This is the buying opportunity of our lifetime!!

Warren Buffet says, "A simple rule dictates my buying: Be
fearful when others are greedy, and be greedy when others are
fearful." While Mr. Buffet was writing about buying stocks, the same
can be said for housing today.

Housing issues have permeated the economy both locally and
nationally. This week, one index that tracks housing prices,
Case-Shiller Home Price Indices, indicated home values fell the
most since 1968, declining 18.5% in December from the year before.
Looked at from a different perspective, this means home prices have
fallen to levels not seen in six to twelve years, depending on individual
markets. Following the Case-Schiller report was the report from the
National Association of Realtors (NAR) recently. The NAR reported that
home prices for the month of January fell by 14.8%.


The bright spot though in contrast was that the number of homes sold
in December increased. Home buyers from coast-to-coast have been buying
distressed properties at the rate of 45% of total sales.
Recognizing that now is the time to buy, everyone from
those looking to purchase their first home to seasoned real estate
investors is buying homes today. Bruce Norris, the head of an
investment group in Southern California, expects to buy at least 100 homes
this year as, "This is the buying opportunity of our lifetime."

Fundamentals Point to Strength
The basic fundamentals of the housing market point to higher prices
ahead. Almost half of the properties being sold today are existing homes
that are either owned by banks or homes on which banks are accepting short
sales, allowing them to be sold for less than what is owed.