A long way to go!

We keep hearing all this new about how well the economy is doing, all the signs of a economic recovery. Well, if we have hit bottom, we have a long way to go before we start seeing any significant gain in the housing market. On the front page of the Real Estate section, three stories about mortgage delinquencies dominated. On the local front, almost 34% of all houses with mortgages in the Prescott area have negative equity. Until we get those houses back into positive territory, things in the area won't get much better. However, on the local MLS, declining inventories are a nice sign. Most of those houses being sold are foreclosures, but until we get those off the market, home prices will have a hard time returning to normal.

For more information, check out:
http://www.dcourier.com/main.asp?SectionID=74&SubSectionID=114&ArticleID=71602&TM=70016.93