But does that mean it's a great time to buy? Well, I don't think so. Because check out the graph of that same house for the last ten years:
Yeah. Uh-oh! We've got another price dump coming up. The credit crunch and the DOW are strangling out even the most obstinate buyers and so I am pretty confident that another round of meaningful reductions will come. I'm recommending not buying for another 6 months minimum (but I suspect we've got another 12 to 18 months to get serious about buying).
9 comments:
"Are we there yet?" asked little Billie.
"I have to pee," said little Susie.
"We still have two more years," said Dad.
"Can you hold it in until we get there?" asked Mom.
The median sales price in the Valley during September was $231,200, down from $392,500 a year ago.
http://www.dailynews.com/ci_10800433
The LA Times says the median price is $392,500, down from $623,700 a year earlier.
http://www.latimes.com/business/la-fi-realblog26-2008oct26,0,4997945.story
Who's right?
Hi gang, Can we start a discussion on mortgage loan rates? Are they going up, down, sideways. Not gonna do much good if house prices come down but rates keep going up. Your thoughts?
6000
Where, o where is our hostess?
Prediction:
Prices are going to fall for quite some time even in more coveted neighborhoods. Companies of all kind of sectors are cutting back budgets, laying off people, etc. Who in the world would buy in the next 3 years if their jobs are not safe (even having right now money for a 20+% down payment)? A downward spiral...
Very good information about market.
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