There’s been a bit of a ‘spring bounce’ in sales and prices, in some areas. But all is not what it superficially seems. This from ‘Johnny Horton’ at RE Talks on Wed May 20, 2009 8:01 pm -
“My buddies in the business tell me that a lot of Sellers are tapped out of equity in the properties that they are selling.
Many of the mortgages are very close to the selling prices, ie…..no equity left.
Although there are a lot of first time Buyers purchasing these properties, the Seller’s don’t have the equity to buy “up” or buy “down”.”