Mortgage rates might be dropping, but where I live, a 50's era bungalow goes for an easy million. It's hard to justify buying such a heap for that kind of money when you know you'll have to spend just as much on top of that just to maintain it for the long run.
Its much easier to rent a nice place than buy one here, unless you're willing to buy a condo surrounded by AirBnB units.
Millennials (new home buyers) not jumping into the market?