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Housing Slump Not a Financial Disaster For Some Equity-Rich Homeowners
Inland Empire, California -- The housing slowdown has hit, bringing with it record numbers of home inventories along with puzzled, frustrated, even angry sellers.
So what is a potential seller supposed to do? Darren Orshoff of The Home Ownership Roundtable says, "Don't panic, the best advice I can give is simply ride it out. In 2000, when the stock market threw many investors into turmoil, the ones who rode out the storm benefited.
"Indications are that the housing slump is already correcting itself and that in another year it will be back to where it was a couple years ago," Orshoff said. "If you're prepared, falling prices of housing are not necessarily a bad thing for homeowners."
Trading up opens some doors for many homeowners, who traditionally follow a very predictable buying home pattern. Most start out with a modest starter home as young adults. When they begin to have a family, they want to move into a home with more space. As the family grows and the children become older, they may change homes another time or two. As they become empty nesters and think about retirement they will look at downsizing into a smaller home or condo.
"This is a pretty ... more

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