Not the time to buy Real Estate

This is not the time to buy your new home. I know you have heard that prices will not come down enough to justify waiting, but they could be wrong.

I read the other day that some markets are using "exotic mortgages" for about half of all new loans. All I am saying is that if you wait until the people taking out these mortgages realize that they are never going to be able to pay for the house they will want out. How about ARM(adjustable Rate Mortgages). What happens when the interest gets to where they can no longer afford the payments? They either get desperate or they simple lose the house. I know that this sounds terrible, but it is true. Even Alan Greenspan is warning people.

After the lenders get too many of these loans in default, they too will become desperate. It will get to the point that the people who still have money will be able to take advantage of others misfortunes. It will be their own fault. These mortgate companies are making terrible judgement calls and some will lose. Let's face it 10 years ago these companies would have denied about half the loan applications that today they are approving.

You smart people who held off could get a windfall, or atleast a cheaper house.