So says the NY Times, at least. Obviously your milage may vary depending on what part of the country you're in. However, the market is swiftly swinging back to a buyers market and those artificially high prices are dropping all around us. Some of the homes we've been tracking have come down 5-10%. I, personally, am holding out for a 25-35% drop. Those 90% gains that were experienced last year were just too good to be true.
This news sucks if you're the cat holding the bag. But for Americans who are looking to own a home with a mortgage payment that won't cost more than they could get to rent the same place, it's a good thing.
And there was much rejoicing.