He also remarked: "Come to think of it, so have house prices."
That - at least in Orange County is NOT true. The median price in Orange County has steadily risen since the question was asked - a year and a half ago. House prices in Orange County, California are now at least 10% higher than they were back then.
He also said: "Waiting seems to always be better than buying now is."
If THAT was sound advice most of the Millionaires/Billionaires in our Country would never have made their fortunes. Remember folks, ALL real estate is local, and in Orange County California, real estate has traditionally been a sound purchase.
Any one who bought a house in this area back when the question was asked, is probably quite happy with their purchase.
According to the S&P/Case-Shiller Home Price Indices, values in LA are up 3% since January 2009, and values in San Diego are up 9%.
On the other hand, provincialism never works.
Three/Four years of it's a Good time to Buy cause Interest rates are lower than before, Prices are lower and inventory is high...we are near or at the bottom ect...while many of those who refinanced are now being foreclosed on, many who bought in 2007 2008 2009 are being foreclosed on and Prices still declined, Rates dropped even lower the whole time.....may be a "Boy who cried wolf" Message to many Consumers IMO..
Average Homeowner In Obama Foreclosure Program Deeply Underwater, Drawing Calls From GOP To Cut Off Help
"The average beneficiary of the Obama administration's flagship homeowner-assistance program owes their mortgage lender more than $1.50 for every dollar their home is worth, which means they fall into the stratum of homeowners most likely to simply walk away from their mortgages, recent government data show.
This little-noticed statistic was disclosed in a June 24 report by the Government Accountability Office. Citing government data collected through mid-April, the report found that even homeowners who receive lower monthly payments through the administration's Home Affordable Modification Program are still struggling "under water," meaning they owe more on their mortgages than their homes are worth.
A recent study by Federal Reserve economists shows that underwater homeowners are, not surprisingly, much more likely to default on their mortgages. Moreover, borrowers who are deeply underwater -- like those in HAMP, who average negative 50 percent home equity -- are far more likely to default willingly; that is, to give up on trying to overcome their growing mountains of debt, and just stop paying at all."
* The delinquency rate for all mortgages on one to four residential units was 10%
* 4.6% of all homes are in the process of foreclosure
* More than one out of every eight or 15% of all American homes with a mortgage are either in default or in the foreclosure process
* In May, 94,000 homeowners lost their homes to foreclosure, for an annualized rate of 1.1 million homes
* The percentage of home mortgages that are 90 days or more past due or in the process of foreclosure is 9.5%
* Almost 25% of homeowners owe mortgage debt exceeding the value of the home
* Banks and mortgage investors are now sitting on an estimated inventory of 550,000 homes that have been repossessed through foreclosure and need to be sold into a weak market
Biggest Defaulters on Mortgages Are the Rich
"More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.
By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent."
In addition, it is a great time to sell if homeowners are realistic about pricing and is aware of what their immediate market looks like in terms of pricing and mix.