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Although the steep decline of home prices in California ended in spring 2009, the weakness in the housing market after the expiration of federal tax credits for home buyers last year has led to some speculation as to whether the recovery is sustainable. The chief economist for the CALIFORNIA ASSOCIATION OF REALTORS®, was asked to provide her view on the state of real estate and what she thinks is needed to get the housing market moving again.In terms of home prices, the experts differed slightly with the majority predicting that home prices will remain flat throughout 2011. Ms. Appleton-Young predicts home prices will rise 2 percent this year, while another foreclosure expert predicts housing prices to decline 5 percent in 2011.
According to the CAR, there is little chance of home prices returning to their previous peak levels anytime soon. "We are in a slow-moving recovery with prices stabilized at the moderate and low end," she said. "We are still seeing price attrition and price softening at the upper ends of the market."
In my opinion, right now is the best time to buy. Housing prices are low and interest rates are low. What a great combination. ~ Barry Ripp
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