(zt)"There couldn't be a worse time to buy (a house)"

Falling Home Sales, Dipping Prices, and Gloomy Forecasts Prove That Now Is a Bad Time to Buy

Jun 27, 2007 --

There are many people in the housing industry working hard to assure potential home buyers that the time to buy into the market is \'now\'. The truth is that U.S. home sales have fallen to the lowest point in four years, median prices have dropped for ten consecutive months, and the often overly-optimistic NAR is predicting the worst annual price decline in four decades of recordkeeping. These indicators and more prove that there couldn\'t be a worse time to buy than right now.

The pressure to buy comes from all over: parents, spouses, and other family members, lenders, real estate agents, and even the government. The exact message varies depending on who it comes from, but can be boiled down to this:

Renting is throwing money away, and if you don\'t buy now, you may miss out on a golden opportunity.

Before buying into this nonsense, and being coerced into something you don\'t want to do, you need to take a look at where the pressure is coming from. Family members almost always want the best for you, but they don\'t always offer the best advice; i.e. unless Mom, Dad, and Uncle Rico are financial gurus, their investment tips need to be taken with a grain of salt.

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