Housing stats imply its time to buy

by Cal on December 6, 2008 · 7 comments

Housing stats imply its time to buy

According to a recent report from Global Insight, an economic and financial analysis forecasting firm, current housing statistics indicate that now is the right to time to buy.

They claim that the U.S. housing market as a whole is undervalued by 3.8 percent. Global Insight analyzed 330 metropolitan areas in the United States and found that 241 metro areas experienced price declines in the third quarter of 2008 in comparison to 150 metro areas in the second quarter.

The markets that were hardest hit were in areas that were most overvalued three years ago. This study, a combined effort by HIS Global Insight and National City Corporation represented 78 percent of all existing housing units in the United States.

Low intrest rates and increased affordability make today’s market a buyer’s dream!

Source: Global Insight (12/03/2008)

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Tagged as: global insight, housing market, low intrest rates, metro areas, price declines, statistics

{ 7 comments… read them below or add one }

1 Ashlee from Fort Worth December 7, 2008 at 6:17 pm: Here in the Fort Worth market, we have seen an increased number of clients coming to our website as the interest rates have dropped. We have even had buyers that have increased their top dollar because the interest rate has dropped!
2 Dunwoody Realtor December 7, 2008 at 7:16 pm: Good to hear! Hopefully more consumers and investors will realize how undervalued so many homes are and buy.
3 Scott December 9, 2008 at 4:59 pm: I also have a side business in Ft. Myers (real estate) and I agree that it is time to buy, but it is area specific in my opinion
4 J Boyer Summit NJ Real Estate December 10, 2008 at 5:28 pm: I had heard that report commented on someplace as well. I have to wonder how exactly they calculated the percentages. I am certainly not arguing with them though. It is time for the real estate markets to have at least a mild recovery.
5 Kevin Sandridge@Florida Mortgage Blogger December 11, 2008 at 10:47 pm: Hey Cal – short sales are bustin’ loose here in Central FL. Home values are down a bit… but have actually held their own over the past several months. Great site… and, as I too use Lucia’s and CommentLuv, I look forward to seeing you there! I’ll definitely be back here!
6 Mike Pannell ( Dallas Realtor) December 12, 2008 at 4:11 pm: I wish the Investors would come back to Dallas. I used to make a killing off the investors.
7 Susan Zanzonico Millburn NJ Real Estate January 9, 2009 at 3:46 pm: We have certainly seen real estate prices decline and I have to say with the rates so low its prime picking for buying, especially if you’re a renter.