Been a while - market changes

Sorry I haven't blogged ina while. A lot has been happening in the Real Estate and mortgage world.
Some large subprime lenders have been closing their doors. Due to risky loans they have offered (which probably artifically extended the last real estate boom) many borrowers have defaulted on their rising interest rate loans.
This could signal further weakness in the housing sector and force many home sellers to drop their prices to attract buyers.
If you have a house on the market, and don't have to move, you might want to reconsider selling. Buyers are waiting for prices to fall further, and nobody knows when they will come back out to shop.
What surprises me is the herd mentality most people share. It's like thewhistle only a dog can hear...Someone blew that whistle a few years ago and buyers were out buying anything at any price available. Then last fall, the stop buying whistle blew and buyers disappeared.
What buyers don't realize is that this is such a great market for them. Interest rates are still at or below 6%. They have more selection than ever, and those sellers on the market now are willing to negotiate.
Who knows when the "BUY" whistle will be blown, but if you are sitting on the fence about buying, you should beat the crowd and jump on a great deal now.