Reminds me of just 5 years ago when everyone was trying to jump into a house and ride the wave to 10-20% yearly gains on their property value, makes me laugh to read something like this today, that if you dont buy today you will be regretting it in 5 years...thats a joke.
Housing prices arent going anywhere, yes they may gain in certain markets, but overall there is absolutely no reason to rush out and buy now, rates are staying at 3-4% for the next 5-10 years and housing prices over all will be flat for the next decade....try and go out and buy a house today, its nearly impossible with the banks not lending. Still millions of houses in foreclosure that still need to come to the market and listening to the CEO of Hovanian or any other homebuilder is just like listening to the real estate agents back during the housing boom when they said now is the greatest time to buy, like they were a broken fucking record, anyone who listened to them is now under water trying pay off a house thats worth $350,000 that they paid $587,000 for!
You May Regret Not Buying a House: Hovnanian CEO
Published: Monday, 17 Dec 2012 | 12:07 PM ET
By: Justin Menza
Home prices are on the rise and potential buyers may look back and regret not taking advantage of today's low rates and good affordability, Hovnanian CEO Ara Hovnanian told CNBC on Monday.
"We're at historic low rates," the home building executive said. "Prices have been adjusted to levels that we haven't seen in six or seven years. It's a perfect combination."
But home buyers who can qualify for a mortgage will want to act soon in order to take advantage of this combination of affordability and rock-bottom rates because prices are rising.
On its quarterly conference call, Hovnanian announced that it hiked prices in 60 percent of its communities this year. "Prices are finally starting to increase after a long decline," Hovnanian told CNBC's "Squawk Box."
"Everyone will look back five years from now, that hasn't bought a house and say, 'What was I thinking?'" he added.
"Boomerang buyers" are also helping to support the housing recovery. These are buyers who went through foreclosure but are now looking to get back into the market. "It's not unlike a divorced couple wanting to get remarried again," Hovnanian said.
After looking at smaller homes when the housing bubble burst, buyers are also purchasing bigger houses again. "With rates where they are, with prices having come down to where they are, the monthly payments allow them to get more house in a safe range of monthly payments than they were able to do five years ago," he said.
Housing prices arent going anywhere, yes they may gain in certain markets, but overall there is absolutely no reason to rush out and buy now, rates are staying at 3-4% for the next 5-10 years and housing prices over all will be flat for the next decade....try and go out and buy a house today, its nearly impossible with the banks not lending. Still millions of houses in foreclosure that still need to come to the market and listening to the CEO of Hovanian or any other homebuilder is just like listening to the real estate agents back during the housing boom when they said now is the greatest time to buy, like they were a broken fucking record, anyone who listened to them is now under water trying pay off a house thats worth $350,000 that they paid $587,000 for!
You May Regret Not Buying a House: Hovnanian CEO
Published: Monday, 17 Dec 2012 | 12:07 PM ET
By: Justin Menza
Home prices are on the rise and potential buyers may look back and regret not taking advantage of today's low rates and good affordability, Hovnanian CEO Ara Hovnanian told CNBC on Monday.
"We're at historic low rates," the home building executive said. "Prices have been adjusted to levels that we haven't seen in six or seven years. It's a perfect combination."
But home buyers who can qualify for a mortgage will want to act soon in order to take advantage of this combination of affordability and rock-bottom rates because prices are rising.
On its quarterly conference call, Hovnanian announced that it hiked prices in 60 percent of its communities this year. "Prices are finally starting to increase after a long decline," Hovnanian told CNBC's "Squawk Box."
"Everyone will look back five years from now, that hasn't bought a house and say, 'What was I thinking?'" he added.
"Boomerang buyers" are also helping to support the housing recovery. These are buyers who went through foreclosure but are now looking to get back into the market. "It's not unlike a divorced couple wanting to get remarried again," Hovnanian said.
After looking at smaller homes when the housing bubble burst, buyers are also purchasing bigger houses again. "With rates where they are, with prices having come down to where they are, the monthly payments allow them to get more house in a safe range of monthly payments than they were able to do five years ago," he said.
