patrick.net

Maybe it just got better in February 2011.

Hmmm...

But if I buy a $250k house at 4.75% today, or a $200k house a 5.5% two years from now, how much difference does it make?

About a $50,000 difference.

EastCoastBubbleBoy says

Wage inflation would not surprise me.

Wage inflation would suprize me, since I don't see how it could happen until they get full employment in China, India, Vietnam, etc.

Cvoc13 says

Home owners are going to kick themselves in the rear end when they see how far prices will go down over the next 5 years.
30 -35%
We’re nowhere near a bottom in prime areas,

I would expect to see very minor reduction in prices. While banks continue to dispose of foreclosures, it will have an impact to the low end of the market. Most of the houses they are selling at rock bottom prices are not desirable areas or houses to begin with. Houses that are desirable, the bank is selling will have multiple offers, there by keeping prices of those houses higher. Houses that your looking for. A decent looking house on a larger piece of property will be in higher demand than development tract homes on small lots.

If you were to look at the figures of what percentage home prices have fallen, you'll see that slums and development tract homes have lot the most value percentage wise. Decent houses in better areas have lost a smaller percentage in value / price in comparison. I believe your going to see the same thing in a housing market recovery. The most desirable houses will increase in value first and faster than less desirable houses. There may be those that are quick to point out prices continue to slide, but you need to ask yourself, do you want to live there? Probably not and most other people are saying the same thing and that's why prices are still sliding for those areas.

Real estate is a local thing, why else would a tiny apartment on Park avenue in New York City be more valuable than Big farm house and barn on 100 acres of land in Montana?

zzyzzx says

Cvoc13 says

Home owners are going to kick themselves in the rear end when they see how far prices will go down over the next 5 years.

30 -35%

We’re nowhere near a bottom in prime areas,

East Coast Bubble boy isn't in California, so your assessment that all real estate will continue to fall is a false assumption. If all real estate is doomed to lose the same percentage, then why has Las Vegas properties fallen 50% to 60% and Texas which only fell about 5% since 2007. In Texas prices have bottomed out and are starting to go back up. Las Vegas is probably a lost cause for another 10 years, don't know about the bay area in California and I think prices are near or at bottom in the northeastern United States. The prices of New Jersey houses are going up, sales are still weak, but the stuff that is selling is increasing in price. Since prices are increasing in New Jersey, I believe the most desirable houses / areas is what is driving the upward trend in prices.

My Opinion? I think prices have fallen as far as they are going to, Time to Bite the Bullet EastCoastBubbleBoy and buy something. You were very wise to wait, but I do not think it's wise to continue to wait.

Realistically markets will be adjusting for next 5 years or so. It's not a market, it's still a balloon deflating where random people run around still hoping to get ballooned price for their wooden box.

This morning:
http://blogs.wsj.com/economics/2011/02/09/live-blog-ben-bernanke-talks-budget-on-the-hill/

Ben Bernanke:
"...it would take us another four years or so to get down to 5% to 6% unemployment. "

And that was a very liberal statement because it considered 4.5% growth in GDP, which isn't there. But to sum it up in present context... no jobs = lower prices.

TechG, I have no idea about the market situation in where ECCB lives. Obviously, I can't comment on what he should do though, your last post above made me curious.

- What made you believe the housing price is as low as it can get in where ECCB lives?

- Which one is that? It's time to jump in because the area already got the kind of correction it needs, or you think he should not wait any longer because there're full of BS, and full denial that won't go away in thousand years?

I frankly have no idea how fast or far home prices will fall in the bay area. I thought a couple of years ago it would be much faster and sooner. I was wrong.

I will say that I get to rent a nice house for much less than I can buy in a nice neighborhood. I have really learned to enjoy no home repairs and yard work. That is plenty incentive for me to keep renting.

infection point. I have no idea either in northern virginia area. I thought the same way, and I was wrong too.

House rent is very rare, almost non-exisitance in where I live. Rent = Apartment is the norm here. Now I am seeing all sort of rent available though, it never was common. Apartment living had been ok for me for years, but it turned into a ghetto after few new commers came in. Old timers are leaving this place and I will be the next.

Will I rent better place or will I buy? It all depends on the market situation in next 6 monthes.

Seaside,

That is a tough situation. We have lots of single family home rentals in the bay area. I have been lucky to find a good rental at a very reasonable price and my landlord is excellent. I will re-sign my lease for another year.

