Home Prices Stabilize Further, But More Drops May Be in Store

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As a Brooklyn Realtor for over 23 years, I have seen and learned you cannot time the market. With the government incentives,low interest rates and declined prices it is a good time for home ownership.
The expression Buy with your head Not over your head has never been so true. Plan your purchase go over the expenses,don't let ego be the deciding factor for your home purchase. There is opportunity in the Brooklyn real estate market as well as many other real estate markets across the country, do your reasearch and you could come out a winner.

Charles D'Alessandro of NY 10:24AM February 26, 2010

One thing the article hints at, but does not go into detail on, is what industry experts expect in terms of foreclosure numbers this year. Because of a moratorium on foreclosures last year, less than half of properties that could have been foreclosed on actually had any foreclosure proceedings take place. People familiar with the numbers expect that we will see three times the number of foreclosures in 2010 when compared to 2009. This will inundate many markets with so many homes that they simply will be unable to support the current price structure. Of course, when you add in the effects of high, sustained unemployment, along with the inevitable rise of interest rates, this will drive demand down even further. Five to ten percent may not be enough in many of the markets.

MS of TX 3:09PM February 09, 2010

For decades, many Americans have been living way above their means. Houses, cars, Holiday gifts, charging everything they could get their hands on, and so on and on. Then, they want sympathy for their screw-ups. Sorry, I don't have that much to share. We have come to value our fancy possessions more than almost anything else, much to the detriment of society. Simple pleasures no longer exist for many folks. The much larger picture of this mentality is that for a generation or two we have decided that we're not responsible for our actions or behavour and if things turn out bad, someone else should "bail us out". We live in flood plains and cry when our homes get flooded. We live in earthquake areas and cry when we lose our things to earthquakes. We live in a city below sea level and cry when a hurricane destroys the city. What the heck is wrong with you all? If you chose to do stupid or irresponsible things during your lifetime, then at least have the decency to stop whining about your troubles when they inevitably occur. If something happens to someone who did not walk in the shdaow of the "valley of death", then I do have much sympathy for them and will help in any way I can. If howeve, they tread dow the dangerous path and get creamed, I don't have much anything for them. We all get what we ask for with few sideshows in life. Grow the freak up.

Joel of OH 2:28PM February 09, 2010

The word may was correctly used as meaning "having the ability to" according to Merriam.

Meg Osborne of AL 10:21AM January 31, 2010

I mean... really. More drops have permission to be in store. Is that your point?
BTW- the drop in housing prices *is* the recovery. You confuse "recovery" with "going up". In fact the damaging and unhealthful thing for the country *was* disproportionate, bubbly, unaffordable, driven-by-credit-bubble housing prices. The continued drop in prices marks the recovery of housing to what it should be... reasonable.

evildoce of NY 1:54PM January 28, 2010