Do you think this is a good time to buy a house?

#1- Home prices continue to go down when apartment rents are going down and apartment rents are going down.

#2- The last slide in the Los Angeles area saw prices go down for 5 years and this is only the 3rd year of this slide.

#3- Unemployment is still on the rise.

Also, after a bottom is reached prices typically only go up by 2 to 3% the following the year so there is not much risk in waiting to see the bottom in the rear view mirror. Too many things could still happen and why risk missing out on another 10 or 15% drop when prices only go up a couple percent in the year after the bottom. A 3% increase in 2010 would not even keep up with inflation so that would still be a drop in real dollars!

No, the powers that be, (Fed. Res. bank) want to see to it that everybody is in debt. Don't be fooled. Don't be a sheep to slaughter. Everybody needs to scale down and only pay for what you can afford. I for one, have left the country. I pray for us all.

It seems we have learned nothing. Houses are back to 2005 prices, which means they are still overpriced. Young couples with relatively ordinary jobs are still stretching to buy 3000 sq ft houses. One stumble and they too will be underwater and then bankruptcy. People still don't understand that when you reach for the stars in real estate, you get the pit of zool if you miss.

The total plunge in home values has been so disheartening. Specially for folks like us We saved 6 years to buy our ideal home in 2006 and sank all our money into it. It is still a wonderful home; but only now it is worth about 250000 less! Property value is low, so much so that we cant even refinance! Did we overpay then? Was that appraiser wrong back in 06 who gave such a high value or is this appraiser wrong for giving such a low value that even replacement cost to rebuild is higher than current appraised value?

Is it our bad luck that we had not one but 2 distressed sales in our street that brought down the value perhaps? But if that is the case, then this frenzy is eating on itself. Vicious cycle of unreal, low valuations ... leading to further depression in asset prices. Foreclosures cant be the basis of judging the value of homes which are our most prized posessions! :(

I think it depends on where you live and how certain you are with your job and savings. The formally hot markets of California, Nevada, Texas, and Florida probably have more depreciation yet to go but other areas should be getting close to equilibrium. If you are confident with your job and investments, interest rates and deals are close to as low as you will get. If you need or want to move don't wait too long...screw it, do it!

The market tells you what the value of your house is. Period.

I'm sorry if you bought in the ridiculously inflated real estate market in the past few years, but you can't/shouldn't expect the prices to always go up.

If you can hold on for a few years, they will rebound but not soon.

The biggest problem now is that many well known banks are now turning down what were highly qualified borrowers in the past. When will we know what shape FHA is in?

I'm in my fiftys have owned 5 homes I have seen ups and downs but I will hold onto my money , Prices will continue to drop Most of you sound like Realiters buy now buy now I am broke I bought one of those expensive houses also I lost my rear end.

Actually, it's people like YOU (God is there for you) who sound like the people who told all their family and friends to buy when prices were overinflated (2005-2007). Why would a perosn who could afford it NOT buy now that interest rates are VERY low, and prioces (a tleast on the best-priced homes) are about at 2002 levels?

People are like sheep - always running the WRONG way with the herd. The best thing to do when investing (again and again) is to buy when "everyone" (the averge Joes & Janes) sell and sell when "everyone" buys. By the time things have "caught on" with "everyone" it is ready to burst. I bought in January and got a great price on a waterfront lot - I'll hold it for 5-10 years and make a bunch of $$.

For many who are in their late middle age or even a little older (as I am) this is their last and only shot at buying a home that is not selling at an exhorbitant , inflated price, assuming that the buyer has the money to purchase and/or a reliable, steady job. Real estate has always been a supply and demand commodity just as most things are but is more subject to hype, professional greed and emotion than most any other consumer purchase. These are strange times because some of the elements of real estate over-inflation are temporarily missing. Easy financing by reckless lenders is gone. Job loss is up and job security is down. Even the greedy, price inflating "Realtors" are suffering and are now telling sellers to cut, cut, cut their asking price while telling would-be buyers to make lowball offers to the sellers , especially when they know that the seller is in distress. What a change from a few years ago! Real estate should be treated as a long -term investment that steadily increases in value over time and should not be bought and sold like a penny stock being worked by a day trader. I have no sympathy for those who overpaid for property ,particularly the "house flippers" who are now upside -down on their purchases and are looking to the government (meaning we taxpayers) to help them get out from under their mistakes. Nor do I care about the arrogant developers,greedy lawyers, lenders, appraisers and salespeople who grew rich during the real estate bubble that has now passed. Their time will come again but inthe meantime there is a buying opportunity for those who are fortunately able to make home purchase. I lament that I am not among their number.

I'm considering buying and I'm 62 years old. My problem is I have a very low paying job due to being out of the job market because of health. Is there anyplace you can get help with the down payment? I'm healthy again and my credit rating is excellent but I do have debt.

I'm a seasoned real estate investor. This is an excellent time. Rates are super low, prices are down. What more do you want? Buy, make the payments on time and in 10-12 years, you'll be delighted at the results. Or you can put your money in the stock market and spin the wheel! Trust real estate in the USA. Even better if in California. The population is still growing and will continue.

Real Estate is all about Location, Location, Location. The market in my area is beginning to show signs that it has hit the "bottom". I have been through several cycles in real estate (over 25 years), if you have a job, good credit and plan on holding on to your home for 3 or more years then this the time to buy in the Baltimore/Washington area. The good deals are being snapped up daily. Call your local REALTOR - don't waste time on frivolous websites. Pick up the phone and call your local realtor/neighborhood specialist today. The early bird gets the worm.......

Some of us have no choice but to sell and move (military) but I can tell you that even though the market is "down" in our area (VA), the rental market is hot hot hot, so we'll keep our house a few more years because we believe it will come back. We're in the middle of buying at our next duty station because rates are fantastic, deals are great, and our credit is good so while we can afford it, we'll buy! Everyone needs to quit listening to the downers in the media and do what's best for them and stop being lemmings.

Buy, the market is back to normal, prices are where they should be. Just remember not to over extend. 2 1/2 times your yearly salary, and you'll always be able to manage your mortgage. A fixed rate mortgage only.

I'd definitely buy now, except that it would be my first home and 1) I want to save up for a bigger downpayment (20% = $80,000), and 2) there's a great possibility I will have to relocate in a year and a half, which makes buying now a stupid choice. Thankfully I have a good deal on a rental apartment I love.

We live about 15 minutes north of Seattle. Seattle and surrounding areas are very expensive places to live. House prices are really down in our area. New homes are standing vacant for over a year that you can get for a good price. I wish we had waited to buy our home. We could have gotten a much better home than the one we bought 4 years ago. I wish I had enough money to buy up some of these homes as an investment.

If you need a house, have good credit, a job, ability to make the payments, of course buy. For all the bad news, remember, If the unemployment is 10% in the US, 90% ARE WORKING! If you live in Elkhart IN and work for an RV company, then, you better not buy right now. If you live in Detroit and work for GM, don't buy right now! Unless your partner works and can afford the payment on their own. You have to know yourself and know your circumstances.

This is a very simple question. YES you buy in this economy, only if the climate is right though. You need a comination of these things in order to get the best bang for your buck.

1. LOCATION- Buy your house in an area that has been hit hard by the economy, and for exapmle get a forclosed home for very cheap.

2. YOU MUST BE ABLE TO AFFORD IT- you must to your homework and make sure you can afford the payments. Theres no point in buying a house if you cant aford it. Sounds simple, but how do you think we got into this mess?

Don't mess up america :D

There is always a right time and a wrong time to buy I agree but I think if you already own a home and you may be looking for a second investment then I would wait it out alittle bit longer like someone already said people are still getting laid off and sad to say may loss there homes Do what your Heart tells you to do...and by the way everyone of the yes's prices have come down and also interest in my area good time to buy replys seem to me sounds more like a Realtor trying to get your Buss.