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May 05, 2008


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Not bad. more than 20% off the original list price. the next three years will probably bring it down another 15% and then perhaps we'll have returned to some form of sanity. it seems like right now we have people trading houses back and forth, but we're a ways off from new families entering the market in places where the median is much north of $300k--unless you have a house to trade, it is simply unaffordable. i'm seeing so many people who took out exotic loans on $300k houses who simply cannot pay the mortgage...nothing to do with subprime, simply the fact that people borrowed more than they could afford. the coming wave of foreclosures will be overwhelming.

of course, my comments relate to coastal, mountain, or other highly speculative markets.

when i look at the 100 year shacks that sold for over $275k in my town, i can't help but be reminded of the beanie baby craze a few years ago.

I agree with AdanCO,

House prices are likely to fall for at least another year or two or perhaps three.

You are fortunate, being in a position of being able to buy in this time of of a buyer's market. (I know, its not luck....)

Hope you get your next choice of the house at your price.

Best regards

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