As reported in The Desert Sun today, the median home price actually rose 1% last month in Southern California, hinting that prices may actually have hit bottom.

But is it time to jump for joy and celebrate the end of the recession? Not just yet-  future job losses and foreclosures could still put a drag on the market.

However, there is market demand.  Recent statistics from our MLS show that there is only a little over a one month supply of Foreclosure listings on the market right now….that is way below even the average.  Foreclosures — mostly in distressed, inland areas — accounted for about 43 percent of the July sales, the lowest level since June 2008.

I think this indicates that even if we do get that next big wave of foreclosures, there are buyers and investors waiting to absorb those properties quickly.

To read the full article, please click: http://www.mydesert.com/apps/pbcs.dll/article?AID=/200908190300/BUSINESS04/908190302