Here we go again... another media proclamation - The Housing Crisis is OVER!

Read all about it HERE

A quick excerpt from the article:

How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won't happen for another 15 years. - CYRIL MOULLE-BERTEAUX

I said it before and I will say it again - REAL ESTATE ACTIVITY is LOCAL!!!!

So my questions are?

  1. Do we have a housing crisis now? If so, from whose perspective buyer's or seller's?
  2. And, do you believe that Cyril Moulle-Bereaux's opinion about the market bottoming out applicable to Pasadena real estate?

I'd love to hear your thoughts.