Rules for a Housing Slowdown

U.S. News & World Report has just published a series on the housing market and what a slowdown could mean for homeowners and “investors.” This quote from the article by Alex Markels says it all:

“…nationwide sales of existing homes fell by 8.9 percent in June, compared with a year earlier, and by as much as twice that in places like Boston.”

Fortunately, not all parts of the country have been affected by the craziness. My state, Texas, has hardly been affected at all. Of course, that means that our home hasn’t doubled in value over the last five years. However, even if you live in the affected areas, the news may not be all bad for you:

“So what’s a homeowner–or a home buyer–to do? That, too, depends on where and how you live. If you own a house you like, have a fixed-rate mortgage, and don’t plan to relocate anytime soon, there’s no reason to lose sleep. And if you’re a renter who missed out on the real-estate run-up, experts like McCabe say the coming year or two could actually present the buying opportunity you’ve daydreamed about.”

Other articles in the series are:

Mortgage roulette

Sellers need to do a reality check and price it just right

Renting is now an option in a down market

It’s going to take more work to make money in real estate

Will adjustable-rate loans lead to record foreclosures?