A sign of the times? I hope not.

-lately I've believed the market had reached it's lowest possible point. I'm not sure this is true.

Heres why I'm sceptical that we still haven't seen the bottom yet.

First of all since there are so many listings there is no way for the market to rebound until the invetory of homes starts to balance out with the number of buyers. Since lending institutions are reverting back to more of the original lending requirements. For example: Buyers now have to provide their own down payment rather than adding it to the purchase price of the home and financing it. Second credit score requirements have gone up. There are several other changes to the lending practices not mentioned.

Another example why I believe we haven't reached the bottom is that I've represented several buyers lately where the accepted purchase price for the homes they are in the process of buying is significanty lower than market value. One of these deals the accepted purchase price is over 30% less than the current market value. This could be as high as 50% if your to consider what the home could be worth in a reasonable market.

Hopefully this is the abyss and we'll start seeing the light very soon.

-Tom