Check out this article from the The New York Times. It is encouraging news for first time home buyers. It in nearly impossible to predict the bottom of the market, but if enough buyers take advantage of low interest rates and low prices and scoop up the homes that are listed, they can create the bottom and start turning the market up.
What does this mean in a few years? You buy a house at a bargain price. Inventory dries up. Demand exceeds supply. Prices are driven up. You sell at a profit, or use your equity to make improvements.
Buying now is an excellent investment for the future.
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