Here is an excellent analysis by real estate analyst Dean Baker who essentially says the same thing I have been telling you here in the blog and in my other writings for years.
The U.S. residential housing market is still overvalued and the optimists who are jumping in and buying all these foreclosure homes are making a big mistake. I see lots of cheerleading on these real estate markets but very little genuine logic as to why its a good time to buy. Lower prices alone does not mean a bargain.
I see NO catalysts, NONE, that will lift housing prices higher for at least the next two or three years.
I see LOTS of reasons why prices can still fall.
Dean Baker was right on the housing price bubble (like I was) and his views should be respected once again here.
Robert J. Abalos, Esq.