Steven Keefe, Broker/Owner
Coldwell Banker Sky Ridge Realty 
www.mountainmoves.com
steve@mountainupdate.com
909.336.2131
As reported this morning in the Wall Street Journal, the high end real estate market may still be in for some challenges.
Although the cheapest homes on the market aren't likely to get much cheaper, more expensive homes may still have further to fall.
Standard and Poor's/Case-Shiller home-price index is projecting that home prices are off 7.7% from the same time last year. This figure represents the smallest year-over-year decline since November of 2007.
Despite recent signs of recovery and appreciation at the lower end of the market, properties priced over $500,000 have shown no signs of recovery. It has been reported that the worst of the subprime mortgage defaults has likely passed, which is aiding the recovery at the low end. There will still be a significant amount of bank owned sales, but not likely the same pace that the market has experienced over the last 24 months.
Lower inventory levels at the low end will create demand while adequate supply and in some instances over supply at the high end coupled with challenges financing these types of properties will work against sellers attempting to obtain top dollar for their home. There has been significant positive in the national media regarding a recovery. My advice to sellers who are serious about selling their home is to consult with their real estate professional about what is going on locally. Often the national forcast is behind times and inaccurate.
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