House hunting: Is this the best time to buy? | Bedford NY homes for sale

NEW YORK (Money) — My fiancé and I are saving up to buy a house in the not-too-distant future. We want to take advantage of the housing market, but he’s skeptical about whether this is the best time to buy. When do you think prices will go up? — S.R., Los Angeles

I can understand your fiancé’s reluctance given that house prices continue to weaken. The S&P/Case-Shiller Home Price Index released last week showed that prices fell nationally in the first quarter of this year.

That’s the third quarter in a row prices have dropped, taking them back to mid-2002 levels. Meanwhile, at the end of March the monthly index that tracks 20 large metro areas dipped below its previous low of April 2009, essentially confirming a double-dip in home prices for much of the country.

As for your city, Los Angeles, the stats weren’t quite as bad as those of the 20-metro area index of which it’s a part. Prices in L.A. still remain about 5% above their trough of May 2009, although they fell again in March, the eighth month in a row.

On a decidedly more positive note, though, your hometown did make our list of the Top 10 Turnaround Towns. Whether that turnaround will be in progress by the time you’re ready to buy is anyone’s guess.

But given the recent lackluster jobs report and the million-plus homes in foreclosure, I don’t think anyone is expecting a robust about-face anytime soon. But that doesn’t mean you and your hubby-to-be shouldn’t be out scouting the market for a house to buy.

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