This morning's newspaper brought statistics showing pretty much what we've been seeing...that some areas remain stronger than others, that extremely high end homes are still selling slowly, and that the big number of bargainers are concentrated in the very low end (under $450,000.) Not in this issue, but in one a couple of days ago, there was an article that exposed what we are seeing over and over in these less expensive bank-owned and short sale houses: the winning buyers in large multiple offers are not first time home buyers, but investors, who are able to pay all cash, or have huge down payments. The banks will accept these, even though the offers are lower than those made by someone trying to buy a house using FHA or 90% financing. The deck seems to be stacked against the first time buyers. Banks that received all this stimulus money aren't ready to take any chances, even to promote home ownership.
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