Buying a home won't get much cheaper
By Les Christie @CNNMoney
May 3, 2012: 11:48 AM ET
Several
housing experts are predicting that this year will be the last chance
for homebuyers to cash in on the weak housing market.
NEW
YORK (CNNMoney) -- Buying a home may never get any cheaper than this.
Several housing experts are predicting that this year will be the last
chance for bargain hunters to cash in on the best deals of the weak
housing market. With
home prices down 34% nationally
since 2006 and mortgage rates at historic lows, homes have never been
more affordable -- but it won't stay this way for much longer. Stuart Hoffman, chief economist for PNC Financial Services (
PNC,
Fortune 500),
said he expects home prices to flatten out by the third quarter and start climbing by next year. A
number of factors will help bolster the housing market, he said,
including a decline in the number of foreclosures and continued job
growth. In addition, homebuyers will have better access to mortgages as
they get their finances in order and improve their credit scores.
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