Is the bottom here?

Housing sales trends here in the West continue to run counter to national trends. The National Association of Realtors reported this morning that pending home sales - properties in the escrow process - rose in the West in January by 2.4 percent, compared to a national decline of 7.7 percent. No doubt harsh weather may have had an impact in certain areas. For instance, the Northeast saw a decline of 12.7 percent and pending sales were down 19.7 percent compared to the same month a year ago. In the West, pending sales are actually 13.5 percent higher than they were in January 2008.
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The NAR report also showed that housing affordability is at an all-time high, the result of lower home prices and declining mortgage interest rates. Chief economist Lawrence Yun says other factors may bring buyers into the market. "Buyers are expected to to respond to much improved affordability conditions and from the $8,000 first-time buyer tax credit," Yun said.