If you’ve been renting for the past few years or a first time home buyer, that’s great.  You’ve saved yourself a hundred grand!  Now’s your chance to jump into the market and buy a house. 

Here’s how I look at it.  A house that was $250,000 a year ago might be fairly priced today at $200,000.  Undoubtedly, one of the thousands of homeowners trying to sell a house for $200,000 these days is desperate, and would take $150,000.  Their place has been on the market for six months or more, without a single offer. Read the rest of this entry »