I think you can easily rent for another 6 to 12 month and wait it out. After all, lets say we hit the bottom this year. I dont think home prices are going to start rising any time soon. If we have reached the bottom it is going to bounce side ways for some time to come.

Best of luck to you.

EastcoastBubbleBoy, you are absolutely right! We realized the exact same thing and bought a place. There is no rush to buy if you don't have any serious reasons to get out of your rental (like rent increase or nasty landlord)...but if your just waiting to buy because its gonna be cheaper, I think that's not the right reason. If you have the money right now and find a decent place that works for you and that you are comfortable with, I think its a sound decision...IMHO.

We hated our rental and landlord so I could not wait to get the hell outta here. If interest rates rise, price will come down but like you said...it won't help you, because your payment will still be the same for the same place and you may waste another 2 years of rent money. The only time it would matter is if prices dropped 50% and you had enough cash to buy a house with cash then...but another 50% from here would mean EVERYBODY can buy a house...that's exactly why it won't happen. Everbody can not buy a house - as soon as prices get cheap, people come out of the woodwork rentals and buy = prices start to stabilize then climb...

Good luck on your search, if you decide now - be tough - its a buyers market now, which is nice...inspect the home to the tooth and hand out a list with all the things you want fixed. Of course, all within reason but its that kind of market.

seaside says

TechG, I have no idea about the market situation in where ECCB lives. Obviously, I can’t comment on what he should do though, your last post above made me curious.
- What made you believe the housing price is as low as it can get in where ECCB lives?
- Which one is that? It’s time to jump in because the area already got the kind of correction it needs, or you think he should not wait any longer because there’re full of BS, and full denial that won’t go away in thousand years?

Because i know where he lives, I don't have his exact address, telephone number or Social Security number, but I have a pretty good idea what area he lives in.

As I stated at the end of my posting, in EastCoastBubbleBoy's situation at least, it's time to buy. The northeast is showing signs of housing recovery. I do not fore see more than another 5% decline in prices at the very most in the NorthEast. It really doesn't pay to wait any longer, at least for the kinds of inventory he's looking at (House with land). As i stated before the lower end of the market (tract developments on no land) will continue to drag down overall sales and pricing, but the higher end of the market is beginning to recover.

TechG. I somehow knew you had an idea about where he lives, and talked accordingly. My question was the reason why you think it’s time for him to buy, and your answer was it is because there’re signs of recovery in his area. That exactly is what I was curious about. What signs of housing recovery there? Can you be bit more specific about them, and let me know what they are?

For me the elephant in the room is that anyone saying one should buy now or that the bottom is in assumes that the recovery in jobs and wages will continue. I think that is a very dangerous assumption. Employment is not improving (regardless of what the headline 9.x% number says). Likewise wages are not improving.

One silver lining to this whole housing bubble debacle is that now you need to have income to qualify for a loan (down payments are still too low due to govt intervention but that's another topic). So if the employment or wage pictures continue to deteriorate then house prices must fall regardless of what interest rates do.

inflection point says

I frankly have no idea how fast or far home prices will fall in the bay area. I thought a couple of years ago it would be much faster and sooner. I was wrong.

Well you were right, prices did fall much faster and continue to fall. Only half way there so far.

http://www.housingbubblebust.com/

TechGromit says

The northeast is showing signs of housing recovery. I do not fore see more than another 5% decline in prices at the very most in the NorthEast

http://www.housingbubblebust.com/OFHEO/Major/NewEngland.html

Recovery ? Yes back to the normal trends...

thomas.wong1986 says

TechGromit says

The northeast is showing signs of housing recovery. I do not fore see more than another 5% decline in prices at the very most in the NorthEast

Recovery ? Yes back to the normal trends…

You graphs show two or three of the areas it's tracking out of seven in New England have flattened out. And for the other North East, three areas that are going up in price and another 2 that have flattened out. Incidentally, I live in near Atlantic City, which is basing my assumptions on. None of the graphs specifically addresses East CoastBubbleBoy's exact area. Also you have to remember the graphs are an overall condition of the market. they do not separate the different housing market tiers (low, middle and upper), a more detailed graph may show a much different story.

grywlfbg says

For me the elephant in the room is that anyone saying one should buy now or that the bottom is in assumes that the recovery in jobs and wages will continue. I think that is a very dangerous assumption. Employment is not improving (regardless of what the headline 9.x% number says). Likewise wages are not improving.

