I have been asked on several different occasions what I think about housing and the direction it's headed. I find most real estate agents will tell you what you need to here so they can get a sale; but that's not the type of agent anyone should be working with. So what is my housing prediction?
If you were to follow what the so called experts, like the National Association of Realtors, had to say last year about the housing market and purchased a home, you're not very happy today. Your new investment would have lost you roughly 8% in value. In other words, if you purchased a home for $200,000 last year (2010), it would now be worth $168,000. This means it cost you $1,333 per month to own your home and you haven't even made any mortgage payments yet. If you are one of those people who bought last year I'm afraid the news is not going to get any better moving forward.