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Housing economist: Good time to get a bargain

David Crowe, chief economist at the National Association of Home Builders, a non-profit trade association, joined us for a live web chat Thursday to answer your questions about the housing market.

Here’s one of David’s answers to questions from the live chat. (See below for the full Q&A.)

Emily asked:

“Has there ever been a better time to buy a home? Seems with rates so low, it’s a great time.

David Crowe replied:

“Emily - I think so, but I am an optimist. Seriously, home prices have probably bottomed in most markets (but as I noted earlier, that is universally true). Mortgage rates are not likely to go down much further and will eventually rise as the economy recovers. Home builders are hungry and while you will still have to pay a fair price, you may not get a better bargain than now before all the rest of the demand comes back.”

Here’s the full chat archive: