It’s hard to disagree with this assessment about buying Bay Area real estate, “They should buy a house to live in it, and be sure they can afford the payments.”

In the Bay Area, he thinks a decline in median price of up to 15 percent is likely to occur over three years.

We’re a third or half way through already, depending on the sub-market,” he said Tuesday in a phone interview. [emphasis added]

He’s talking about Bay Area real estate but this would apply to Arizona as well.

“The way to look at it is, they’re locking in a low-interest rate,” Rosen said. A Bay Area home bought now “will be worth quite a bit more 10 years from now, and maybe even five years from now.” But for anyone thinking a short-term housing investment will result in healthy profit, “that’s a mistake.”

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