Localized Real Estate Recovery

Implications: The prior several years have definitely been a severe downturn (stating the obvious) in the destruction of existing housing prices. Bloated inventories, overextended borrowers, lack of decent funding, macro economics, lack of faith in the valuations have all contributed to this mess. But it definately is a cycle, and cycles CHANGE.

Analysis: This cycle CHANGE will be on a case-by-case localized real estate market basis. As the local inventories are gobbled up... loan rates and accessability increase... macro economic trend positive, housing demand will return.

Watch each local market closely, we have begun to observe a trend of buyers in the market, and deals closing during unseasonable time periods.