A buyer’s market for next 5 years?

October 29, 2009 | 1 Comment

If you’re waiting to put your house on the market for the market to turn, don’t be in a big hurry. Robert Shiller, Yale University Economist told the Wall Street Journal that it could be another 5 years until home prices venture far from current levels. “It probably isn’t the beginning of a major boom, just because the economy is in such bad shape. There’s also a chance that it will reverse.” So far it looks like Shiller is right on track. August figures show existing home sales take a 2.7% hit, new home sales rose only 0.7% and median home prices fell in both categories.

Some blame slowing sales and falling prices on the upcoming end of the $8,000 first-time homebuyer tax credit. Foreclosures are not even close to ending their appearance on the real estate market. In the 2nd quarter of 2009, 8.5% of mortgages were delinquent and 2.9% of homeowners were in the process of foreclosure.

Source: www.realtor.com


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