Corelogic has called the housing bottom. This is big coming from “the most sober shop when it comes to real estate,” notes trader @dutch_book.
Corelogic chief economist Mark Fleming observes: “The real estate market may be experiencing a nascent recovery as many of the statics continue to show slight positive signals.”
Fleming goes beyond calling the bottom to say that this is the best time to buy in decades, based on the housing affordability index:
Since the peak in home prices, mortgages rates have declined and affordability has risen dramatically. Housing affordability is at levels not seen since prior to the early 1990s and is almost twice the level that it was in April 2006 (the peak month for house price levels) when housing was the least affordable it had been in two decades. While real estate professionals often say that “now is a good time to buy,” it is clear today that April 2006 was probably not a good time to buy, while now may well be the time.