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| A
Realtor's View from Hubbert's Peak: The End of Cheap Oil and Cheap Money
(June 5, 2006) |
| The market has finally shifted in favor of buyers!
See Update: A Buyers' Market.(October
23, 2005) |
| War
and Property Inflation (April 7, 2005) |
| Why Home Prices
Are Going through the Roof: A Brief Guide to the "New Economy"
(January 13, 2003) |
| More Articles on the Housing Market:
A Word of Advice in a Real Estate Slump: Rent by David Leonhardt
(New York Times, April 11, 2007)
Crisis Looms in Mortgage Markets by Gretchen Morgenson, March
11, 2007.
Un-Real Estate by James
Grant, April 2005
Housing bubble in
New England (Dean Baker, Center for Economic and Policy
Studies, Jan. 5, 2003)
"These are perilous times for asset
markets ...." (Ian Campbell, UPI, Jan. 30, 2004)
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"House of Cards: US, UK Home Prices to Decline Dramatically in
Next Few Years."
See
The Economist's survey of May 29, 2003
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"Mortgage Markets Are Out of Control," New York Times, August
17, 2003
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| Co-buying: One
solution to the high cost of housing in the Valley?
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| Considering an adjustable rate mortgage? It may be
a risky proposition. See Homeowners Urged
Caution on Hybrid Loans
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| For the effects of skyrocketing home prices on
communities, see an article by Rebecca Solnit,
Hollow City (as computer money flows
into San Francisco, the quirkiness and creativity drain out). A
cautionary tale for Northampton and other Valley towns.
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Update: A Buyers' Market
The market has shifted dramatically in the
last four months: Houses are sitting longer on the market; sellers are getting
anxious and lowering their prices; inventory is perhaps three times what it was
last year at this time; and we are entering a new real estate cycle more
favorable to buyers. For the first time in ten years, time is on your side as a
home buyer! You can sit back and wait for more and more inventory to accumulate,
and for prices to drop.
The shift occurred not so much due to higher
interest rates, but rather to a change in psychology and expectations. It was
expectations of rapid appreciation that drove the boom of the last ten years, and
now that expectations are lower, we can expect at least some reduction in
property prices over the next few years.
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