August 26, 2008
...While a significant percentage of the homes sold are foreclosures, the uptick in sales is "encouraging nonetheless," said Gary Painter, director of research with the USC Lusk Center for Real Estate. However, Painter believes prices probably won't be heading up until 2010. "It's still a transition time," he said.
The fact that there are a lot of foreclosed properties being sold will cause the median to continue to fall, which is both good news and bad news for people, Painter said. The good news, obviously, is that as prices fall, buyers are starting to make purchases...