Independent (of me) report that home sales are on the rise

Here's an AP story stating that sales of existing homes rose 5.1% last month. That's good news, and I'm happy to see that I'm not imagining things. I've been saying that we've been at the bottom now for awhile, and I've been seeing buyers coming out in droves. Finally, the mainstream press is seeing this, too.

Here are a couple of quotes: "If the economy stabilizes around midyear and financial conditions improve, then sales will probably begin to slowly increase as buyers step back into the market," wrote JPMorgan Chase analyst Abiel Reinhart. "An important reason for this is that affordability has already increased sharply, both as a result of lower prices and lower mortgage rates."
And: "However, in a positive sign, seller asking prices are starting to rise in places like San Diego and Orange County, Calif., where declines have been severe, said Lawrence Yun, chief economist for the Realtors. That could be an early indication that prices are stabilizing in the most distressed parts of the country."

"What is your tolerance for loss?" and a bright note

It should come as no surprise that many sellers are still quite unrealistic about what their houses are worth in the current market. Even sellers who will soon be short sellers. Our manager suggests that we ask prospective sellers who want to list high: "What is your tolerance for loss?" See, not just risk, but loss. And who says the brokerage managers aren't realistic? Okay, our manager also wants us to cold call and door-knock for new business, but still. On a brighter note, interest rates are down again and some believe they may dip below 5%!.

Foreclosures snapped up by...bobcats

Apparently, a family of bobcats have moved into some luxury foreclosed digs in Lake Elsinore. This is from a front page story on today's LAT, but unfortunately the on-line LAT didn't supply me with a link. Sorry. Anyway, there are at least two adults and three bobcat kittens living in the house. Wildlife experts say the cats gravitate to food and water, and this particular house has a koi pond in the back yard. The experts also say the cats will move on when the kittens are big enough to travel. According to the article, the neighbors don't seem to mind the new tenants, either. Personally, I think these animals are there because the got tired of trying to time the bottom of the r.e. market and know a good Inland Empire deal when they see one.