Around Summer, 2005 I was at a pool party down in Orange County. It was at a close friends of my wife. My wife's friend has a cousin David, like her in age: mid 30's. He married his wife Shanna going on five years. They have two brilliantly beautiful kids Lilly and  "The Mighty" Quinn.

This generation of Duttons are largely 2^nd generation Americans from Scotland and Italy, a family of joy and grace and many musicians.  Drummer David has worked till his bones are sore for many years now as a Maintenance Manager at a local school district and still does weekly gigs with mates from his band Bodie.  Momma extraordinaire, Shanna does clerical work part-time for a Consulting Company. Their kids never go without.

They knew I was an agent and doing very well and wondered if they'd ever grab part of the American Dream. I asked why not and they had a list: zero savings except for 401k, some debt but not terrible, average credit, basically renting a home near their cousins in a neighborhood they love.

A neighborhood which had seen about 100% increase in prices over those last four years. With a prequalification from their Credit Union, they knew what they could afford; what was out there in the area was DOUBLE that.

They feared they missed the boat.  I told them other boats will come.

So they waited. They saved. They cut down the extras, the eating out, renting instead of going to movies, using coupons. They paid down their debt. They saved some more. David got a raise; Shanna found a 2^nd part-time job.

Come 2006 they wanted to jump in. Condos in their area previously out of reach were now within reason. While it wasn't necessarily their first choice, it was a nice first step. We looked at some places and they were eager but not thrilled. I asked them to be patient.

Their patience has not faltered for two years. Now they've paid off their car. Their credit score and income is up.  And forget the condos....HOMES in the neighborhoods they truly love, near their family are within reach. We are looking every week and writing offers frequently on shorts and foreclosures. There's a bit of melancholy in that someone is suffering so the Duttons can move up. But one man gathers what another man spills.

The Duttons did not get caught up in the hysteria of a steamrolling market that is now churning some good folks under. They were patient, financially frugal and wise enough to know their time would come.  I feel confident they will be homeowners in 2008.

I also feel confident there are many other Duttons out there.

Tomorrow: The Real Investors Come to Town