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August 17, 2009
LA Times has a very interesting article today.
Headline:
Some saw the housing bubble and sold; trick now is spotting the bottom
Some who sold homes during the bubble are buying again, drawn by deals, despite the possibility of further price drops.
It mentions economist and Nobel laureate Paul Krugman and his economist wife buying a Manhattan apartment for $1.7 million this month. The apartment was previously listed for close to $2.5 million.
The article also highlighted another Washington economist, Dean Baker who had warned of a housing bubble in 2002, sold their home in 2004 and recently bought a house in Washington, despite commenting, "... the bottom isn't here yet, but it's close enough for him." He cites his risks being offset by the 4.25% mortgage rate he obtained and an $8,000 federal tax credit.
read more at:
http://www.latimes.com/business/la-fi-bubble-timers17-2009aug17,1,4842873.story
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