This is just too wild!! Of course, the media loves to print stories that stir up negative emotion because it sells newspapers, but sometimes they go way overboard in the other direction, too:
Last week the OC Register headlined “Homebuying Slump Ends after 33 Months” just because we saw a 17% increase in the number of sales for Orange County in July. While I certainly think we are at the botom of the market cycle, there is no way sales of a single month show that the bad news is over. We are still 12-18 months away from a return of appreciation.
Interest rates remained steady last week, with FHA Jumbo 30-year fixed dropping at 6.625%. Where loan rates began the week of August 25.