Wednesday, November 30, 2011

Case- Shiller Index: Home Prices Now At 2003 Levels

...And they aren't finished declining.  Read. And those who are still interested in purchasing a home are reluctant to try to catch the falling knife.  After all, folks who bought during the Homebuyer Tax Credit, which ended in 2010, are now underwater.

Home prices have dropped back 8 years and mortgage rates have never been this low.  Yet housing is going to continue to slide.  Consumer attitudes toward long-term commitment have gotten worse.   David Blitzer, S&P, paraphrased:  If people were convinced that prices were at the bottom, they'd be buying.

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