So, we've looked at tons of houses and watched the market since we got here six months ago. And just when I thought it was safe to buy a house, just when it was starting to seem like the market was stabilizing here, I see this:
Riverside is #8 on the 10 markets set to experience steep losses. Not the 10 markets in California - the 10 markets in the whole United States. And Riverside is #8.
The 12-month forecast is that Riverside will go down 16 more percent. That is a lot of money! I mean, I don't care if we buy a house to live in and the market goes down a bit more, but 16 percent is a lot. Were talking 60 to 80 thousand dollars lost in our first year if the prediction is true and we bought a house now.
So, I think it might be time to start thinking about renting for a year. This article proposes that April to June 2009 will be rock bottom - i.e., the best time to buy. Of course no one knows for sure, but it is interesting information anyway.