Thursday, December 16, 2010
Has the Recession Changed the American Dream?
The recession has powerfully impacted consumers' decisions and behavior, but only in the short term. The American Dream still includes home ownership for most Americans. Currently 89% of homeowners believe that they are better off owning their homes. So 'home sweet home' still means home sweet homeownership.
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Do you think the crash is done in colonialtown? Will homes start holding their value now? Curious to hear your opinion.
ReplyDeleteHi,
ReplyDeleteI think that the absolute best time to buy was when the interest rates droppped into the high 3s and low 4s. Since then we have seen an increase to almost 5% interest rates. I believe rates will hold steady between 5-6% for 2011.
As for prices, I believe the biggest declines are behind us. Sellers are still going to have to be very realistic about what the market will bear. Buyers can buy with confidence knowing that, although there still might be some short term fluctuations, homes held for at least two years should not be at risk for negative equity.
Thank you for your comment!
Regis