Sunday, June 10, 2007

Bottom feeders?

That's the header on an MSNBC story on the current state of the housing market. Potential buyers are described as greedy schemers just waiting for disaster to strike the unfortunate homeowner.
Foreclosures rising? Great. Cash-strapped sellers pressured into lowering prices because they can’t find buyers? Even better.

“Somebody else’s misfortune could be my happy ending,” said Montufar, 27, a resident of suburban Los Angeles.
Like most reports on the economy, tales of the housing prices remaining flat or even falling are met with dread. And I'm sure it's worrying, if you're desperate to sell your house.

But lots of people aren't merely waiting like vultures on the sidelines. They're simply priced out of the current market.

Like this person:
“At this point, I’ve got no choice but to wait and see how low they get so that it gets to a point where I can afford it,” he said.
and this one:
Still, she had to go to Fitchburg, some 40 miles from Arlington, to find a home that suited her budget and need for space. She settled on a $199,000 condominium.

In California, where home values more than tripled since 1995, sales have been lagging and price appreciation has slowed or fallen in major metro areas.
Does that make them bottom feeders?

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