Home prices may bottom out in 2008, says the Mortgage Bankers Association.
Of course, you might want to keep in mind that they said the same thing about 2007. [Bloomberg]
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Bottom out? Whatever could they be talking about? Everyone knows that real estate never goes down. I mean, they aren't making any more land, right? Better buy now or be priced out forever.
Heh, I'll be in the market for a house in the next few years. Of course, where I'll be living (east Dayton, OH), you can still get a decent house for under $75,000.
Keep those prices falling!
Real estate may never go down in the long term, but for those currently in mortgages which they may no longer be able to afford that is little comfort. The "winners" in the current climate are those with sole ownership of their houses. Sadly these are the people likely to be financially better off and the last to be hit by the current instability. Ironically it is the financial institutions, who from the consumers perspective have caused these issues, that will hold the key to the solution. These institutions will in the coming months be desperate for profit and will be forced to provide affordable mortgages to ensure their long term survival.
2010 - 2012 will be the flattening of the downward trend if it continues at the rate it is. Which should be the perfect time for me to buy a house if i do not buy my parents from them.
I will never doubt Mortgage Bankers Association ever again.
/sarcasm
Yeah like these ding dongs don't have a vested interest in saying that!
They're right behind the realtors who are saying "It's never been a better time to buy a home!"