Wednesday, April 29, 2009

For Housing Crisis, The End Probably Isn't Near

I've got to thank the blog My Open Wallet for finding this gem of an article about the Real Estate crisis. Leon Hardt of the New York Times wrote an article titled "For Housing Crisis, The End Probably Isn't Near."

The article includes graphs of average home price to median income for 20 metro areas. Comparison of income to home prices is important when you're shopping for a home and want to avoid future losses. The NYT's article also points out the importance of the surge in home foreclosures. While housing prices are overpriced by 5% nationally, house prices may potentially slide further due to surging foreclosures.

A sampling of the metro graphs include:

I can remember the last time an Atlanta area patrolman tried to issue me a traffic ticket. I was driving in the HOV lane and my occupant was reclined out of view. The patrolman thought he had an easy ticket. Sorry.

I would recommend you read the NYT's article further because there's some excellent anecdotal information about foreclosures auctions.

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