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Same Old, Same Old In The Real Estate Market

publication date: Feb 24, 2011
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author/source: Chris Prang
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In case you have not been paying much attention, and I can't blame you if you haven't. Home prices are still declining. If you read this site at all, you should know that continued declines are expected. And NOW IS NOT THE TIME TO BUY A HOME UNLESS YOU KNOW WHAT YOU ARE DOING!!!

As I've stated before here, I don't believe this is a double-dip. I believe we are still in the first dip. You can not have a double-dip until housing prices return to their peak levels of 2006 and then go back down. Housing prices are still below the dip line.

A number of financial experts and economists are now prediciting further declines of 10-25%. Something I have been saying all along.

Check out these headlines:

My opinion, for what it is worth, is still the same as it has been.
  1. Foreclosures are still very high and could go higher.
  2. Foreclosures will remain way above normal for at least another 3-5 years...maybe even more.
  3. Housing prices in many areas will continue to decline.
  4. Unemployment is still very high and will remain high for quite a while.
  5. Real wages will not keep up with inflation.
  6. You should not buy a house now unless you know what you are doing.
  7. If you do buy a house now, depending on area, you better be paying 10-25% less than what distressed properties are selling for.
  8. If you buy a house now, you should only be paying cash for it or doing an Equity-Share arrangement. My rule is: As a Christian, never borrow created out of thin air, counterfeit, dishonest, what God calls "abominable" money from an unrighteous, secular lender who you will be in bondage to.


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