Saturday, June 10, 2006

Crack House

Critter on a pole

Well there is this crack on this path leading to the house and a critter on top of the electric pole. What good symbolism to see while we went with my sister and her husband in hunting their first house, I think of it as a crack to the continuous rise of housing prices and a critter for those speculative buyers who plans to flip houses which makes it harder for "real" home buyers to get reasonable deals. It's great to see and hear that at last in the housing market in the bay area the bidding wars have stopped and the constant comings and goings of house hunters have diminished as it seem to suggest the bubble has burst, or rather the bubble lost a lot of air. For Spring time it seems to be as slow as the Winter season housing market during the peak period of house buying, which is a good sign if one is buying a house soon. We've seen some potential houses, it's really up to my sister on what and when to move but soon I'm sure she'll live the American dream of owning a house and a mortgage ;)
P.S. There is still the case of people who bought the house that did not do their math well, bought too much of a house for them OR was fooled by their loan agent into getting in a house that they really can't afford. They might not be able to handle the rising interest rates and in those cases there will be a lot of selling going forward which will correct this situation.


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