Yesterday's News

Wall Street and the stock market.

I'm no expert when it comes to the stock market that's for sure, so don't be looking to me for advice. But I must say, I sort of like what is happening right now... Why? Well I figure (and this is just a gut reaction) that a real bad 2008 in all sectors should shake out most of the negative sentiment in marketplaces - there by conditioning us for other bad news. So the next time we have a totally new development in the marketplace, it sort of rolls off our backs rather than sticking like tar. For example I remember when the first reports of "The Bubble" in the real estate market first appeared. It was sort of a shock to the system - kind of a, uh oh. But now with the bad news coming like the wind - seems like every week there's a new group or economist spouting off about this or that, I just shake my head and go about my business...sort of "so what's new."

I am not going to get effusive here about a rebound just yet, but I will predict it won't get as bad "they" say and before you know it, homes will be appreciating again (2009) and negative equity will be a forgotten term. The rebound is going to be closely tied to many indicators. None though more important, in my opinion than resale inventory. When we get to a 5 month supply or maybe a bit less, the rebound is in full swing. That means interest rates are low, buyers feel optimist and the economy is good enough for them to retain their jobs.

The wild card they say is the potential for more inventory to hit the streets in way of foreclosures. If they do hit with high numbers, its going to be a cold winter and hot summer.

So the next time you think yesterday was bad, just hold on there is probably room for good and bad news. Least thats my take on the subject.

Mark Tait is a licensed REALTOR in Arizona. Visit him at http://www.marktait.com

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