"A Game Of Musical Homes"
The thoughts expressed by Jeff Alworth in the Oregonian must be in the minds of millions of homeowners this Saturday morning. "My wife and I have a particular interest. Since last winter, we've had plans to sell our house, and we've been gussying it up for a summer sale."
"We love that our house has appreciated so much in value since we bought it in 1999. We're less excited that everyone else's homes have gone up so quickly with it. The rise is dizzying, as is the calculation of whether we'll be able to sell our home and afford another. Could we be the ones left standing with no home when the market crashes? Or worse, what happens if we take on an inflated mortgage, only to see a market correction in the next year?"
"If this is a mortgage bubble, when will it burst and by how much? What will happen to the value of my house?"
"I would hate to see us make our move just when the bubble bursts and lose all we've worked so hard for. But whether we are the ones to get caught, or someone just like us a year from now, the signs look unmistakable: The housing market will stall out. When it does, and the game of musical homes stops, someone will be left with an overpriced home. I sure hope it's not us."