Hmm, I'll have to agree with you, the job outlook isn't improving very much... But regardless how FU'd the economy is, someone always has money. And those that do are not looking for at cookie cutter houses on 60x100 lots. They are looking for nice houses on decent sized properties, weather in golfing communities or nice wooded areas. This it the type of inventory East Coast it looking at. If he was looking at tract development housing, my advice would be very different. So I will state my position yet once again.

The upper end of the market on the east coast is beginning to improve significantly. Even if the graph shows an area is in decline overall, you have to consider that perhaps the low end inventory is dragging the graph data downward.

TechGromit says

thomas.wong1986 says

TechGromit says

The northeast is showing signs of housing recovery. I do not fore see more than another 5% decline in prices at the very most in the NorthEast

Recovery ? Yes back to the normal trends…

You graphs show two or three of the areas it’s tracking out of seven in New England have flattened out. And for the other North East, three areas that are going up in price and another 2 that have flattened out. Incidentally, I live in near Atlantic City, which is basing my assumptions on. None of the graphs specifically addresses East CoastBubbleBoy’s exact area. Also you have to remember the graphs are an overall condition of the market. they do not separate the different housing market tiers (low, middle and upper), a more detailed graph may show a much different story.
grywlfbg says

For me the elephant in the room is that anyone saying one should buy now or that the bottom is in assumes that the recovery in jobs and wages will continue. I think that is a very dangerous assumption. Employment is not improving (regardless of what the headline 9.x% number says). Likewise wages are not improving.

Hmm, I’ll have to agree with you, the job outlook isn’t improving very much… But regardless how FU’d the economy is, someone always has money. And those that do are not looking for at cookie cutter houses on 60×100 lots. They are looking for nice houses on decent sized properties, weather in golfing communities or nice wooded areas. This it the type of inventory East Coast it looking at. If he was looking at tract development housing, my advice would be very different. So I will state my position yet once again.
The upper end of the market on the east coast is beginning to improve significantly. Even if the graph shows an area is in decline overall, you have to consider that perhaps the low end inventory is dragging the graph data downward.

The main reason people that may have purchased housing in a development instead of in nicer area is price. When the market was in a bubble, even those with money could only afford smaller properties in developments. Now that market has stabilized, and they can afford nicer houses, they were not going to run back to over crowded developments anytime soon. If could afford a nice house on a bigger piece of property, what are you going to buy, that, or some house on a busy highway cause it's cheaper? A house on a 60x100 lot where 1/4 of the houses in the development are vacate because they were foreclosed on? I think not. The most desirable housing is going to go first, as the demand increases for those properties, the price will follow. Once the price reaches a point where some can not afford them, they will be forced to select less desirable properties.

If you were to look at houses for sale today and compare them to what they were selling for in 2005. Development houses that all look the same with no property are off by as much as 40% to 50% in price. Compare that to houses that are more unique looking, that are on larger lots of land, they are only off 20% to 25% in price. The desirable houses will always fall less in value during a downturn when compared to "Dr. Bubble Housing's gem of the week" and recover first and faster.

Folks whats happening IMO is the banks can't lower there prices in many areas. remember comps right?
Nothing seems to be selling around my area at the moment. I'm backing up with tons of old REO properties that aren't moving. at least mine aren't. I have 50 properties and only one has sold in the last 30 days.
I can't even take any more properties to manage.
this baby is going to pop soon!

Banks are starting to let the "tenants" just stay a watch the houses in places likeHemet CA, I'm seeing more of this as of late.
2011 is going to be the year! 20 percent down from here!

TechG, thanks for your opinion, though I still have couple questions.

I want you to give me some idea about the general market (HH income, unemployment rate, and home price range) of where you think ECCB is looking at, since I can hardly imagine what the place is like as ECCB was talking about 200~250K home, and you're saying it's upper end property in nicer area. This does not make a good sense to me, and I am pretty sure that we're seeing different pictures as we are living in different locations.

High end area in northern VA and some part of MD where median home price is over 700K, HH income is 200K = going up. 14% or so up in last few months. Mid level area where median home price is 450~500K, HH income is 80~100K = fluctuating little bit, -5 to +5%. Low end or less desirable area mostly in east and south of DC = Slashed down 50% already and still going down... is what's happening in DC metro. Only one trend that is the same in all area is sales volume. It's quite lower than usual. Unemployeement rate never been a problem here in DC metro area.

So, what's the area you think ECCB is buying is like?

