I can't help but laugh at JRW and his posts / little jabs.
It has now been about 8-9 months since the start of the correction discussion. If you are waiting to buy (lets say a $400,000 property), chances are you have spent at least $15,000 in rental payments over the 8-9 months. As it sits right now, you have not saved a dime as that specific market has not correct itself that much.
If you are looking at a 1.5 million dollar property, chances are you have come out on top by waiting as the luxury market has taken the majority of the hit.
Also in response to JRW's comment about it taking a year for the recession to impact the housing market, I don't believe many have disagreed....it is pretty common sense that housing price corrections / foreclosures, etc dont happen the day the first layoff is announced.
The real debate is the duration of these down times as housing prices can often hold their own for up to a year when times are down but typically stabilize the moment things start looking up.
Signed : Not JRW's used house salesman
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