In the October 14th edition of the Oroville Mercury Register, they reported on a lecture by David Gallo, resident economist for the Center for Economic Development at Chico State University. He was quoted as saying he believes the housing price decline has pretty much "hit bottom."
"As potential buyers and investors think they've seen prices go as low as they can, they'll start jumping back in the market", he said. "They'll also start buying new or existing homes that have sat on the market for months. Once existing homes start disappearing, local builders will start constructing new ones. That demand for homes will help push housing prices up".
"And lenders are willing," Gallo noted.
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