This is my first blog entry, so I just want to get this "off my chest"...
We all know the reasons for a perceived decline in real estate prices throughout the U.S. It's not as if we couldn't see it coming....with all of the sub-prime loans being offered up to anyone regardless of their credit-worthiness. Builders were working overtime to meet the demand of the new home buyers entering into the market and re-sellers were taking advantage of the increasing high demand for housing. And then the bubble burst or at least began deflating!
Now banks and underwriters are tightening the requirements for mortgage loans and fewer people now qualify for loans with low down-payments. The net result.......a slowing down of the housing market in most regions of our country and the housing cycle is now in the process of correcting itself. I believe that 2008 will represent the low point in this decade and with the advent of 2009, we will see improved real estate market conditions!
But even with that said, real estate investment is still the best long-term investment and home-ownership remains the American dream. How fortunate we are to live in a country where tax incentives for being a homeowner still exist. GOD BLESS THE USA!
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