Absolutely.
Here are some excerpts from various sources:
Foreign Buyers Have Confidence in U.S. Housing Market
Declining prices and a weak dollar have made U.S. property more appealing to overseas buyers, while a weak U.S. economy has forced real estate agents to look farther afield for buyers. Last year one-third of American agents worked with at least one international buyer, according to the National Association of Realtors. The top five countries supplying international customers were Mexico, Britain, Canada, India and China.
-- "They're getting away from it all, to the U.S.," by Jane Hodges, MSNBC.com, June 4, 2008
Declining home prices across the nation are bringing valuations - the difference between what a home should cost and its actual price - back to pre-bubble levels, according to a survey conducted for financial research firm Global Insight and banking company National City Corp. "We've covered a lot of territory in terms of restoring balance in the housing market. The froth has been completely blown away."
-- Richard DeKaser, National City's chief economist, "Housing Affordability Back to Pre-bubble Levels," by Ben Rooney, CNNMoney.com, June 2, 2008.
Improving Affordability = Buying Opportunity
Here's an all-points bulletin to prospective homebuyers: The protracted decline in home prices has made many houses more affordable than they've been in years. You know what this means? Housing could shift from a buyer's market to a seller's market before you know it. Remember, incomes are still rising, so home prices don't have to fall as much as you think before buyers decide that they can once more afford the home of their dreams. Sooner or later, the fact that housing is more affordable will sink in. That's when the market will turn.
-- "Housing Market May Turn More Quickly Than You Expect," by Dr. Irwin Kellner, MarketWatch,
June 3, 2008.
I don't know about you, but I think the market has hit the bottom and this is the time to buy. To be sure, there are areas that are going to decline further, but remember, real estate is local. So the overall conditions of the market don't really speak for the specific local area. If the area does not have alot of short sale and foreclosures in it now, then I think the bottom has hit. If you have a high percentage of homes from foreclosure and short sales, then you might be in for a longer wait
Gerard
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