Back in December ( 2007) I wrote this blog and didn't publish as I did not want to dampen the Christmas Spirit.
So now seems like an appropriate time. Not much has changed.
On Friday, 12/21/07, just in time for Christmas CNNMONEY.Com published on on line business article predicting that homes prices in 2008 would fall in most metro markets.
They predict a 20% decline.
By now every potential home buyer has either seen or heard of this news item. And every home seller will have either ignored the article or has flipped on the amnesia switch!
We're talking a 20% decrease, not only in prices, but also about equity. It's going to take the majority of sellers some time to come to grip with this reality.
Some sellers, if they purchased years ago, and if they didn't refinance too high, will be OK and could walk away with some profit.
Those seller's who recently purchased, or those owners who purchased years ago, but refinanced to the max have a headache.
It's going to take time for this to settle and everyone is going to need patience.
A great deal of patience.
Bill McInerney
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