'The Housing Slump Is Over'

Chris Palmeri at BusinessWeek declares the housing slump over. Granted, he doesn’t use much data, just a few anecdotal points

  • A friend of his in LA lost out on a $1.5 million all-cash bid for house, as the seller received multiple offers.
  • In Ontario, California, a recent survey of bank-owned homes showed that almost all over them were under contract, some over the offer price.
  • Two houses on the author’s blog just got sold after languishing for a long time.

You’re tempted to dismiss these little morsels of evidence as just that, but don’t. These kind of observations are important, and someone that’s been paying attention to the market can sense things before the big numbers turnaround.

For what it’s worth, NY real estate guys have been saying the same thing. The NYT reports that brokers are seeing a much warmer market than they were a few months ago. Then again, New York real estate brokers are desperate to keep sentiment high.

One other bit of good news that just came out: Home Depot (HD) raised its outlook for the year modestly, though it’s still down.

We’ll turn this to you. Is anyone seeing signs of life in their neighborhoods?

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