Good time to buy in 700k market ? No! Should you? That’s up to you and your own personal circumstances. Interest rates are very tempting, but values have not found their floor IMO. Maybe they never will, so the decision becomes one of conscience. However, you still make that decision against the background of high foreclosures, which jumped 30% in August swelling the already large months supply, poor economic growth which impacts the already high unemployment rate of 20% if you include PTs and LHs (lost hopers), savings (ergo down payments) impacted by a European sovereign debt crisis, and a when-not-if scenario iro a double dip recession. More to the point perhaps, many homes in this price range have corrected 20-30% which does not put them back to historical averages, and many will justifiably argue that makes them still over-priced. You may say prices are irrelevant as the monthly nut is what counts, but taxes would have you believe otherwise.
