Uh ... no.
[Patricia] Hynes bought her three-bedroom home in Lancaster brand-new for $119,000 in 1989 ... Her home is an island in a sea of repos. Houses on both sides have fallen into foreclosure; one is priced $10,000 less than the amount she paid 20 years ago.
Nearby, a four-bedroom, 2,100-square-foot home sold in May for $89,000 ...
Another tsunami of foreclosures is threatening to swamp an already saturated market. In Palmdale and Lancaster, 903 homes were sold in April, but according to ForeclosureRadar, more than 7,500 are in some stage of foreclosure.
Some buyers who thought they were getting bargains didn't ...
I bring this up here (and now) because I've TAG had members call to ask if now is a good time to liquidate retirement funds to purchase a new abode.
I've told them: "Not yet. We're not at the bottom of this fustercluck, so why cash out of funds that have probably lost a bit of money so you can buy some real estate that will lose money faster?"
There will be a time to buy the new house or condo, but I don't think we're there yet. Give it another year. Maybe two.*
* For those of you unfamiliar with So Cal, Lancaster and Palmdale are out in the Antelope Valley, in the desert. There is lots of empty land out there, and whenever we go into a recession, the area's property values always tank.