SIGNS OF A REBOUND?

Sales are picking up in markets where prices are deflated, but the business is different than it was before the bubble burst, observers say. The housing market in deflated states – like Arizona, California, Florida and Nebraska – show signs of a rebound. Analysts say that prices have fallen to the point that those with average salaries can afford to buy once again. “The buyers are returning,” says Lawrence Yun, National Association of Realtors (NAR) chief economist. “And in such a strong way that, now, we are hearing in some cases there is multiple bidding, which hints that maybe pricing is reaching a bottom point. But inventory remains high.”

Source: The Christian Science Monitor, Ben Arnoldy (12/16/08)
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