I can not speak for the national state of affairs. But, I can easily tell you what I see on a daily basis by selling real estate in Pasadena.

Buyers are out in force. There are multiple offers everywhere. The lower interest rates help tremendously. Home prices will begin to move up as this wave of open escrows closes over the next month or so.

Pasadena real estate is definitely rebounding and rebounding quickly. All you have to do is visit an Open House one of these Sundays and see what’s going on.

Again, appreciate the additional information and would always welcome your comments.

Thanks!

Let’s take your woefully simplistic and edited version of BofA’s strength. First, with fair value accounting rules changes, BofA has been able to write up the value of their toxic Merrill assets, as well as others. That’s not good, because their write up values don’t match what the market has priced for these same assets. Next, their credit quality has deteriorated. Net charge offs increased to $6.9B, credit loss provisions increased to $13.4B, nonperforming assets increased to $25.7B. None of this is good news and much of this was hidden to give BofA a short-term boost. The market as a whole seemed to see through this trick and many speculated they’d need more TARP money… and now they do.

Now whether you say the glass is half full or half empty, fine… just list a more complete picture.

I’ve seen your figures, and I disagree with your analysis. I don’t see any rebound with our dismal unemployment figures and tightening credit rules. Interest might be lower, but the pool of qualified buyers is getting smaller. Affordability may have increased, but the disparity between median income and median price is still to great to be sustainable.