Time to induct someone from the MSM.
Thorner Blog: (Un)Real Estate
"Having recently bought and sold a house here, Thorner has shown his insights are more than theory. He's got the burn marks to prove it."
2007-11-05: A prime time to buy a house?
So is it time to start hunting for bargains? Now is a good time to shop for a house, if not to buy.
Some prices are probably flirting with the bottom: Houses repossessed by the bank.
2008-01-07: Sharks await big meal but may go away hungry
Prices appreciated fairly normally until the insane run-up between 2004 and 2006. Inasmuch as speculators drove up the median home price to its $239,600 peak in June 2006, we need to see a correction. We've already seen part of that correction.
But don't expect a steal of a deal on every block. Subtract the speculators and inflation runs about 3 percent a year. Incomes have climbed over the years in Tampa, albeit slowly. Tens of thousands of people are locked into homes bought at boomtown prices. They won't give away their money without a struggle.
I have a name for house hunters counting on a return to 1998 prices: lifelong renters.
Well, I have a name for someone that bought during the bubble: Priced In Forever. Or until they walk away, in which case, there won't be much a struggle over their money--it will simply be gone. Here is the home Jimmy (aka Tiny-Trump) bought and sold:
23562 Pine Lake St, Land O Lakes, FL