Because people overprice their homes thinking we are in the same market as we were a year ago. Because of market conditions such as the subprime mortgages that people latched on to within the last couple of years, now the balloon payments cannot be made and people are forced to sell their homes. We are definitely in a buyer’s market so now is the time to buy. The buyer will determine the price not the seller. We haven’t hit bottom yet.

no, don’t buy any home now. give it some time, but it won’t go down as much as you want, house prices go up because land can’t be depreciated, which means buying a home can lead to big bucks. you might see many homes that cost millions of dollars, that’s because of supply and demand. in the market, there are many types of buyers, in other words, there are buyers who will pay big bucks for a house like you so describe, but not all buyers are willing to pay big bucks, like yourself. but so far as into buying a home, it would be best to relocate to some other state like arizona, west virginia, south dakota, for decent homes that are priced relatively at your level.

i live in los angeles, and the house prices haven’t gone down for a long time. the prices did pick up though. big cities like los angeles, new york, miami, prices will not go down because land value just go up by 700 percent i think, or i think that’s for los angeles only.

best time to buy homes is when interests rates are low, but usually when interest rates are low, house prices are expensive, and when interest rates are high, house prices are low.

Dade County, Florida has been targeted as a “hot spot” for loan fraud due to scams involving appraisers that are in “cahoots” with Realtors and unethical attorneys.

Dade County, Florida, and some other designated “hot spots” are not consistent with the rest of the country in terms of the overall real estate market.

Keep in mind that in major market areas….the value is tied to the land and not the structure….and California homes are an excellent example.