Well, Well, Well… is the media proposing good news?
By Jeffrey Simons. Filed in Uncategorized |
In a recent articly by Real Trends, "Best time to buy a house in 4 years" they have made a very bold claim… Does it resonate, or even sound the least bit familiar?
Read on and see what your thoughts are…
Real Trends latest article:
Best time to buy a house in 4 years
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 this week that more than 88 percent 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 There are still 21 housing markets, or six percent of those surveyed, that are severely over-valued, including Atlantic City (NJ) and Madera (CA). That’s down from 56 over-valued markets at the peak of the housing bubble in 2006. The report compares actual median home prices with what the authors determine are proper home values based on population density, relative income levels and interest rates, as well as historically observed market premiums or discounts, to determine whether markets are over- or under-valued. The report also factors in market intangibles that make some areas more desirable places to live, and more expensive.
National City’s chief economist, Richard DeKaser. He called current affordability "the best in the past four years."
Now with that said… what do you think? Who do you know that currently owns a home and would like to move up? Now might be a great time to introduce me to your family, friends, co-workers and neighbors.
Thank you for your continued time, attention and your support! Have fun!