When Will We Hit the Bottom?

Markets like real estate tend to go through cycles. They go up, and they go down. These cycles can easily be expressed as bell shaped curves. So when are we going to hit the bottom of this bell shaped curve that is killing us now? It sure seems like we have been riding this rollercoaster downhill for a long time!

Well at the beginning of July, I compiled quarterly data from the MLS just like I always do. Then I plugged these numbers into an Excel spreadsheet. And when I started printing up my graphs, I got a pleasant surprise!

And there are more interesting charts on my Jeff Hunt website too. At the beginning of July I posted my opinion saying I thought we were either at or very near the bottom of this bell shaped curve.

Today, July 16th the results of a major university study were unveiled. The local news channels were quick to hop on this story, but overshadowed the study with another federal report on foreclosures. This university study claims that we hit the bottom in May. And that is really refreshing news for homeowners. It is also a wake up call for those of you thinking about buying a home.