A front page article in today's Wall Street Journal (Real Estate Woes of Banks Mount) laments the fact that we continue to see turmoil in the banking industry on the heels of mounting bad loans the industry made to finance home and condo construction.
The same article includes the sentiment that there are signs of improvement: "At the same time, regulators praised the banking industry for raising capital and for building up reserves against losses. They added that some pockets of the credit markets were showing signs of improvement."
With all the signs pointing in different directions, even according to the Wall Street Journal, what's the poor consumer to do?
As I've said before, the time to buy and the time to sell if "When you need to." It's not always dictated by the top - or bottom - of the market. That being said, we are seeing signs of a bottom in our market as investors and home owners with good credit and money for downpayments are making purchases based on the perception of VALUE.
This week I put three Pensacola Bay Area properties under contract. All three are listings that had been on the market for some time and all appropriately priced for the current market. As one of my real estate conterparts once said, "There's no problem with a property that price won't cure."
Wall Street Journal Front Page - Real Estate Woes Mixed Bag
