With the exception of the occasional knife-catcher, these

June 13th, 2009 02:01am

With the exception of the occasional knife-catcher, these potential buyers simply do not buy. They just know they are saving money over renting, and that is good enough for them. [...] For them, the cost of ownership must be less than prevailing rent for them to make a return on their equity investment. Since it is foolish to buy with the expectation of appreciation in a declining market, the buyers who were frantically bidding up the values of properties in the rally are notably absent from the market. They are not buying with fantasies of appreciation.
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