New York Times Offers a Perspective on Buying now

The New York Times, published an article on December 5,  It May Be Time to Think About Buying a House   which offers an interesting perspective on the financial crisis and the housing market.  Following are a few quotes from the article that certainly make you think when you see some of the prices on oceanfront condos in South Florida.

“Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers.  Then, everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage.”

“Unfortunately, we do not know when this golden age will begin, because we will be able to identify a bottom to the housing market only with the benefit of hindsight. But as it does with the stock market, the moment will probably arrive when everyone is feeling the most pessimistic.”

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