Deals at the lower end of the market are still very competitive with most listings going for over asking price. The biggest question we have is this current market for the lower end tight because of some artificail means or is it something more urgent that we need to take notice of.
At this point it feels very artificail, it feels like some just turned of the hose without telling anyone. The agents we work with don't have as many listings and speaking with our escrow we learned that active escrows are down 40% from last month. Something just feels very wrong.
We might be off base and we will reconsider our standpoint if listings are not up by the beginning of December.
Something else to note if you have some really big bucks is that for the first time we are seeing large apartment buildings foreclosed (50+ units).
Things are going to get very interesting next year (2010) as the apartment market implouds much like the single family housing market has this year.
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