Yesterday’s LA Times business section’s main article talked about the fact it’s not necessarily a buyer’s market out there, especially in entry level priced homes. Multiple offers, often over asking price. Bloomberg News reported this morning that “pending sales of U.S. existing homes posted their first back-to-back gain in almost a year in March and construction spending ended a six-month slide, spurring a rally in stocks”.  Plus, the stock market’s been on a rally for 7+ weeks or so. Historically, the stock market tends to lead any recovery. Locally, inventory is way down (especially Oxnard and Camarillo). What does this all mean?

There’s no doubt substantial issues face our economy and troubled waters still lay ahead with high foreclosure numbers, uncertainty with the auto industry, etc.

But in our little neck of the woods in Ventura County, strong buyer demand still rules. If there’s even a hint price points are heading up, I believe we’ll see a mini boomlet or gold rush of buyers trying to get into the market who are still on the sidelines.

Most listings are still distressed listings (especially in Oxnard) and many sellers simply don’t want to list their property now, which in turn reduces inventory. At some point, public psyche will turn.