Real Estate Recovery in early '09?

That's what Alan Greenspan thinks. He is convinced that this down market will be back on an upswing in early '09.

He is a smart man but, of course, but he has been wrong before. So what gives? Does he actually take into account some of the areas that have been hurt the worst? Las Vegas, Phoenix, Riverside, just to name a few. All of these locations are in a spiral downward. Depreciation is at an all time high in most markets. Granted there are many who still have plenty of equity in their homes. What about the ones who purchased homes in the last 5 years? I know in Riverside County, Ca. that some home prices have been cut in half. Foreclosures in Riverside County have never been higher, where does it truly end?

I personally think that with the adjustable loans that are still alive and kicking, buyers are still afraid of what could happen if they purchase now. In reality, this is the most affordable time to buy a house in Southern California. Even if the prices inch down a little further, buy now while inventories are high and you have a lot to choose from. Interest rates are at historic lows and may not last there for long. No one knows for sure where this will all end but wouldn't you like to own a home of your own before the prices skyrocket again? If we could all time this perfectly, we would not be in this situation. It's all about timing. Do what is right for you and your family!