We’re now in the heart of a major home buying season and prices are soft practically everywhere. Just maybe you’re one of the lookers. So is this a good time to buy a house? The answer: No!
The reason: While the housing horror tale of the past couple of years is winding down, it’s not over yet because more financial fright lies ahead.
That’s the conclusion of two recent studies and the emphatic view of a couple of fellas who had the foresight to call the housing bubble before it burst in 2006. In brief, the thinking is the same in all quarters. Termites continue to gnaw away at home prices, and Florida investment adviser Michael Larson and Chicago real estate developer Robert Sheridan — both of whom called the bubble — see no letup in falling prices for at least another year.
That’s also the gist of the two studies, which suggest a number of Wall Street economists who are forecasting a home-buying upturn later this year are merely spinning housing hokum.
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