Here is a small piece of good news, at least for the San Diego real estate market. This may or may not be representative of what's going on in San Diego generally and probably isn't representative of what's going on on an aggregate basis nationally. Still, it's good to have any good news about residential real estate anywhere these days. And if what he's talking about has any kind of momentum or volume, it suggests Ben Bernanke's "Operation Twist" is working.
Jim the Realtor, made famous by Calculated Risk, says record-low mortgage rates have brought buyers out of the woodwork in San Diego. "The market is abuzz currently," he says. "the action is incredible. Offers flying everywhere, I think the buyers are scrambling knowing that these rates are incredible righrt now. I think it's going to be a very healthy fourth quarter, looking back at the results. The listings I have, both the ugly REO and the nicer homes, all of them are getting lots of action."
Jim the Realtor is not a kneejerk, "it's a great time to buy a house" agent. He was quite down on the market for a long time. Watch the whole video here: