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|Dwight Johnston, Vice President and Chief Economist for the California and Nevada Credit Union Leagues|
But that changed last year when big investment money started flowing into housing. Several multi-billion dollar and slightly smaller funds sprang up out of nowhere.
The tidal wave of money from Wall Street became caused something to snap on the part of would-be homebuyers. Not only did buyers find a reason to be confident that home prices have bottomed, they finally discovered the power of low mortgage rates.
However, homebuyers found a competitive market instead of a market awash with homes begging for purchasers. The abundant supply of homes had vanished. The market went from ice cold to boiling hot in a matter of a few short months.