It's not well known to the general public right now, but in the SF bay area we may have hit the bottom of the market in many cities. True, most of the action is in REO homes, but the prices have dropped so much on these as we marched through 2008 ...many cities now have only a 2-3 month absorbsion rate in the lower end. This kind of absorbsion rate means that houses prices are unlikely to drop any further.
TV and news print articles will pick up on this within the next 60 days .... once the closings hit the county recorders offices.
For more real estate info on Northern California cities near you check out the Lyons Real Estate Report at www.tomlyons.com
Thank You!!
