How Bad Is the Real Estate Market, Really?

Well, it's not good now here in Burbank, Toluca Lake, Studio City, et al. Buyers are waiting it out on the sidelines. It was a bad August and it's a bad September -- showings are way down (like, to zero on some properties), sales are non-existent and jumbo loans are hard to come by. I have been educated and entertained by the comments on the L.A. Times real estate blog, L.A. Land, and highly recommend it for a pulse-taking of what buyers (or at least buyer-bloggers) are thinking. But all real estate is local, and just as we think we've got it figured out, it changes. "Inventory" (homes coming on the market) has begun to shorten. The Fed just reduced rates. And there's talk on Capitol Hill about letting Fannie Mae and Freddie Mac buy up jumbo loans. So stay tuned, folks -- October should bring yet more shadings and changes.