to be honest, I don’t statistics and I’m just going by what I’m seeing and what I’m hearing. People around me all talk about this being the best time for a homebuyer to buy (of course, agents always say that), but I constantly have this discussion with homebuyers that are ready and looking. I try to tell them to wait, that we’ll have at least another few years for a decline, but they don’t believe me. And I’ve watched 5 house in my neighborhood, that had been sitting for months, sell in the past month. 2 months ago they all suddenly started getting a lot of traffic, from what I’ve seen.

But then, there is not ONE market. There may be trends, but every neighborhood has the potential to move somewhat independantly from the surrounding due to various factors (whether it’s a special school or proximity to a mall or freeway or whatever). SOme neighborhoods may be more in demand due to those factors, then the one right next to it.

Just my thoughts

“Builders are reporting that traffic of prospective buyers has fallen off substantially in recent months,” said NAHB Chief Economist David Seiders. “Given the systematic deterioration of job markets, rising energy costs and sinking home values aggravated by the rising tide of foreclosures, many prospective buyers have simply returned to the sidelines until conditions improve,” he said.

Of course they’re lobbying hard for a tax credit for homebuyers, so they may be inclined to exaggerate.