According to LA Times, this time is good for home buyers. "Homes that are $200,000 to $250,000 today were $400,000 18 months ago". The dropping in home price is attracting first-time buyers, first-time move-up buyers or investors. DataQuick Information System said that the total of home sold decreases 11% compare with last year and about 38% of resold houses are foreclosed property. Trezza found a bank-owned house which has 2 bedroom, 2 bathroom in Oakland at $234,000, less than her budget,$250,000.
The market gave buyers a lot of affordable offers in median range. Most of home buyers are seeking for houses under $400,000 but higher-end coastal market can not attract the buyers. For example in San Francisco, the total foreclosures of resold homes occupied only 5.8%. The home price in median range fell 5.4% to $790,000 last months.
I think not only American economy but also the economy of all the world are in the same situation which is under a dark sky. It is predicted would be worse untill next 2 years. But I do agree with the article that this time is good for buyers who want to own a house in America.
