New Report Says It’s the Best Time to Buy a Home in Four Years

Cleveland–A new report by Cleveland-based National City Corp. and financial analysis firm Global Insight, which has offices in 13 countries, says now may be the best time to buy a house in more than four years.Falling home prices, coupled with valuations–the difference between what a home should cost and its price–are at their lowest point since 2004, according to than 88 percent of the 330 housing markets reviewed in the report experienced price drops and increased affordability in the last three months of 2007.In addition, although 21 housing markets–including Atlantic City, N.J. and Madera, Calif.–remain over valued, the total number is down from the high point of the housing boom, when 56 markets were out of sync.National City’s chief economist Richard DeKaser said that housing valuations are returning to normal levels but warned prices could drop again. “We could move below historic norms,” DeKaser said. “By the end of 2008, housing markets could be broadly under valued.”