Tucsonjon

I don't trust anyone; everyone has a motive. I think the NYTimes is every bit as credible as a local realtor. NYTimes has nothing to lose. Realtors stand to lose big if they convince every potential buyer to hold off a year or so to see where prices drop to. That's akin to them saying-- "I'll go without a paycheck for another year, then take a big pay cut." They are obviously biased because they have to be. That's the problem with any commission-based job. I just bought a home in Tucson and my realtor was awesome. I trusted her because she actually convinced me to offer less than I was originally willing on most places. But even she told me, back when we started looking in November, that the decline was over and it was time to buy now....and prices continued to drop. No one has a crystal ball, but I will echo a few things that others said here below: it is definitely a local thing. And local doesn't mean Arizona or Tucson, it means Barrio Viejo Neighborhood vs. Catalina Foothills neighborhood. Also, back to the NYT stats, those numbers are aggregate data which mean nothing to the single house you are going to buy. Look for a fair price in a good location in a home that was bought and paid for (as the earlier commenter said) BEFORE the bubble and you'll be fine. However, if you plan to buy EVERY house for sale in FL and EVERY house for sale in AZ, count on losing 25% of your investment...maybe. - Fri Jun 13 2008, 14:06