As a broker/investor I can tell you that all real estate is a local phenomenon.
A purchase that would be insane in one market could be a sound investment in another.
I would not recommend buying in my current market in SoCal-we have a long way to fall yet as the next couple rounds of foreclosure get going.
That said, if it feels right, in many markets this is a great time to buy.
It’s entirely local.
I’m in the Baltimore, MD area. From what I have read, things seem to be improving. The area around Aberdeen, is experiencing growth due to the base reallocation process thats going on.
I live in Long Beach (rent). The house behind mine forclosed. 4 bedroom, 2,000 sq feet, asking price is $520,000.
Been seriously thinking about it. Should I pass?