Is Now The Time To Buy?

There were/are 1.5 MILLION loans that have to adjust in 2008. All of them aren’t perfect-credit/can-get-refinanced people either. We haven’t even seen the half of what this economy is about to do.

” The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.

Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, tentative signs of leveling off after two years of spiraling defaults” [New York Times]

If you are just dying to get into a home, great….go for it. If you are looking to have EQUITY increase in the house you want to buy, RIGHT NOW, now is not the time because values will continue to decrease as these loans adjust and people foreclose.

On top of that, folks are using their credit cards like MAD for what used to be basic purchases and are not paying the balance off every month.

So, to answer your question of whether this is a good time to buy? In my opinion? Um, NO! I’ve been saying this ALL YEAR!!

Here we go…

Here we go, again…