Monday, June 02, 2008

Why I called off the condo hunt

Look at the above graph of option ARM resets. What that's saying is that over the next three years, we're going to have a flood of foreclosures related to the option ARM's, and housing prices are going to plummet even further.

And yes, I know about the downsides of condos. But I don't have the time to handle upkeep of the exterior of a house and at least with a condo I don't have to worry about rent hikes. But it looks like the hot time to buy a condo will be in 2010. I'll be ready (I hope!)...

-- Badtux the Well-housed Penguin

Posted by BadTux at 6/02/2008 02:56:00 PM
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1 comment:

  1. Anonymous2/6/08 3:41 PM

    Hello, Mr Penguin.
    Same here, waiting.
    From what I've seen, about 2011 would be the time to commit to purchase.

    I know too many people with negative equity right now.

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