As a Sub-Prime Sales Superstar...the answer is easy.

Zoe, boy have you asked the right person and I bet you didn't even realize it. Both my wife and I are at the peak of performance in the mortgage lending game. We know all, how the meltdown occured, when it was predicted, everything. You ask a great question, that all Curezone money people should be asking...Is it a good time to buy? Answer: Depends. It all depends on your financial situation as it stands today. Bargains are to be had if and only if you have your previous home SOLD, money in hand!!! Never buy another home dependant on the sale of yours. The market is in the worst decline I've ever seen in 25 years in mortgages. Low-ball offers are standard fare. 30% lower than appraisal is normal. Appraisers themselves are required by their employers to low-ball estimates of value, by the way, so make sure the home you're buying isn't steadily declining itself or you've just purchased a lemon. According to my charts, their are 84 declining markets in America...84 and counting. Modesto, CA is horrible, Ft. Walton Beach, FL is terrible, Atlanta is on the skids, Boston, Sacramento, Fresno, Tallahassee, Tampa, Miami, Tucson, Las Vegas, San Diego...the list is endless. Michigan is a dead state. I'd move from Michigan today if I lived there. I can't even loan on some cities there. Ohio is on life support. Concerning mortage rates, they are super-competitive BUT BUT BUT you'd better come to the table with a high credit score and some down payment as lending requirements are tight tight tight. I turn down more people today than ever before. Fact of life. If you've got money in the bank, solid credit score, solid job, it is the best time to buy. If any of the mentioned is shaky, any of the three (money, score, job)...if any of these is on thin ice, keep renting or stay put in your home and ride this 2-year decline out. 2008 is going to be a disaster of a year in real estate, that's just the way it is. Foreclosures and bankruptcies are going to be at record levels. Hold on tight! Tweet