Real Estate Market... National & Local Trends ... Why To Buy Now In New York...
The current state of the national housing market isn't good news for the overall economy, which is showing some signs of improvement. But generally lower home prices are not surprising given the expiration of the 2010 home buyers tax credits and the continuing rash of negative press. Potential home buyers feel insecure about their jobs and the future and many sit just on the sidelines letting great buying opportunities slip past them.
Economy experts expect home prices to continue to decline by another 5% by midyear. When all is said and done and prices hit bottom, they say that the housing crash will have lasted five years and driven prices 35% off their 2006 peak.
However, there are always some areas that buck the national trend. CoreLogic reports prices did rise in six states year over year:
North Dakota and
with Maine and North Dakota being the leaders... and not surprisingly sales activity in these states is and has been stronger than elsewhere.
While interest rates are still at historic lows and home prices near the bottom it makes sence to buy sooner rather then later if you have the need... and means...