Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:
Morgan Hill has 192 active listings and 106 sale pendings
Gilroy has 188 active listings and 213 sale pendings
San Martin has 35 active listings and 19 sale pendings
Area 1 (all of the above) has 414 active listings and 338 sale pendings
There is a serious decline in inventory number and quality. A lot of what is currently on the market (not all, of course) are not the most desirable properties. As a realtor, I am seeing a lot more activity with my listings and multiple offers on properties, a lot more activity in the market in general.
According to the Daily Real Estate News on April 20, 2009:
Fed Officials: The Worst Is Over
The worst of the economic crisis is over, according to U.S. officials speaking at a financial conference Friday at Vanderbilt University.Frank Nothaft, the chief economist for Freddie Mac, said housing sales have just about hit bottom and a third of home sales are now foreclosed properties.Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that the declining commercial real estate market still poses a risk to the economy.New York Fed chief William Dudley complained that the programs the government has put in place are being undermined by public perception that they are unfair to average taxpayers and that has made some potential investors fearful that they would be the focus of public outrage if they profit from the programs."It is worth emphasizing (that) actions that lead investors to shun taking risk, especially in this environment, are ultimately detrimental to the ability of households and businesses to secure credit at reasonable borrowing rates," Dudley said.Source: Reuters News, Ros Krasny and Kristina Cooke (04/18/2009)
Stay tuned for regular updates!