National market conditions-Have we stabilized?
Could the housing market really be stabizing? Seems a little early to tell but I keep seeing these types of articles and studys being done that suggest we may be near/at the bottom. I guess for me I would look at this year as “the time to buy” and yes I’m an agent and I’ll get people saying “you’re only saying that to make a buck”.
The truth is nobody knows when we’ve hit the bottom until 4-6 months after prices have gone up so if you can buy a home for 1/2 of the price 4 years ago…get an incredible interest rate (4.75-5.25%) and buy your dream home…..why wait!
RISMEDIA, June 1, 2009-U.S. home prices fell in the first quarter of 2009 according to the Federal Housing Finance Agency’s (FHFA) seasonally-adjusted purchase-only house price index (HPI). The previously announced, but revised January and February indexes showed increases in house prices, which were offset by a March decrease. The purchase-only HPI, calculated using home sales price information from Fannie Mae and Freddie Mac-acquired mortgages, was 0.5% lower on a seasonally-adjusted basis in the first quarter than in the fourth quarter of 2008. This decline was much more modest than the 3.3% decline in the prior quarterly period. Over the past year, seasonally-adjusted prices fell 7.1% from the first quarter of 2008 to the first quarter of 2009.
FHFA’s all-transactions house price index, which includes data from mortgages used for both home purchases and refinancings, showed more strength over the latest quarter than the purchase-only index. The all-transactions HPI rose 0.4% in the latest quarter and fell only 3.3% over the four-quarter period.
FHFA Director James B. Lockhart stated: “Our latest data are consistent with growing evidence that housing market conditions may be stabilizing in some parts of the country, especially areas not covered by the other major repeat sales price index,” said Lockhart. “I am hopeful that this first quarter data combined with recent market stimulus programs, such as the first-time homebuyer tax credit and President Obama’s Making Home Affordable Program may mean that home price depreciation may be easing.”
Read more: “Home Prices Fall in First Quarter; Pace of Decline Lessens Considerably | RISMedia” - http://rismedia.com/2009-05-31/home-prices-fall-in-first-quarter-pace-of-decline-lessens-considerably/#ixzz0HBntfxAC&A