Katy Perry says

Folks whats happening IMO is the banks can’t lower there prices in many areas. remember comps right?

Nothing seems to be selling around my area at the moment. I’m backing up with tons of old REO properties that aren’t moving. at least mine aren’t. I have 50 properties and only one has sold in the last 30 days.

I can’t even take any more properties to manage.

this baby is going to pop soon!
Banks are starting to let the “tenants” just stay a watch the houses in places likeHemet CA, I’m seeing more of this as of late.

2011 is going to be the year! 20 percent down from here!

Same here. I am adding more and more of them on redfin favorites everyday but none of the old favorites are coming up as *SOLD*.

Classic example. I have so many on my watchlist.

http://www.redfin.com/CA/Cypress/9838-Ravari-Dr-90630/home/3994846

bubblesitter says

Same here. I am adding more and more of them on redfin favorites everyday but none of the old favorites are coming up as *SOLD*.
Classic example. I have so many on my watchlist.
http://www.redfin.com/CA/Cypress/9838-Ravari-Dr-90630/home/3994846

That linked to a short sale. Short sales usually take forever if they even get approved at all. Any listing that says 'short sale approved' is only telling half the truth. It was approved for the last buyer that walked away. It really means that they (the agent) has a good idea what price the bank wants.

vain says

bubblesitter says

Same here. I am adding more and more of them on redfin favorites everyday but none of the old favorites are coming up as *SOLD*.

Classic example. I have so many on my watchlist.

http://www.redfin.com/CA/Cypress/9838-Ravari-Dr-90630/home/3994846

That linked to a short sale. Short sales usually take forever if they even get approved at all. Any listing that says ’short sale approved’ is only telling half the truth. It was approved for the last buyer that walked away. It really means that they (the agent) has a good idea what price the bank wants.

That's my point. This is a part of inventory that's going to drag the prices down.
I wonder how much the home owner is paying to the bank to just stay in home and not being foreclosed on?

Many ignorant folks in this site. See too many wishful thinkers here thinking that price MUST DROP. The reality is no. It won't drop significantly more (20% plus) in good neighborhood. Crappy neighborhood, yes. But not good house in good neighborhood. I live in San Diego, and I know our good neighborhoods are not dropping because homeowners has SIGNFICANT equity in their house, they just don't have to sell cheap. They have the cash and freedom to just sit on it. They didn't buy between 2003-2006, they have a lot of cushioning.

Keep dreaming about getting a 3000sqfts La Jolla ocean view house for $500k. I will be the first in line to make an offer.

There are lots of folks with deep pockets and to tell you the truth, lots of people make good money investing in stock between the housing bubble time, myself included. So, we are looking for houses to buy like a hawk. When there's strong demand, price will stay up. Trust me, don't be a fool, if the price is right, act. Don't sit on the sideline forever and assume the housing opportunity will come to you easy. Its a luxury item and not meant for everyone to purchase.

Disclaimer: I did buy a detached house myself during Dec 2010 because the price to own ratio make very Good financially sense to me & my wife. And no, I am not a REA.

25% from here in nominal terms would take SD down to year 2000-2001, right before the tech recession:

http://research.stlouisfed.org/fred2/series/SDXRNSA

they just don’t have to sell cheap. They have the cash and freedom to just sit on it. They didn’t buy between 2003-2006, they have a lot of cushioning.

Of course. It's not the home owners that establish the market-clearing price on the way down -- it's the banks.

So, we are looking for houses to buy like a hawk.

investment properties will only be supported by area rents and demand/supply issues.

Now, I don't have a crystal ball to see what's going to happen this decade. But there are certainly plenty of trends in place to utterly slaughter California real estate values.

FIRE employment is down below 2000 levels:

http://research.stlouisfed.org/fred2/series/SAND706FIREN

As is total employment:

http://research.stlouisfed.org/fred2/series/SAND706NAN

Information, same thing:

http://research.stlouisfed.org/fred2/series/SAND706INFON

Manufacturing is disastrous:

http://research.stlouisfed.org/fred2/series/SAND706MFGN

Education and health is the one bright spot:

http://research.stlouisfed.org/fred2/series/SAND706EDUHN

But we're due for a combination of massive cuts in headcount and spending in this area.

As is military, but they don't have charts for that, and at any rate military spending isn't going to be a growth industry any more and the SD economy will be lucky to keep the spending it is receiving.

