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Any economist will tell you that markets are cyclical. Things go up, things go down. The tide comes in, the tide goes out. I could go on with the analogies, but you get the drift. This is about real estate though. And real estate is no different than any other market. A couple of years ago we saw the real estate market go way up. The tide really came in. Well now we have seen the market really come down. Yes, the tide is out.

 

But is it really all doom and gloom? Did the sky really fall in? I’m not going to sit here and deny that we had a mortgage crisis. It was indeed a veritable mortgage industry meltdown that has sent shockwaves through the entire economy. But relax people: this is just a cycle.

 

And the current signs are that we may be at the bottom of this bell shaped curve (that’s algebra 101). Home prices are still falling. Foreclosures are still on the rise. But here is the good news: Existing home sales are on the rise! They doubled in many areas over the last quarter. This is a huge economic indicator folks. Does this mean that the worst is over? I think it does!

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