I know nothing about economics. So, if you can buy an inherited mortgage within a month (wishful thinking for sibling), at 2/3 the actual value of the house last month (I figure the whole market will drop?) would it be a good thing to do? Say the house was assessed at $120k at the time of death, mtg would be $80k. House is in great disrepair. Safe to live in with $2k improvements. LOL
Here is what I think is happening, some areas are booming, not the overall market. I think loose lending practices are creating another bubble in housing, mainly to make Obama look good, supposedly the Fed is stopping in Oct. this year of their stimulus, when this happens I look for a nose dive in the stock market. This will affect, just as before, how wealthy Americans feel and how much they can borrow to support lifestyles they can no longer afford.
I would rent for the near future and see what happens. Another thing you must consider is that more and more state, county, and city governments have been receiving stimulus money from the Feds, a lot of this has gone to hire otherwise unemployable relatives. If the stimulus does stop in Oct. these same levels of government will be desperate for money and will tax an easy target, that being your home.
Another thing I am seeing is people buying new cars and trucks at such prices that two of them could purchase a house. This is nuts and will not end well.
Think about this, Muslims are said to be big on symbolism and if you remember Oct. of ‘29 was the date of the big crash in the stock market. The murder of our ambassador and 3 others occurred on 9/11. Maybe it is just a coincidence that the Fed is pulling the plug in Oct. Just happens that I don’t believe in coincidences.
Only thing I am considering buying in the way of housing is a houseboat, I can move it to wherever sane people might still reside. Bear in mind this is just my opinion, probably not worth anymore than the opinion of anyone else.