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Do a little research on the housing market?
new homes sales tumble to 7 year low
you ain't seen nothing yet
interview with housing index guru
I was too optimistic on the housing market
now it hurts
Jim cramer on housing
#1 home builder larger losses than expected
greenspan says prices to drop much further
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Jono - are you saying this is a good time to be a buyer or to avoid the purchase of a home at this time? I think without knowing the specific market the OP is considering applying nationwide statistics is somewhat of a poor exercise. Personally, I wish I was in the market for a new home right now as the "power" has clearly shifted in the buyer's favor at this time.
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Jimbo, true it has shifted into buyers favor, but there is still a long ways to go more IMO. I would hold off buying for anywhere from 6 - 18 months.
Thremp, I agree real estate is local, but save for a small minority of areas the national trends I linked are a pretty good indication of how almost everywhere is performing.