Buying a home: Still on hold

I’ve been in the wait and see mode for buying a home for almost 5 years. Prices are cheaper now than 5 years ago, or at least so some people say. Also, depends on the area you’re looking in, I’m primarily interested in eastern LA county, northern Orange County.

So why not, after this housing crash, buy soon, and take advantage of that 8 grand housing credit? One, the housing credit is artificially inflating prices, and I’d prefer not to have the credit and pay proportionately less
in property taxes. Two, the housing crises isn’t over yet.

The at homes risk of foreclosure are still increasing, to 14.4% in Quarter 3 of 2009, vs 13.2% in Quarter 2.

Calculated Risk: MBA: Record 14.4 Percent of Mortgage Loans in Foreclosure or Delinquent in Q3

Also, in California, the foreclosure rate to unemployment rate is still in the “danger Will Robinson” zone.

So despite the slight increase in prices in the past few months, I’m still content to wait and see.

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