It's taken almost a year and a half for all the leading economic expert guru's in this Country to see and confirm what We - The professionals, on the street, saw coming back in 2009. California, has been in a double dip since that time. Anyone who bought a home here in Ca. as well as many other States across the nation, over the past two years with less than 20% down payment, is now upside down in their mortgage. Finding stability in this market over the short term is wishful thinking. The Smart Savvy Buyers who waited until now to purchase a home will reap he greatest reward over the long term.
Mathews Realty Group
Investment Advisor/Retirement Specialist
Self Direct Your IRA into Real Estate!
Economists Weigh in on Home Price Double-Dip
The analysts at S&P say there appears to be no relief in sight as home prices continue their downward spiral.
Paul Dales, senior U.S. economist for the research firm Capital Economics says the further fall in house prices during the first quarter means that “on the Case-Shiller index, prices have now fallen by more than they did during the Great Depression.”
And should patterns continue to hold true, Dales notes that following the Depression, “the peak in prices was not regained until 19 years after they first fell.”
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“The remarkable thing about this downturn is that even though prices have fallen by more than in the Great Depression, the bottom has yet to be reached,” Dales said. “We think that prices will fall by at least a further 3 percent this year, and perhaps even further next year.”