Remember the old saw about the stock market? "In every transaction there's a buyer and a seller ... and they both believe they got a good deal."
New homebuyers like us, on the other hand, are doing just fine, thank you. We're closing on a house this week at $10,500 under appraisal on a fixed 6.5% mortgage. The seller is selling below his cost, but that's not our problem, is it? [Our local market is far below either coast, so $10,000 under appraisal is a pretty good deal.]
That's great news for you. Just remember, housing will fall a lot further before this is all over.
"The title of this article is a bit misleading; it should read "Falling prices trap recent homebuyers."
You are correct!
>>The title of this article is a bit misleading; it should read "Falling prices trap recent homebuyers." <<
Or those who recently refinanced or otherwise have no equity, or even negative equity.