Read the whole thing here.
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., 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."
I emphasized certain words in the above. It is interesting to read but in the end, you will make the decision.
Buyers, you still have time. The foreclosure market is still very active and will add to the supply or inventory problem that this current market faces. I don't see the supply going away, but I hope to see it at least stabilize throughout this calendar year.
While I am not telling you that now is the best time to buy, it does appear that many are gathering together ready to take the plunge. Many meaning buyers. The 'best' time to buy is subjective and nothing more.
Now back to your regularly scheduled programming...