The February 25, 2008 issue of Time Magazine has this article – Ignore the Headlines! by Dan Kadlec
Except this one. Sure housing is in a hole. But, there's a potent case for buying now, whether it's real estate or stock.
It's time to get serious before an inevitable rise in interest rates wipes out your savings.
Risks always seem more acute when the headlines are giving you ulcers. But, that's exactly when you should think long-term and get off your thumbs.
Dan shows how a 10% drop in the price of a home will be negated by a .5% rise in interest rates.
Go buy TIME and read the complete article. It's only one page, but if you're a buyer still on the fence hoping to hit the very bottom, maybe the article will convince you that rock-bottom price does not always save you the most in the long run.
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[...] We can expect to see more price reduction throughout this year which should flatten in the second half. I would expect this to be in the 2% to 5% range. Which means that buyers hoping for another significant drop in prices will probably miss out on the better deal because increased interest rates will negate any price reduction. [...]