular" sellers, but produces extraordinary opportunities for intelligent buyers to pick up properties for a fraction of their "bubble" highs.
If you read other posts on my Blog, I hope they convey that I am an honest guy giving his best opinions on various topics.
This post falls within my own guidelines of truthfulness---but it is only my opinion, and sometimes I'm just flat-out wrong.