State Housing Market is Weak
The experts state the housing market is very weak. Fed Chairman Ben Bernake at his news conference stated,"housing market remains very weak". Likewise the some economists at Cal State Fullerton called the market unsettled and will continue to be a drag on the recovery. High unemployment rates, tighter lending practices and depressed home values drag down the recovery in the housing market.
Home prices are seen as more than likely will remain down according to IHS Global's economist Patric Newport. His quote is , "Are we nearing athe end of falling house prices? Probably not."
The Commerce Department reported that new home sales were down 21.9 percent from a year ago. They also said the prices have fallen by 4.9 percent. in the 12 month period.
The NAR reported that sales were down from a year ago.
With this kind of reporting the number of buyers waiting increases. They do not want to make a mistake and purchase a home and pay too much for the home. What they fail to know is that the interest rates cannot remain low and will at some point in the near future move up agressively. When that happens the size and quality of the home they can now afford will be less.
It is not worth wating for. If prices are to move down. They do not predict a significant drop in value. So when is the best time to buy? That would be now. I you need more information about your personal situation I would be happy to halp. Just contact me.
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