Please don’t take this as ill-will toward those who bought at the peak, as I very nearly was one who did and just couldn’t stomach the burden or crazy terms, but this is the best news for our economy that we could have gotten this week, in my opinion.
Now, bad news about the market certainly isn’t going to get people out there buying homes, nor is it going to stop the hemmorage in sales and pricing, but it is evidence that the free-market is doing what is should do, regardless of our government’s attempts to counter it.
I told my wife 3 years ago we were going to have to leave California if we ever wanted to buy a home in a “decent” neighborhood with good schools. That has now changed, and I can now afford what someone with my salary should be able to afford. I will not buy until next summer at the earliest because I still think the market is inflated 15-20%, but we’re definitely heading in the right direction.
