Here's some good info to help you keep recent market events in perspective:
1. The main constraint on real estate activity is the lack of funds available for less than best qualified buyers. That means at least 35% of the buyers are out of the market!
2. Historically, mortgage rates for Jumbo loans were only 0.2 to 0.4% higher than conventional loans. Now the difference is as much as 1.2% Ugh!
2. There is a dearth of qualified buyers.
3. The Senate passed the Stimulus Package which, if signed by the President, will raise the conforming loan limits in high cost states such as California. This is good news!!
4. Days on market for homes has risen from 67.2 days to 72.1 days. Not bad!
5. The inventory today in Orange County is over 9 months. If no new listings come on the market, it will take at least 9 months to deplete all that inventory.
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