Yep. So, in a "good" market, say DFW, we are looking at about what, two years till the best deals on buying a 3 - 4 bdrm brick?
I don’t see why this causes any concern at all.
It appears that we’re only finally back to 2002 “existing” home sales levels - after being WAY above that. This means that there’s no “collapse” of home buying at all - merely a return to more realistic levels rather than the nutty, unsustainable levels achieved while the Fed had the discount rate at under 1%. Now that they’ve returned that to a more reasonable spot, home sales are returning to a more reasonable level, too.
What’s the heartburn?
My wife and I are renting now and probably will continue till ‘09. Right now it is cheaper to rent. I am not saying that ‘09 will be the bottom (it probably won’t) but I think a good part of the damage will be done by then and it will be a good time to own a house again. I think a lot of the subprimes start to kick in at end of ‘08.