Wednesday, October 17, 2012

House Prices: Looking for the Bottom? We May Be There

With sales and prices increasing in most regions of the country, it looks as though housing recovery is in full swing. There are more and more housing analysts declaring that we have turned the corner. A recent article on explains that now may be the time to act if you are thinking of purchasing ahome.
“Right now, conditions for buyersare exceptionally good, because current mortgage rates are at record low levels, and housing prices are still well off their peaks. Already though, recent numbers indicate that housing prices are starting to move. If this continues, mortgage rates might follow. In particular, if lower-end housing prices are now making the strongest gains, people looking to enter the housing market for the first time should prepare to act.” 

Others Are Also Calling a Bottom

In a Chicago Sun Times article, co-creator of the Case-Shiller home price index Robert Shiller agreed saying that, even though there are still questions in the overall economy, “it’s a good time to buy a house”.

Ivy Zelman, chief executive at research firm Zelman & Associates, has also said:
       “[Housing] is turning positive and we see the data reflecting that.”
Writing in the Financial Times, Roger Altman, former deputy Treasury secretary, said:
       “A turn in the [housing] market is occurring now and it should become a boom by 2015.”
And Jamie Dimon says the U.S housing market has “turned the corner” as JPMorgan Chase and Wells Fargo, the two biggest US Banks have seen a surge in mortgage demand. He also warned that interest rates would “probably” rise “sometime in 2013”.

What Does That Mean to You?
If you have been waiting for the bottom in real estate prices, it seems your time may have arrived. As the Money-Rate article concluded:
“The housing market may be better off than people know. As many found out during the housing boom, waiting until everyone knows the market is healthy before you buy can be an expensive proposition.”
**Information taken from KCM Blog
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