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Originally Posted by Smokey
Well all my friends who had been priced out of the market are currently getting conditional approvals for mortgages. All of the loan amounts are about 330k. Next 6 months is going to see alot more FHO's apply. Reason for the lag is that it has taken 6 months for people to get focused and take advantage of it. The 50k drop in house prices has made a massive difference.
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Agree totally. I have quite a few friends who are looking to buy at the present time, just taken a while to get things organised. If they are in 'safe' jobs then they are looking to buy.
People have to live somewhere, and as rents rise and interest rates fall, it is more attractive to buy (in the range up to $400,000 FHB only - above $500,000 is going to fall IMHO).