My thesis is that we are in the process of backing out all the bullshit of the previous decade. It is going to take a lot of time, and pain.

Its a luxury item and not meant for everyone to purchase.

Buy now or be priced in forever?

Peak baby boomer is aged 55 now. Over the next 25 years the trend is going to be the baby boom dying off or being institutionalized, increasing supply.

Japan 1990-now is a very good example of a housing market grinding down from speculative peaks over an extended period of time. Unless the rich start renting houses to each other I think there's still plenty of air in this market.

Troy,
Prove me wrong, give a timeline. What's your prediction? You can't just say it will drop EVENTUALLY without giving a timeline. Everyone can say the end of the world is near, but it's meaningless without a timeline. So, I challenge you. If you say price will drop dramatically, give an estimate when.

My prediction is: for the next 5 years, there will be NO 25% drop in San Diego good neighborhoods/decent $500k SFR houses based on medium price data.

What is your prediction?

Also, don't quote me or twist the fact. I never say "buy now or be priced out forever"

I said buy now if the price to own ratio make sense to you.

You once again tried to misinform others.

masayako6412 says

Also, don’t quote me or twist the fact. I never say “buy now or be priced out forever”
I said buy now if the price to own ratio make sense to you.
You once again tried to misinform others.

Good gesture from a buyer. One buyer here spread a word of advise "it is time to buy now"..now that I have bought.

WTF is a price/own ratio? These bulls don't
even know what terminology to use, because they don't use
any indexes or analysis. Buying a house is just an emotional
experience for them. These people are to blame for the whole
housing mess we are in.

dunnross says

WTF is a price/own ratio? These bulls don’t

even know what terminology to use, because they don’t use

any indexes or analysis. Buying a house is just an emotional

experience for them. These people are to blame for the whole

housing mess we are in.

Pure emotion. Pretty much all economic common sense gets burried under pile of emotion after the home purchase.

masayako6412 says

What’s your prediction? You can’t just say it will drop EVENTUALLY without giving a timeline.

http://patrick.net/?p=612891

There are still wildcards here, like the Fed rolling out Japan-style no-down 1% mortgage interest rates

http://e.nikkei.com/e/fr/tnks/Nni20100902D02JFN01.htm

but I don't care about home prices that much, I care about rents.

LLs have to compete with the government, OPEC, and PG&E for their renters monthly pay-packet.

I don't see any intrinsic growth coming this decade, just continued grinding.

You once again tried to misinform others.

If prices are going down from here, it is quite likely there there will never be a good time to buy.

My preferred pricepoint is $500,000 or so, a 3% annual price drop means I get free rent basically.

I think this nation is heading straight into the toilet.

I could be wrong about that or if not that rents will somehow inflate this decade even if everything resumes the collapse that was going on 2H08-1Q09.

But I don't see any light at the end of this tunnel. Inflation can't save us since this isn't the 1970s.

Inflation will just make housing worse.

Price Rent Ratio. Big deal. I don't think it's worth replying anymore. You buy, you don't.. who cares.

Just a waste of time.

You don't get it; you don't get it.

To the folks who listen to logic: Buy now IF it's actually cheaper to own than rent. Don't really make sense to wait for the bottom. Nobody can tell the exact bottom. There are good deals out there currently. Go do some house hunting. RE is always local, you can't use macro view and look at graphs to determine when to buy. I'm done.

No point to argue. I know I'm right. :) I have cash to buy one more if the buying opportunity present itself again.

dunnross says

WTF is a price/own ratio? These bulls don’t

even know what terminology to use, because they don’t use

any indexes or analysis. Buying a house is just an emotional

experience for them. These people are to blame for the whole

housing mess we are in.

bubblesitter says

masayako6412 says

Also, don’t quote me or twist the fact. I never say “buy now or be priced out forever”

I said buy now if the price to own ratio make sense to you.

You once again tried to misinform others.

Good gesture from a buyer. One buyer here spread a word of advise “it is time to buy now”..now that I have bought.

seaside says

TechG, thanks for your opinion, though I still have couple questions.
I want you to give me some idea about the general market (HH income, unemployment rate, and home price range) of where you think ECCB is looking at, since I can hardly imagine what the place is like as ECCB was talking about 200~250K home, and you’re saying it’s upper end property in nicer area. This does not make a good sense to me, and I am pretty sure that we’re seeing different pictures as we are living in different locations.

...

So, what’s the area you think ECCB is buying is like?

