Re: A sign we're at bottom?
On the topic of people making unfounded claims of a market bottom, I was laughed at yesterday for believing that the local market will drop at least another 3%. Someone was talking up the $8,000 tax rebate and when I pointed out that it's only around 3% on a $250k home it was like I had just predicted that the sun won't come up tomorrow. "You don't really think houses will come down another 3% do you?"
I'll bet they're not laughing now.
BTW, we ended up getting the $8k when we bought our home and farm in Kentucky. It was almost 10% of the price and was HUGE. We also didn't even think about the $8k until our mortgage lender brought it up when we were closing. Doh!
On a side note, we moved from Seattle to that farm last summer. And we refi'd for 3.25% at an INCREASED value. Turns out that people are leaving the cities for the country. There was no big housing bubble in areas like this so this is a fundamental - and slow - price increase.