http://home.hamptonroads.com/stories/story.cfm?story=100505&ran=193286
Appreciation is slowing, inventory is climbing, and speculative demand is waning. This is NOT the time to be testing the waters. I think you would avert great risk by renting for 6-8 months or even 1 year. Under the worst case, you would likely miss out on low single digit appreciation, and under the best case, you would avoid going upside-down on a 2006 purchase.
From the article:
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"I think it's going to pick back up, but the indicators I've had is that it won't be the appreciation and the feeding frenzy that it has been for the last three years," he said.
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