OCCOASTPROPERTIES report on:
"Is this a good time to buy"
source: cnn
This was the third quarter in a row prices have dropped, taking them back to mid-2002 levels. Meanwhile, at the end of March the monthly index that tracks 20 large metro areas dipped below its previous low of April 2009, essentially confirming a double-dip in home prices for much of the country.
As for, Los Angeles, the stats weren't quite as bad as those of the 20-metro area index of which it's a part. Prices in L.A. still remain about 5% above their trough of May 2009, although they fell again in March, the eighth month in a row.
On a decidedly more positive note, though, Orange County seems to be somewhat stable in comparison. Whether that turnaround will be in progress by the time you're ready to buy is anyone's guess.
But given the recent lackluster job reports and the million-plus homes in foreclosure, I don't think anyone is expecting a robust about-face anytime soon. But that doesn't mean you and your hubby-to-be shouldn't be out scouting the market for a house to buy.
Desperate for a housing rebound
Just as people learned who bought a house at or near the peak of the housing market back in 2006, what really matters isn't what house prices have done in the recent past, but what they'll do in the future.And despite all the gloom and doom, I think it's reasonable to expect that prices will eventually stabilize and begin climbing again.
Why? For one thing, even though this housing bust has made many people rethink the once widely (and erroneously) held notion that house prices are immune to major setbacks, it's not as if consumers no longer aspire to own a home or view one as a good investment.
In fact, a recent Pew Research Report found that the overwhelming majority of people still consider a house the best long-term investment one can make. They just don't believe it quite as fervently as they did a decade ago.
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