For those of you sitting on the fence, here is a great ad that ran in USA Today on July 14th. I've told everyone who will listen that this is the best time to buy. It is possible that the prices may go down, but even if it is another couple of percent, most people will keep the equity in there purchases as long as you were able to put the normal 20-25% down. Any with the low interest rates and VA, FHA, and other loans allowing owner occupants to put down at little as 3%, there no reason for people to be renting.
Check it out:
http://www.realogy.com/documents/USATodayadFINAL07132011.pdf
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