Wannabe Buyers Welcome Housing Slump
Sunday June 10, 2:16 pm ET
By Alex Veiga, AP Business Writer
Wannabe Buyers Welcome Housing Market Slump, but Lenders Tighten Mortgage Standards
LOS ANGELES (AP) -- Kurt Montufar isn't stressing over the housing slump. He's actually hoping things get worse. Like many wannabe homebuyers who were priced out of the market during the last boom, Montufar spends time these days scanning real estate ads and news reports to determine if it's time to take the plunge and buy.
Foreclosures rising? Great. Cash-strapped sellers pressured into lowering prices because they can't find buyers? Even better.
"Somebody else's misfortune could be my happy ending," said Montufar, 27, a resident of suburban Los Angeles.
Indeed, the advantage is shifting to buyers in many previously high-flying housing markets, as homes take longer to sell and prices level off or begin to fall.
Modest annual declines have been seen in cities such as San Diego, Boston, Las Vegas, Phoenix and Honolulu, according to first-quarter data on existing single-family homes compiled by the National Association of Realtors.
Meanwhile, price gains of just 1.4 percent or less were reported in New York, Chicago and Washington, D.C.