To continue on BuyerWillEPB’s response regarding sour grapes…
I don’t have sour grapes for myself as I was one of the lucky ones who benefitted from the ridiculous runup (and that’s all it was–luck), but I can taste them for a good many friends who have been completely priced out of the housing market. It just doesn’t seem like good people with good jobs shouldn’t be able to buy a house without setting themselves up for financial hardship and possible ruin. That’s one of my main reasons for hoping for a significant reversion to the mean.
Sometimes it’s hard for me to balance that against the notion that a number of people will be hurt by a downturn in housing, but for whatever reason, I don’t personally know many people in that boat. I guess most of my homeowner friends either bought long ago or otherwise steered clear of (what looks to be) the housing mess of the last year or so. Even so, I’m sure some good people will be hurt by this and that is really unfortunate.
Finally, lest you think I can’t be that altruistic (by saying I just want my friends to benefit), know that I’m not. Sure, I wouldn’t mind being able to get more for my money–who wouldn’t? The main reason I don’t buy today, however, is that it’s just plain stupid.
