I’ve been trying to buy a new house in the last couple of weeks, and all I keep hearing about from the lenders I’ve been working with is how there are fewer options for loans because lenders are pulling some of their programs. I also hear that this probably won’t impact buyers with good credit who have some money saved for a down payment.
Experts predict that home prices will drop anywhere from 8 to 50%, depending on the market, and the analyst. So — it’s becoming a bit more of a buyer’s market. If you own property, it might be a good time to hold onto it until the market improves a bit. And in the meantime, all those people who find themselves in the unenviable position of being foreclosed upon by their lender (yup, foreclosures have increased) will need a place to live – resulting in an increased demand for rental properties. Maybe.