After reading the Tacoma News Tribune article about falling home prices it got me thinking, “Why do we only hear bad news about Tacoma and Puyallup Real Estate?”
Everyone has heard all the bad news about the Real Estate Market but hardly anyone has published the good news (like the Case Shiller article “No Housing Bubble Exists in 43 States” published in “Origination News”, April 2008.). Do you ever wonder why they report the housing bubble over and over again on all the news stations, but you don’t hear about the Gold Bubble? Gold is off almost 13%… Where are all the news stories saying not to buy Gold?
In Pierce County, home prices are down about 3.5% year over year (April 2007 to April 2008.) but the prices were up almost every year prior going back to the eighties. I am actively buying houses in really nice areas at great prices from very willing sellers. We have purchased 3 houses this year and have more offers in process.
I was just told by my Mortgage Broker, Troy Martin at New Freedom Financial, that Stated Income loans are coming back for investors. Give him a call at 253-531-5442 and he’ll tell you why. This seems like the perfect time to be buying for your future. It is true that you must put money down but it does not have to be your money–find a partner. I never liked the Zero down loans for rental properties anyway since there was no way for them to cash flow, and, everyone knows Cash Flow is the life blood of any small business.
Can anyone tell me why I am crazy not to be doing this?
For a copy of the article I mention above, fill out the “contact us” box on the left sidebar and I will send it to you.
Paul Hemming, Tacoma / Puyallup real estate investor
