[tommy2]

[ QUOTE ]
[ QUOTE ]
Going to rehit this again since the papers have been full of bad RE news. Here is my take on the current environment:

[/ QUOTE ]

Tommy,

I am relocating and considering buying a house or renting for 6 months and then buying. I have been to the area and know the neighborhoods. Assuming I have good knowledge of the area and reasonableness of prices relative to other homes, do you think now is a good time to buy my primary residence (not investment or flipping property), or do you think prices will come down drastically over the next 6 months? Also, will interest rates go up or is now a good time to get a mortgage? Thanks in advance.

[/ QUOTE ]

I'd wait. I'd bet (and am) that prices are going to drop 10-25+% more in lots of areas and sellers are going to panic. Not every house will drop, but the people who have to sell are going to fire sale stuff in lots of areas in the US.