Tuesday, 12 May 2009

Real estate...still falling :(


I think the first sentence of this article from Bloomberg says it all: "Home prices in the U.S. dropped the most on record in the first quarter from a year earlier, led by California and Florida, as banks sold foreclosed properties." Is it time to buy a home? A resounding, NO! Credit bubbles end in depression, which means firesale prices for all assets. Much cheaper home values to come. (I'm thinking somewhere around 2012-2013. You might find real bargains then.) Until then, keep your money in your pockets.

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