Personal Market Observation for March 2009

The Victorville CA real estate market has heated up after a prolonged deep freeze.  The vast amount of housing foreclosures has created a "To Good a Deal Not To Buy" scenario in some markets like The High Desert in San Bernardino County.  For the last 90 plus days inventories have dramatically been shrinking, as buyers and investors have been snatching up properties priced under $100,000, and this has substantially reduced the number of foreclosure for sale in this price range, at least for now.  There are still a multitude of unbelievable deals in the $100-200,000 price range in all High Desert Markets although even this price range is beginning to see substantial improvement in sales.  Even properties priced over $400,000, a price range that has been basically anemic to non existent is starting to see signs of life.  Some buyers are still waiting and others spurred by low price and low interest rates have been on the move snapping up properties with a sustainal increase in the amount of competition over the last 30 days.  If I was a buyer in today's market the one thing I would not want to be caught up in, is the title wave that will occur when eventually the majority of buyers come back into the market.  Is this shrinking inventory a temporary situation, probably, but where have all the foreclosure gone? Ghost Inventory. 

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