Everyone says we’ve hit bottom and are started back up. Hmm. Even Calculated Risk shows substantial improvement in some of the hardest-hit areas of the country, but if, say, 54% of all Sacramento house sales are still distressed sales, should we really be so cheerful that that number has dropped from 64%? If 25% of all homes are still worth less than is owed on them? If there’s an unmeasured shadow inventory lurking that, released on the market, will drive prices to the floor again?
The experts sound reassuring, but then they usually do, right or wrong.