Some experts believe housing prices are near or at their low point. Some think they will go lower. But the housing market is not like the stock market or the bond market: it is based on local market conditions.
Some cities are seeing housing prices begin to rise. In fifteen percent of 315 metro areas, prices have increased in the last year.
- Bismarck, North Dakota helped by mining
- Midland, Texas helped by natural gas
- Bangor, Maine helped by tourism
In areas with falling prices, such as Phoenix, Arizona and Tampa, Florida, investors are buying properties, fixing them and renting them. Rents are rising in 2011.
Interest rates on mortgages will be low for the next two years. If you have good credit and about twenty percent of the price of the house for a down payment, you may qualify. Prices are still low.
This may be the time to think about buying.