I'm so glad that someone was finally smart enough to let us all know that prices have finally hit bottom. See the link below to an article by zillow.com that announces the bottom has arrived. Based on research by zillow.com, in Camarillo, prices are still down .6% from a year ago today, but the data also suggests that prices are up slightly from December 2008 where the zillow home price index was at $396,000 vs June 2012 at $397,300.
http://money.msn.com/business-news/article.aspx?feed=AP&date=20120724&id=15366554
I'm certainly not smart enough to know if we have hit the bottom, but it certainly appears that recent activity this summer would suggest that values will continue to increase over the summer. The big questions are twofold. Is the economy going to hold? And, is the foreclosure shadow inventory going to force prices down? The economy is anyone's guess, but at the best it is fragile. Most of the experts I have been in contact with suggest that the shadow inventory is not as big as most predict and should not have a large impact on values going forward. So, regardless of whether or not zillow.com is right or not, I do support the theory that we are at least CLOSE to the bottom.
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