For those of you hoping that the housing market had bottomed out, the news released yesterday indicates otherwise. Fannie Mae reported losses amounting to $2.3 billion, while its country cousin, Freddie Mac’s last quarter losses amounted to $821 million - far more than had been anticipated.
While some experts believe prices have fallen enough to get a bargain, I believe that the news from the country cousins indicate house prices still have a way to go before they reach the bottom. This means if you are contemplating buying a new home, it might be a good idea to wait. For those of us who had counted on our homes to provide additional retirement income, this is not good news.
