It seems that all of the news is bad.
I hold open houses almost every weekend. I meet many people from different backgrounds and from a deep into Los Angeles County.
Many people are aware of the slow economy but they choose to seek out opportunity while it is available. At the present time housing is at bargain prices. Interest on loans are at historic lows. These two factors make home buying a great opportunity.
To take a wait and see approach may seem to be reasonable. Do you think interest will go down another percentage point? Or, is it more likely that interest will climb? If the price of a house goes down by 10% but the interest goes up by 1%; how much more is your house payment each month?
Many single family homes are now selling at prices that make home ownership cheaper than renting.
Many houses on the market today are receiving multiple offers. Many bank owned properties are selling above asking price.
Is it time for you to buy? I can not say. Only you know your budget and income picture.
If you are waiting to see if the bad news of "The great Depression" being upon us comes true; you may be in for a long wait.