Home sales in the San Fernando Valley on the rise

HAHAHAHAHA! How gullible are people thinking that the market is bottoming out. What a joke. How about the fact that most of the homes purchased in the SFV were financed with these idiotic Option-ARM loans and the majority of these loans are set to recast in the next two years. I personally know 3 families in Porter Ranch who a scared because their loans will recast this year and they are underwater NOW before the recast. And also don't forget about the shadow inventory that the banks are holding onto and not listing. Drive around the valley and look for obvious empty homes with dead lawns but no for sale sign. They're everywhere.

The new wave of foreclosures will drive prices down more. As the California economy continues to contract, more people will not be able to make their house payments and there will be more foreclosures.

Gee Greg. How about another "feel good" article. Cut and paste is so easy.
How much of that inventory was foreclosures?.
How much shadow inventory is out there that is not on the MLS? People are still losing their jobs. The new foreclosures are going though the roof.

Dig for some facts. Add something to the Industry press release.

CAR and NAR are nothing more than self-serving cheerleaders for the Real estate business.

Get ready for part two of the double-dip recession.
People cannot afford to buy homes yet and they won't be for a long time.