Mark Zandi, who I think is pretty fair and balanced, though he leans bullish says:
“This is July, before the freezing of the market,” Mark Zandi of Moody’s Economy.com said on CNBC. “So I’m sure we’re going to see much weaker numbers for August, September and October. The housing market is going to go down a whole other level in the next few months.”
Still, Zandi said the market is nearing a bottom.
“In terms of sales, I think the bottom is going to be the end of this year,” he said. “In terms of contruction, I don’t think there’ll be a bottom ’til the beginning of 2008. And in terms of prices, I think it won’t be until the end of ’08. And that’s nationally. Of course, in California and Florida–the markets that are in disarray–the bottom is well into 2009.”
So, in general, I would say, NO , it isn’t time to buy yet. In So California; NO! It isn’t anywhere near time to buy yet.
