Housing: Best time to buy in four years

Mortgage and Lending with SMC Home Finance


I read this article on CNN yesterday, it's interesting to see that home prices are finally easing off a bit.  We've definitely seen a change in eastern NC compared to the last few years.  Enjoy!


NEW YORK (CNNMoney.com) -- It may be the best time to buy a house in more than four years.

Home prices have dropped so quickly and so far that valuations - the difference between what a home should cost and its actual price - are the lowest they've been since 2004, according to a report.

The Cleveland-based bank National City Corp. (NCC, Fortune 500), together with financial analysis firm Global Insight, revealed Tuesday that more than 88% of the 330 housing markets surveyed showed price declines and improved affordability during the last three months of 2007.

"Housing valuations are almost back to long-term norms," said National City's chief economist, Richard DeKaser. He called current affordability "the best in the past four years."

But DeKaser cautioned that home prices could fall even further.

"This isn't to say home price declines are over," he said. "We could move below historic norms. By the end of 2008, housing markets could be broadly under valued."


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Dave Sulvetta
Dave Sulvetta, ReMax Connection, Gloucester County Realtor - Sewell, NJ
I couldnt agree more! rates are still low and the prices are dropping..why are some houses taking so long to sell? Their not priced properly!
Mar 05, 2008 12:49 PM #1
Maureen Rodriguez
Novadebt - Toms River Twp, NJ
Certified HUD Housing Counselor
It's definitely starting to pick up....It's about time!!!!
Mar 05, 2008 12:56 PM #2
Christopher Bonta
The Bean Group - Londonderry, NH
Realtor, Integrity and Honesty
I agree with the report too, now if we can get more 1st time buyers to start and realize it's the time to buy we all would be a lot happier. We definitely need more reports telling people to buy then talking about doom and gloom things.
Mar 05, 2008 12:58 PM #3
Mark A. Moore
RE/MAX Alliance - Referral Co. - Virginia Beach, VA
Virginia Beach Real Estate

I think if you are subscribing to the established rules of buying real estate (including NOT thinking only about short term profit or equity gains) you can do allright in today's market (in my region at least).


Mar 05, 2008 01:02 PM #4
Richard Ives
Chicago, IL

Jason you are correct now is a great time to buy a home.

Jul 14, 2008 06:01 AM #5
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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Jason Wade

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