It was obvious to me, back in 2009, that a double dip in the housing market was a foregone conclusion. The Governments attempt to try and stop the free fall in home prices was a hopeless cause from the beginning. What it has done however is opened up a once in a lifetime buying opportunity for those savvy people who were patient and waited till now to purchase a home.
Mathews Realty Group
Retirement Advisor/Investment Consultant
Self Direct IRA/Solo 401K Real Estate Specialist
Home prices: The double-dip is near
On Tuesday, we found out that home prices were near their post-bust lows. Two days later the government reported that January saw a double-digit dip in the number of new homes sold.
Then Robert Shiller, the Yale economist and co-founder of the S&P/Case-Shiller home price indexes, dropped this bomb: "There's a substantial risk of home prices falling another 15%, 20% or 25%," he said.
"People should base their decision on affordability, lifestyle choices and home preferences, not on investment," said Lawrence Yun, the National Association of Realtors' chief economist.
Despite the gloom, many Americans remain confident about home buying. A survey released Monday by Fannie Mae revealed that 65% of people believe it's a good time to purchase, with 78% expecting prices will rise or remain the same over the next 12 months.
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