In a few cities in the Rust Belt, you can afford to buy a house while making less than $40,000. In San Francisco, you'll need to quadruple that.
In some regions of the U.S., home sellers are unknowingly losing thousands of dollars. Why? An antiquated MLS (Multiple Listing Service) rule prevents real estate agents from building excitement by pre-marketing homes before "officially" putting them on the market.
It is no longer a matter of if but when, and to what extent, we will see a downward pricing event in Dallas, Denver and Houston.
Whether they should they rent or buy a home is one of the toughest financial decisions Americans face. The factors at play in making this decision revolve around not only where you are, but also who you are.
Steve Hoffman at Founders Space recently returned from a "marathon business trip" to China. He returned with some unexpected findings that defy many of our staid stereotypes in the West. With Steve's permission, I am quoting his findings below.
The housing industry is starting to boom again. The latest reports show that sales of existing homes rose to their highest level in eight years, and the median price for an existing home sold in June rose to $236,400 -- the highest ever recorded by the National Association of Realtors -- and surpassing the July 2006 peak.