Everyone thinking about buying a house should read this:
One of my favorite quotes in the book talks about how the housing market in San Antonio has dropped 20% in value as of late, but nobody knows it because its typical that people don’t adjust for inflation or for the lower interest rates (which lowers the value of owning a home since it becomes less of a tax-shelter when interest rates drop).
Another great article of relevance is “The New Road to Serfdom: An Illustrated Guide To The Coming Real Estate Collapse” in the May 2006 issue of Harper’s Magazine.
I no longer have the desire to own a home. 🙁
Update: Wow, looks like San Antonio is worse than the book said it was:
San Antonio’s housing market has one of the highest foreclosure rates in the country, according to RealtyTrac Inc.’s 2006 U.S. Metropolitan Foreclosure Market Report.
The Alamo City ranked eighth nationwide in the number of foreclosed properties — reporting one foreclosure for every 133 households in the first quarter of 2006.