About 90% of economists predict the recession will end this year. While the fallout from it, including continuing job losses, won’t necessarily end simultaneously this is still good news. Housing prices may be at or near a bottom, and the Case-Schiller Index results released this week, through March of 2009, shows price declines of 18.7% for its 20 city index.

 
Tempering this data is Data Quick’s release of the numbers for April in California. According to Data Quick (www.dqnews.com), April 2009 in California was a better month in terms of sales volume. Sales increased by 4.8% in April, up over March 2009. Median home prices in California were still showing price declines, but by 0.9%, a slowing of the downward trend. Not great news… but good news.

 
Closer to home, Marin’s numbers are showing more price declines in April, but it’s important to remember that at least half of the sales were for foreclosed properties. The dramatic price declines will last as long as sale inventory is bloated with distress sales. The good news is that these properties are being sold… and eventually this will help.

 
Banks are still not lending as they should. In spite of the stimulus money given to them, in spite of the need for affordable financing, they continue to protect their bottom lines instead of helping home owners. Most borrowers who qualify for the government programs to modify or refinance are still being denied when they apply. Chase/WAMU has set up a location in Oakland where borrowers can meet with a modification “advisor” to try to get their loan modified. While the “advisor” was not very helpful (I went there myself), at least one can have a person to contact throughout the process. I’m recommending that anyone who needs a modification contact their lender directly. I can assist as well… so give me a call if you wish.

 
Mortgage interest rates are still very low, but off the lows of the past months. There is talk of extending the tax credit for FTHBs to others, perhaps for all people who buy in 2009. This could help normal home sales, by folks who hope to move up by selling One thing I like to remind myself in the midst of all this turmoil… what goes down must eventually go back up… so don’t give up your dreams of a better tomorrow!