I do not want to identify the exact area, since He never specifically identified it on this site ever, I assume he doesn't want it to be common knowledge. I can tell you this, a quick internet search brought up a 5 Bed, 2 Bath 3,610 Sq Ft house on a 7.50 Acre Lot for 250k, this place is very rural and another 4 Bed, 3 Bath 2,063 Sq Ft house on a 0.40 Acre Lot for 249k. These places are not near Washington DC, New York, Boston or Philadelphia where the jobs pay better and property is more expensive. Think more Bear Market territory, like Western PA.

OK, it's rural, huh?
I don't know why I thought he is buying at nicer part of suburb fairly close to the city. No wonder 250K doesn't make sense to me. I think I have to change my assumption.

I have something to say about it though, I am not sure if its nice thing for me to do or not, at this moment. I will tell you what I am thinking when the time, of course I think, is right.

Masayako,

I don't think anyone here is trying to time the exact bottom. It would be folly of course.

However, the buy now, immediately, you gonna miss out, idea is also pure rubbish.

And before you backtrack and say you didn't say that, let me quote you:

"Buy now IF it’s actually cheaper to own than rent."

And now allow me to point out that there will be no V shape recovery. That in fact during the last RE downturn, the period of the bottom....within 10% either way of the actual very bottom...lasted nearly an entire decade.

Bottom line is there is simply no urgent push to "buy now".

John,
I share my point of view , you share yours. You can't change what I feel make sense. So, in short, no point to argue. I advise people to buy when it make financial sense to them. There are good pricing houses out there to check out already. I bought one recently and probably will buy one more as rental properties when the price is right. If you don't agree to my viewpoint, then don't follow what I said. It is as simple as that. One thing I agree with you, don't rush in and buy at all cost.

However, when the opportunity come, one need to act fast. Alright, I am done educating folks to make the right decision. I don't want more people bidding offers against me. ;)

TechGromit says

Because i know where he lives, I don’t have his exact address, telephone number or Social Security number, but I have a pretty good idea what area he lives in.

I thought ECBB lived on Long Island. I'm guessing Nassau-Suffolk counties.

masayako6412 says

thing I agree with you, don’t rush in and buy at all cost.
However, when the opportunity come, one need to act fast.

????????????????????

TechG.
I always thought the right time is when the buyer and the housing market both is prepared. I have no reason to doubt ECCB's preparedness. So how about the market in his target area?

There's something more important than the price. If I had to boil it down to one simple question, it would be... Will those parents with kids love the area? If so, I'd say go for it. Otherwise, I want ECCB think bit more about the market situation.

The reason is, I just hate to see what happened to newhomebuyer7 is happeing to ECCB. newhomebuyer7 worked hard, saved hard for downpayment for years, then he bought a SFH at 50% or so slahed price off the peak. Even I thought the price is great. But the housing market in his area keep sliding down. 10~20% or so from there in 6 months. This could wipe his downpayment. I guess he will be alright in the long run since he can manage the situation, but I don't think he would love the situation either. The only problem I can think of is the area. Poor schools, crime issues, foreclosure zone, never been a kind of place parents with kids would love.

In northern virginia, housing market is quite differ from each other depending on school ratings. Home price in those area with good schools haven't crashed, dented at best, while other area with poor schools got slammed.

Call me vain if you must, but its amusing to sit here and read people speculate on where i may or may not live.

At the end of the day the want (not need, but want) for land becomes limiting. And so, I start to look at different "what if" scenarios, to see if maybe I need to forgo a want, focus on covering my needs, and not try to hit a home run at my first at-bat. After all there's nothing wrong with a start house.

But the more I look at it, the more I realize that, even if things have already bottomed out, there is little risk in waiting, as prices are not going on a tear a-la 2000-2007. Double digit appreciation is a thing of the past, at lest for the foreseeable future. And so, I wait and watch. In the end, buying a home is such a big commitment... its kind of like falling in love and getting married. You know the right one when you see it. Perhaps this is a foolish way of looking at it, but its one mans perspective.

Truth be told I get cold feet. The idea of years of savings finally being spent. The fact that my housing cost would almost double. What can I say - I've gotten comfortable living below my means and saving the difference. I've been blessed with decent health, a steady job, and reasonable wage. Why upset the applecart chasing the "security" of material things?

As I read back though some of my posts, I've notice they've gotten somewhat stale and repetitive. Sorry 'bout that.

Regards,
ECBB