Joseph Lord has a nice piece over on the Velocity Weekly site called Gimme Shelter. My favorite part is that he’s “spot on.”
The problems in the national housing market have not hurt Louisville nearly as bad as major cities on the coasts, but the perception remains that the market is staggering.
Right and right. Today’s perception of the housing market, especially in more stable cities, like here in Louisville, Kentucky, is completely inaccurate. Our home values aren’t dropping now because they didn’t overly inflate in prior years. We didn’t get the 4%-5% increase last year that we have experienced at certain times in the past, but our 1% increase in 2007 was a great deal better than any decrease.
When you include the large number of homes currently on the market and historically low interest rates, it’s a wonderful time to buy a home.
Just consider, it’s always important not to take on more debt than you can afford. Heaven knows we Americans love our debt. This article points out that when considering the amount to finance, don’t go higher than three times your family’s annual income. That’s a very good rule of thumb. We don’t want you to become another foreclosure statistic.