So now we find ourselves at a new low for mortgage rates even as home prices are still dropping in many markets and a double dip seems evident. People have been saying for years that "now is the best time to buy". Could we have finally reached that moment for real?
Looking at the below chart from Zillow for Mission Viejo we can see a possible end to the recent recovery and a new drop in prices. Heading into Winter this could be a chilling omen for upcoming prices changes.
Las Vegas home prices have continued to decline, but the decline seems to be leveling off. The below chart covers up to the end of July, but recent reports suggest sales for August we at records, even though prices may have dropped a little more as investors are attracted to record low interest rates and prices. This is an amazing market where some homes are a third the price they were at their peak, and where 3000 square foot homes can be found for less than $180,000