Wall Street began the fourth quarter with a huge rally Monday, sending the Dow Jones industrial average to a record close. Stocks were buoyed by a growing belief that the worst of the credit crisis has passed.
This is the first major piece of good news for the housing market in several months. In Vintage Vegas we have foreclosures, but not like they do out in the suburbs where 75% of the record foreclosures were investor/speculators.
The problem we’ve had in Vintage Vegas was the “Lending Crisis” which was caused by the over-reaction to the suburban foreclosure problem.
After 2 full weeks of increased buyer activity, decreased number of new listings, and now good news like this for consumer confidence, I’m hoping the tide has turned.
Vintage Vegas has some great bargains on some really crappy homes that are begging to get fixed and restored. There’s also a FANTASTIC INVENTORY of great homes. This might be the kind of news all the “we’re waiting around to see what happens” buyers have been waiting for.