Further Slow Down...

The appraisal market, along with the market for home loans, seems to be slowing even further. Some "experts" believe that this slow period will only last for another five or six months before things begin to pick up again. Personally, I feel like there is no end in sight. It may be that residential real estate as an investment may be returning to what it was in the past, which is long term rather than short term. You buy a home so that you wont have to throw money away on rent over the next 30 years. In the end, you own that home and can pass it on to relatives when you're gone. There is no incredible amount of appreciation in this equation and so there is no sales flipping of houses at the rate you find now. This would not be a bad thing. Although I might be out of a job, I would much rather be able to afford a house in the Bay Area. That would be very nice indeed. Although I'm not a religious man, I pray for a major downturn in the market!!