“I have long been convinced that the current run-up in home prices is a false high,” senior staff attorney at the Empire Justice Center Ruhi Maker, a New York nonprofit, tells American Banker. “Once all these foreclosures are through the system, we could see another decline in prices.”
False high, indeed. Bankers cannot control the market forever.
There is lots of vacant inventory just waiting to hit the market. When it does that will be the time to buy. Not now.
“House Prices Will Be Flat For 10 Years”
Maybe good news. Our houses are supposed to house us, not make us rich. Our latest housing trouble is because too many viewed housebuying as a means of making money.