With the first time home buyer's credit still ablaze and interest rates remaining near historic lows, consumer sights have re-focused on Los Angeles real estate.
Investor participation has resumed as well, targeting single family housing in "starter markets," for conversion to rentals, or to flip.
Nearly all the reporting agencies, agents, escrow officers, data tracking firms, report a souffle-like rise in transactions, prices.
Has the market got its groove back? If so, this star turn has confounded critics and swamis both, even the smartest guys in the room.
Personally I expect an up-and-down market over the next three
years; but, of what I'm most confident: unpredictability. Just as no one foretold this torrid late summer rally, anticipated the magnetism of the $8,000 tax credit, foresaw the foreclosure moratoriums, and the inventory choking 'controlled release' strategies of the lenders; nor, will the next round of market manipulations be so clairvoyantly divined.
In other words, the bets are off.