Friday, April 3, 2009

Housing price meets value where bottom comes up

The signs of housing bottom:

- Your friends stop telling you it is time to invest. No, it is your debt lender's investment.
- The mortgage rate goes up to 7% for 30 years fixed loan.
- No one is concerned about housing price no matter it is going up or down, people show no interest.
- Public is saying housing price instead of housing value.
- NAR stops commenting on housing price.
- Media stops mentioning housing value for good or bad.
- Meloroose goes away.
- There are no open house signs around corner.
- Banks offer loans to you if you have savings with the bank, don't talk to you if you have no savings.
- Agents don't ask you how much you are going to pay but what house you are looking at and propose several options with detailed history and comp..
- Agents send you detailed reports to the options they give, provide inventory numbers and prices in neighboring cities.
- Always remember: House is lender's investment not yours, you are debtor to lender before you pay off, then debtor to IRS.
- Government stops giving money to first house buyer
- Those who say bottom are not from housing or related industry
- House is a house not home