The crazy part about the article below, I was doing mortgages back then and the math seems to make sense. Interest rates 25 years ago, were double what they are now. So even though the loan amounts today are larger, the payments are the same.
Wow, just think about that! Until we have better employment numbers, real estate values will continue to flounder. Yes, the number of real estate sales are improving and in some markets the values are increasing, but with no serious momentum.
There is no better time to buy a home. First time home buyers so often today end up with mortgage payments lower than what they are paying for rent. The average refinance I am doing today saves just about $300 per month. That is a $4,000 per year savings.