According to Deutsche bank predicts that 50% of all mortgages will be underwater by 2011. Yes there was a small up tick of prices in November. Can anyone say $8000 check from Government.
Is now a good time to buy Yes and no but mostly Know. Know what your situation is, can you afford to purchase a home. Is it in an area where there will be demand now and in the future. Is it good repair. Good schools and generally location, location and location. Make sure look at what will happen in the neighborhood in the next couple of years. Where all the homes built and bought between 2005-2007 if so, most will be underwater on there mortgage. Will there be walk aways? Foreclosures short sales?
Now Might be the best time to buy in recent history but know a good Realtor and know what you are buying. Know the neighborhood You arebuying into because you are buying a neighborhood also. A 200,000 home in 100,000 neighborhood is not a good buy even at 150,000.
Jim Whatley
Broker www.UberRealty.com