Sales of existing homes fell for a sixth straight month in January, while prices tumbled 4.6 percent amid swelling inventories, according to a report on Monday that offered no end in sight for the housing slump. Since 1930, this is the worst ever scenario the national homes market has seen.
It will definitely take time for the house market prices to get back to its levels. 6 months, a year, 2 years, no body knows.
| But ideally, this will be a right time to buy a house, provided you do not have any other debt and have a good affordable business or job to sustain the mortgage payments. | Table of Contents |
2 comments:
Siemens Plans to cut upto 7000 Job,
pls. see link
http://www.nytimes.com/2008/02/26/technology/26siemens.html?_r=1&ref=worldbusiness&oref=slogin
Also as per New york times BMW Plans to Eliminate 8,100 Jobs
Mangesh
Hey Shobhit,
You said it right not exactly. Its the right time to start thinking about buying a home whether its new or foreclosure. Because the market has not loaded with lot of home supply and demand is less. So its going to drag the prices more down. I saw couple of interview in Bloomberg from top home builder who are saying that its not bottomsdown yet. They except the prices to go down more.
Also with another fed cut on the venue, there is a chance for another dipp in the mortage interest which came back to 5.6% from 4.75% 3 weeks ago.
So its good time to start thinking and getting ready to buy one but not exactly the right time now.
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