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Karl E. Case Says Time is Right To Buy

Karl Case is a noted Professor of Economics at Wellesley College and founder of the research firm Fiserv Case, Shiller, Weiss Inc. The S&P Case Shiller Indexes are the most widely accepted measure of home prices in the U.S.

He has been addressing the Realtors in Boston for years and for the first time in a long time, he has positive things to say about the housing market. He said "the bust was a huge affordability program." The Bubble was inevitable and the correction was needed - just like the correction we had in the late 80s and early 90s which was a precursor to the run up again in the early 2000s.

The above chart shows the now more affordable homes in Massachusetts based on the comparison of income to home values. In addition, the combination of historically low interest rates and what he calls imputed value of owning due to tax advantages - mortgage and real estate tax deductions compared to renting.

Housing is one of the leading economic engines. With home prices down and interest rates down which in combination lead to a lower cost of owning the same home, we now need confidence that tomorrow will be better than today.

The "Spring Market" seems to have arrived early.

Posted at 12/28/2010 09:28 AM

Categories: Boston Real Estate, Boston Apartments, Relocating to Boston, Real Estate Sales Data, Boston Condominiums, Boston Property, Boston Residential Real Estate, Massachusetts Real Estate

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